Minato Ward Housing Market 2025: Japan's Most Expensive Homes, and Still Climbing
Data updated 2026-11-10 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2
Key figures for 2025
- Median used condo price
- ¥90.0M
- ¥2.0M/m² · +11.8% vs 2024
- Median house price (land + building)
- ¥640M
- Residential land per m² (sales)
- ¥3.5M/m²
- +97.2% over 5 years
- Transactions in 2025
- 834
- #1 of 50 areas in Tokyo by price per m²
The top of the market
Minato is the most expensive ward in Tokyo, and therefore in Japan, at about ¥2.0M per m² for a used condo in 2025. That is 1.8 times the Tokyo average, up from 1.6 times ten years ago. The median condo sold for about ¥90M, and the median house for ¥640M.
Faster than before
Prices per m² rose about 8% a year over the past five years, almost twice the pace of the five years before. Benchmark residential land rose 17% in the past year, 87% in ten years. Even so, official residential land is still about 47% below its 1991 bubble peak.
Growing, but not from Japanese movers
The population grew 4.7% between 2020 and 2025, but more people moved out to other parts of Japan than moved in. The growth comes from overseas arrivals and new tower condos. Minato also has the highest median rent of any ward.
Station distance matters here
Unlike the bay towers in Chuo, Minato pays for convenience: condos within 5 minutes of a station sell for about 14% more per m² than those 11–15 minutes away. The most active stations are Shirokane-Takanawa, Tamachi and Azabu-Juban; Roppongi and Hiroo are the priciest.
Rents, risks and renewal
A median condo costs about 54 years of median rent, the weakest ratio of all 23 wards. Flood exposure is moderate and shallow, and the earthquake risk is a little lower than most wards. Two renewal areas, Central Tokyo and Waterfront and Shinagawa–Tamachi, are reshaping the ward with new towers.
Living in Minato Ward: people, homes and risks
- Population 2025
- 272,662
- +4.7% since 2020
- Tokyo: +1.4%
- Net moves in 2025
- -365
- -1.34 per 1,000 residents
- Tokyo: +4.58
- Vacant homes (2023)
- 13.7%
- 1.4% empty and not for rent or sale
- Tokyo: 10.9%
- Median rent (2023)
- ¥140k
- per month, all rented homes
- Tokyo: ¥78k
- Strong earthquake risk
- 44.6%
- chance of shaking of intensity 6-lower or more within 30 years
- Tokyo: 52.8%
- Official land price 2026
- ¥2.8M/m²
- +16.6% in a year · +49.5% in 5 years
- Tokyo: ¥407k/m²
- Flood exposure
- 32.1%
- of 81 benchmark sites in a worst-case flood zone (0.0% 3 m or deeper)
- Tokyo: 42.5%
- Landslide exposure
- 1.2%
- of 81 benchmark sites in a landslide warning area
- Tokyo: 0.8%
Urban renewal zones
Areas designated by the national government for priority redevelopment, with relaxed planning rules and financial support for large projects.
- Central Tokyo and Waterfront · 2043 ha · designated 2002 · Specified zone (highest priority)
- Shinagawa and Tamachi Station area · 184 ha · designated 2012 · Specified zone (highest priority)
Check flood, landslide and tsunami zones for a specific address on the government hazard map ↗
Sources: 2025 Census (preliminary), 2025 Internal Migration Report, 2023 Housing and Land Survey (Statistics Bureau of Japan); J-SHIS seismic hazard model (NIED, 2024); Land Price Publication (MLIT). Earthquake probability is measured at the municipal center.
Example sales in Minato Ward
Real transactions from the last four quarters, picked near the lower (20th percentile), middle and upper (80th percentile) price points. Locations are shown at district level, as published by MLIT.
