Tsu City Housing Market Report 2026
Data updated 2026-11-11 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2 · Transactions in 2025: 618
In short
- 1A long, slow decline
House prices per m² have been falling for a decade, by about 5% a year recently.
- 2Moving with Mie
Per m², houses here are 6% above the Mie average.
- 3Being near a station is worth a lot
Condos within a 5-minute walk of a station sell for about 19% more per m² than those 16–29 minutes away.
- 4A family market
78% of recent condo sales have three or more bedrooms.
The answers, compared
What does a home cost?
¥20.0M
median used condo · ¥250k/m²
3% below the Mie median
3 of 4 areas in Mie, highest first
Are prices rising?
+0.9%
over 5 years
Slower than Mie (+21.4%)
8 of 15 areas in Mie, highest first
Can local earners afford it?
5.4× income
median price ÷ average taxable income
In line with Mie (5.6×)
2 of 15 areas in Mie, highest first
Rent or buy?
36years of rent
median price ÷ a year of median rent
Longer than Mie (33)
2 of 15 areas in Mie, highest first
Are people moving in?
-3.9%
population, 2020–25
Shrinking slower than Mie (-4.3%)
8 of 17 areas in Mie, highest first
How risky is it?
67%
chance of strong shaking (6-lower+) in 30 years
Higher than Mie (63%)
9 of 17 areas in Mie, highest first
Rent in Tsu City
The average private rental costs ¥47k a month (2023), -5.0% since 2018. Mie: ¥52k
| Floor area | Typical layout | Average rent / month | Tsu CityMie |
|---|---|---|---|
| under 30 m² studio / 1K | studio / 1K | ¥36k vs 2018 -2.9% · Mie: ¥42k | |
| 30–49 m² 1LDK / 2DK | 1LDK / 2DK | ¥49k vs 2018 +0.2% · Mie: ¥50k | |
| 50–69 m² 2LDK / 3DK | 2LDK / 3DK | ¥56k vs 2018 -1.9% · Mie: ¥59k | |
| 70–99 m² 3LDK / family | 3LDK / family | ¥70k vs 2018 +1.1% · Mie: ¥64k | |
| 100–149 m² mostly houses | mostly houses | ¥53k vs 2018 -8.8% · Mie: ¥56k | |
| 150 m² + mostly houses | mostly houses | ¥75k vs 2018 +36.3% · Mie: ¥65k |
- Rent per m²
- ¥1,287
- median, per month · Mie: ¥1,259
- The median used condo (¥20.0M, 80 m²) costs about 24 years of average rent for a similar-sized home (¥70k a month).
- Excludes management fees, repair reserve, property tax and mortgage interest.
Source: Statistics Bureau of Japan, Housing and Land Survey 2023. Privately owned rentals (excluding rent-free homes), monthly rent without management fees. These averages include older homes, so they run below asking rents for newly listed units. 26,150 rented homes.
What the data says
A long, slow decline
House prices per m² have been falling for a decade, by about 5% a year recently. Prices are low, but resale values are likely to keep easing, so buy here to live, not as an investment.
Moving with Mie
Per m², houses here are 6% above the Mie average. That position has barely changed in ten years, so it moves with the wider market.
Being near a station is worth a lot
Condos within a 5-minute walk of a station sell for about 19% more per m² than those 16–29 minutes away. The penalty for a longer walk is mild, so it is worth widening your search radius.
A family market
78% of recent condo sales have three or more bedrooms. Demand comes mainly from owner-occupier families, which tends to make prices steadier but rental yields lower.
Sales are thinning out
Transactions are down about 17% on the previous three years. Fewer sales mean less choice and slower resale, so allow more time to sell later.
What a typical purchase costs
Half of all house sales last year were between ¥4.3M and ¥26.8M. Listings outside that range are either unusual properties or worth a closer look.
A shrinking population
The population fell 3.9% between 2020 and 2025 (−4.3% for the wider area). More people moved out than in during 2025 (about 2.6 per 1,000 residents), which weakens long-term housing demand. Households still grew 0.7% as people live in smaller households, which supports demand for smaller homes even as the population shrinks.