Condo
¥34.0M
¥1.7M/m²
- Shiba
- Mita(Tokyo) · 6 min walk
- 1K · 20 m²
- Built 2004 (22 yrs) · RC
¥90.0M
¥1.4M/m²
- Kaigan
- Hinode(Tokyo) · 2 min walk
- 2LDK · 65 m²
- Built 2001 (25 yrs) · SRC
¥230M
¥2.7M/m²
- Konan
- Tennozu Isle · 6 min walk
- 2LDK · 85 m²
- Built 2005 (21 yrs) · RC
House
¥310M
¥2.7M/m²
- Akasaka
- Tameike Sanno · 1 min walk
- Land 65 m² · floor 115 m²
- Built 1957 (69 yrs) · Wood
¥800M
¥2.3M/m²
- Shibadaimon
- Daimon(Tokyo) · 2 min walk
- Land 190 m² · floor 350 m²
- Built 1990 (35 yrs) · Steel
¥1.70B
¥3.2M/m²
- Akasaka
- Nogizaka · 4 min walk
- Land 330 m² · floor 530 m²
- Built 1979 (47 yrs) · RC
Show data table
| Year | Condo | House |
|---|---|---|
| 2005 | ¥29.0M | ¥275M |
| 2006 | ¥30.5M | ¥400M |
| 2007 | ¥36.0M | ¥420M |
| 2008 | ¥34.0M | ¥385M |
| 2009 | ¥45.5M | ¥185M |
| 2010 | ¥45.0M | ¥255M |
| 2011 | ¥39.0M | ¥220M |
| 2012 | ¥39.0M | ¥210M |
| 2013 | ¥40.0M | ¥230M |
| 2014 | ¥42.0M | ¥275M |
| 2015 | ¥39.0M | ¥300M |
| 2016 | ¥44.0M | ¥275M |
| 2017 | ¥49.0M | ¥355M |
| 2018 | ¥46.0M | ¥340M |
| 2019 | ¥50.0M | ¥250M |
| 2020 | ¥49.0M | ¥360M |
| 2021 | ¥58.0M | ¥440M |
| 2022 | ¥57.0M | ¥400M |
| 2023 | ¥68.0M | ¥360M |
| 2024 | ¥86.0M | ¥480M |
| 2025 | ¥90.0M | ¥640M |
| 2026 (partial) | ¥100M | ¥925M |
Show data table
| Year | Condo | House | Land |
|---|---|---|---|
| 2005 | ¥690k/m² | ¥828k/m² | ¥1.4M/m² |
| 2006 | ¥850k/m² | ¥896k/m² | ¥1.5M/m² |
| 2007 | ¥929k/m² | ¥1.1M/m² | ¥2.3M/m² |
| 2008 | ¥911k/m² | ¥1.0M/m² | ¥1.9M/m² |
| 2009 | ¥931k/m² | ¥747k/m² | ¥1.1M/m² |
| 2010 | ¥950k/m² | ¥652k/m² | ¥1.1M/m² |
| 2011 | ¥900k/m² | ¥663k/m² | ¥1.1M/m² |
| 2012 | ¥869k/m² | ¥629k/m² | ¥1.0M/m² |
| 2013 | ¥900k/m² | ¥750k/m² | ¥1.1M/m² |
| 2014 | ¥1.0M/m² | ¥824k/m² | ¥1.2M/m² |
| 2015 | ¥1.1M/m² | ¥846k/m² | ¥1.5M/m² |
| 2016 | ¥1.1M/m² | ¥874k/m² | ¥1.4M/m² |
| 2017 | ¥1.1M/m² | ¥1.0M/m² | ¥1.6M/m² |
| 2018 | ¥1.2M/m² | ¥1.2M/m² | ¥2.1M/m² |
| 2019 | ¥1.3M/m² | ¥1.0M/m² | ¥1.8M/m² |
| 2020 | ¥1.3M/m² | ¥1.1M/m² | ¥1.8M/m² |
| 2021 | ¥1.4M/m² | ¥1.3M/m² | ¥2.3M/m² |
| 2022 | ¥1.4M/m² | ¥1.5M/m² | ¥2.3M/m² |
| 2023 | ¥1.5M/m² | ¥1.4M/m² | ¥2.9M/m² |
| 2024 | ¥1.8M/m² | ¥1.9M/m² | ¥2.7M/m² |
| 2025 | ¥2.0M/m² | ¥1.9M/m² | ¥3.5M/m² |
| 2026 (partial) | ¥2.0M/m² | ¥2.0M/m² | – |
Show data table
| Building age (years) | Condo | House |
|---|---|---|
| 0 | ¥2.5M/m² | ¥1.9M/m² |
| 1 | ¥2.8M/m² | ¥2.1M/m² |
| 2 | ¥2.6M/m² | – |
| 3 | ¥2.4M/m² | – |
| 4 | ¥2.8M/m² | – |
| 5 | ¥2.2M/m² | – |
| 6 | ¥1.8M/m² | – |
| 7 | ¥1.7M/m² | – |
| 8 | ¥1.8M/m² | – |
| 9 | ¥1.7M/m² | – |
| 10 | ¥1.7M/m² | – |
| 11 | ¥2.2M/m² | – |
| 12 | ¥2.3M/m² | – |
| 13 | ¥2.2M/m² | – |
| 14 | ¥2.0M/m² | – |
| 15 | ¥1.6M/m² | – |
| 16 | ¥1.4M/m² | – |
| 17 | ¥1.5M/m² | – |
| 18 | ¥1.5M/m² | – |
| 19 | ¥1.5M/m² | ¥1.3M/m² |
| 20 | ¥1.5M/m² | – |
| 21 | ¥1.6M/m² | – |
| 22 | ¥1.5M/m² | – |
| 23 | ¥1.5M/m² | ¥1.3M/m² |
| 24 | ¥1.6M/m² | – |
| 25 | ¥1.5M/m² | – |
| 26 | ¥1.4M/m² | – |
| 27 | ¥1.7M/m² | – |
| 28 | ¥1.7M/m² | – |
| 31 | – | ¥1.2M/m² |
| 32 | – | ¥1.5M/m² |
| 33 | – | ¥1.7M/m² |
| 34 | – | ¥1.2M/m² |
| 36 | – | ¥1.4M/m² |
| 37 | ¥942k/m² | ¥1.5M/m² |
| 38 | ¥1.0M/m² | – |
| 39 | ¥1.0M/m² | ¥1.5M/m² |
| 40 | ¥1.1M/m² | – |
| 41 | ¥1.1M/m² | ¥1.3M/m² |
| 42 | ¥1.0M/m² | – |
| 43 | ¥1.0M/m² | – |
| 44 | ¥1.0M/m² | ¥1.4M/m² |
| 45 | ¥1.1M/m² | – |
| 46 | ¥1.2M/m² | – |
| 47 | ¥1.3M/m² | – |
| 48 | ¥950k/m² | – |
| 49 | ¥1.1M/m² | ¥1.1M/m² |
| 50 | ¥1.1M/m² | ¥1.7M/m² |
Each line follows buildings from one construction period over time. 1981 is when Japan's current earthquake-resistance standard (shin-taishin) took effect.
Show data table
| Year | 1971-1980 | 1981-2000 | 2001-2010 | 2011-2020 |
|---|---|---|---|---|
| 2005 | ¥533k/m² | ¥750k/m² | ¥914k/m² | – |
| 2006 | ¥616k/m² | ¥842k/m² | ¥1.0M/m² | – |
| 2007 | ¥640k/m² | ¥950k/m² | ¥1.1M/m² | – |
| 2008 | ¥600k/m² | ¥888k/m² | ¥1.0M/m² | – |
| 2009 | ¥567k/m² | ¥817k/m² | ¥1.1M/m² | – |
| 2010 | ¥550k/m² | ¥816k/m² | ¥1.1M/m² | ¥1.5M/m² |
| 2011 | ¥582k/m² | ¥783k/m² | ¥1.0M/m² | ¥1.3M/m² |
| 2012 | ¥514k/m² | ¥778k/m² | ¥938k/m² | ¥1.3M/m² |
| 2013 | ¥567k/m² | ¥833k/m² | ¥974k/m² | ¥1.3M/m² |
| 2014 | ¥653k/m² | ¥916k/m² | ¥1.1M/m² | ¥1.3M/m² |
| 2015 | ¥727k/m² | ¥1.0M/m² | ¥1.1M/m² | ¥1.4M/m² |
| 2016 | ¥800k/m² | ¥1.0M/m² | ¥1.1M/m² | ¥1.4M/m² |
| 2017 | ¥840k/m² | ¥1.0M/m² | ¥1.2M/m² | ¥1.5M/m² |
| 2018 | ¥750k/m² | ¥1.0M/m² | ¥1.2M/m² | ¥1.5M/m² |
| 2019 | ¥825k/m² | ¥1.1M/m² | ¥1.3M/m² | ¥1.5M/m² |
| 2020 | ¥943k/m² | ¥1.2M/m² | ¥1.3M/m² | ¥1.6M/m² |
| 2021 | ¥950k/m² | ¥1.2M/m² | ¥1.4M/m² | ¥1.6M/m² |
| 2022 | ¥964k/m² | ¥1.3M/m² | ¥1.4M/m² | ¥1.7M/m² |
| 2023 | ¥1.1M/m² | ¥1.3M/m² | ¥1.5M/m² | ¥1.9M/m² |
| 2024 | ¥1.2M/m² | ¥1.5M/m² | ¥1.8M/m² | ¥2.2M/m² |
| 2025 | ¥1.3M/m² | ¥1.6M/m² | ¥2.0M/m² | ¥2.6M/m² |
| 2026 (partial) | ¥1.7M/m² | ¥1.8M/m² | ¥2.1M/m² | ¥2.5M/m² |
Each line follows buildings from one construction period over time. 1981 is when Japan's current earthquake-resistance standard (shin-taishin) took effect.
Show data table
| Year | 1971-1980 | 1981-2000 | 2001-2010 | 2011-2020 |
|---|---|---|---|---|
| 2005 | – | ¥824k/m² | – | – |
| 2006 | ¥588k/m² | ¥800k/m² | ¥938k/m² | – |
| 2007 | ¥1.0M/m² | ¥851k/m² | – | – |
| 2008 | – | ¥810k/m² | – | – |
| 2009 | – | ¥737k/m² | – | – |
| 2010 | – | ¥572k/m² | – | – |
| 2011 | – | ¥576k/m² | – | – |
| 2012 | – | ¥533k/m² | – | – |
| 2013 | ¥648k/m² | ¥663k/m² | – | – |
| 2014 | – | ¥724k/m² | – | – |
| 2015 | ¥615k/m² | ¥799k/m² | – | – |
| 2016 | ¥747k/m² | ¥750k/m² | – | – |
| 2017 | ¥1.0M/m² | ¥1.1M/m² | – | – |
| 2018 | – | ¥1.0M/m² | – | ¥1.2M/m² |
| 2019 | – | ¥1.0M/m² | – | – |
| 2020 | – | ¥984k/m² | – | – |
| 2021 | – | ¥1.2M/m² | – | – |
| 2022 | – | ¥1.3M/m² | – | – |
| 2023 | ¥1.6M/m² | ¥1.2M/m² | – | – |
| 2024 | – | ¥1.7M/m² | – | – |
| 2025 | – | ¥1.7M/m² | – | – |
Prices near train stations in Minato Ward
Sales from 2023–2025, grouped by nearest station.
| Station | Median used condo price | Condo price per m² | Median house price (land + building) | Walk (min) | Sales |
|---|---|---|---|---|---|
| Shirokane Takanawa (白金高輪) | ¥88.0M | ¥1.8M/m² | ¥190M | 5 | 302 |
| Tamachi(Tokyo) (田町(東京)) | ¥70.5M | ¥1.4M/m² | – | 9 | 233 |
| Azabu Juban (麻布十番) | ¥86.0M | ¥1.8M/m² | ¥705M | 4 | 229 |
| Mita(Tokyo) (三田(東京)) | ¥40.5M | ¥1.5M/m² | ¥400M | 4 | 136 |
| Roppongi (六本木) | ¥98.5M | ¥2.1M/m² | ¥770M | 5 | 133 |
| Akasaka(Tokyo) (赤坂(東京)) | ¥69.0M | ¥1.8M/m² | ¥410M | 4 | 128 |
| Hiro o (広尾) | ¥130M | ¥2.0M/m² | ¥750M | 9 | 107 |
| Shinagawa (品川) | ¥110M | ¥1.6M/m² | – | 11 | 103 |
| Omote Sando (表参道) | ¥110M | ¥2.0M/m² | ¥580M | 9 | 92 |
| Shirokanedai (白金台) | ¥170M | ¥2.1M/m² | ¥200M | 5 | 85 |
| Tennozu Isle (天王洲アイル) | ¥99.0M | ¥1.5M/m² | – | 6 | 85 |
| Sengakuji (泉岳寺) | ¥47.0M | ¥1.4M/m² | – | 4 | 78 |
| Nogizaka (乃木坂) | ¥67.0M | ¥1.5M/m² | ¥425M | 6 | 75 |
| Hamamatsucho (浜松町) | ¥44.0M | ¥1.6M/m² | – | 6 | 72 |
| Shibakoen (芝公園) | ¥39.5M | ¥1.4M/m² | – | 4 | 72 |
Used condo prices by layout in Minato Ward
Sales from 2023–2025.
| Layout | Median used condo price | Typical size | Sales |
|---|---|---|---|
| 1K | ¥30.0M | 20 m² | 618 |
| 2LDK | ¥140M | 65 m² | 540 |
| 1LDK | ¥85.0M | 45 m² | 398 |
| 3LDK | ¥200M | 85 m² | 288 |
| 1DK | ¥54.0M | 35 m² | 91 |
| 2DK | ¥86.5M | 55 m² | 60 |
| 1R | ¥27.0M | 20 m² | 35 |
| Open floor | ¥60.0M | 45 m² | 33 |
How much does an apartment cost in Minato Ward?
The median used condo (mansion) in Minato Ward sold for ¥90.0M in 2025, about ¥2.0M/m², based on 692 recorded sales.
How much does a house cost in Minato Ward?
The median house sale, including the land, was ¥640M in 2025 across 102 sales.
Are property prices in Minato Ward going up?
Over the five years to 2025, condo prices per m² changed +54.1% and residential land prices changed +97.2%.
About this data
Figures are medians of real transactions reported to Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) through its quarterly price survey. House prices per m² divide the total price (land and building) by the floor area. Medians based on fewer than 20 sales are not shown. The latest quarters are preliminary and are revised as more survey responses arrive.
Information only, not investment advice.