Many abandoned homes
17.2% of homes were empty in 2023 (16.3% for the wider area), and 9.2% were empty without being for rent, for sale or used as second homes. That is a high share of truly abandoned homes (akiya), a sign of weak demand. Cheap houses are easy to find, but resale can be slow.
High earthquake risk
The government's seismic model gives a 67% chance of shaking of intensity 6-lower or stronger in the next 30 years (63% for the wider area). Check the building's earthquake standard (post-1981, ideally post-2000 for wooden houses) and consider earthquake insurance.
Local incomes are close to average
Taxpayers here reported an average taxable income of ¥3.7m in 2023 (¥3.6m for the wider area). That is +9% since 2014. Averages are pulled up by a few very high earners, so a typical household earns less than this.
Official land prices are edging up
On the government's fixed benchmark sites, which are valued the same way every year, residential land prices changed +1% in the year to January 2026 and +2% over five years. They are still 35% below their 1991 bubble-era level. Because these sites don't change, this is the cleanest measure of land value trends.
Significant flood risk
Of the official land-price benchmark sites here, which sit in typical neighbourhoods, 59% are inside the worst-case flood zone (5% with expected depths of 3 m or more), 43% are in a tsunami inundation zone. Most worst-case flood zones are shallow (under 0.5 m) at the edges, so depth matters as much as the share. Check the hazard map for any specific address before buying.
Living in Tsu City: people, homes and risks
- Population 2025
- 263,923
- -3.9% since 2020
- Mie: -4.3%
- Net moves in 2025
- -698
- -2.64 per 1,000 residents
- Mie: -3.53
- Vacant homes (2023)
- 17.2%
- 9.2% empty and not for rent or sale
- Mie: 16.3%
- Median rent (2023)
- ¥46k
- per month, all rented homes
- Mie: ¥50k
- Strong earthquake risk
- 66.7%
- chance of shaking of intensity 6-lower or more within 30 years
- Mie: 62.8%
- Average income per taxpayer
- ¥3.7M
- taxable income in 2023
- Mie: ¥3.6M
- Daytime population
- 103
- people here by day per 100 residents (2020 census)
- Foreign residents
- 4.1%
- 10,921 registered residents in 2024
- Mie: 3.8%
- Clinics
- 10.3
- per 10,000 residents; 22 hospitals, 139 dental clinics (2020)
- Mie: 8.9
- Official land price 2026
- ¥38k/m²
- +0.8% in a year · +1.6% in 5 years
- Mie: ¥38k/m²
- Flood exposure
- 58.7%
- of 63 benchmark sites in a worst-case flood zone (4.8% 3 m or deeper)
- Mie: 44.7%
- Tsunami exposure
- 42.9%
- of 63 benchmark sites in a tsunami inundation zone
- Mie: 26.0%
- Landslide exposure
- 0.0%
- of 63 benchmark sites in a landslide warning area
- Mie: 2.3%
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); recorded crime: Tokyo Metropolitan Police Department (Tokyo only); incomes: Ministry of Internal Affairs taxation survey via the Statistics Bureau's municipal indicators; foreign residents: Basic Resident Register; medical facilities and station passengers: MLIT National Land Numerical Information. Earthquake probability is measured at the municipal center.
Example sales in Tsu City
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
¥16.0M
¥229k/m²
- Ishindenkozubeta
- Tsu · 20 min walk
- 3LDK · 70 m²
- Built 1998 (28 yrs)
¥24.0M
¥343k/m²
- Nishimarunouchi
- Tsu Shimmachi · 5 min walk
- 3LDK · 70 m²
- Built 2008 (18 yrs) · RC
¥27.0M
¥270k/m²
- Nishimarunouchi
- Tsu Shimmachi · 6 min walk
- 3LDK · 100 m²
- Built 2008 (17 yrs) · RC
House
¥3.0M
¥33k/m²
- Kawagechokageshige
- Shiratsuka · 13 min walk
- Land 190 m² · floor 90 m²
- Built 1979 (47 yrs) · Wood
¥14.0M
¥61k/m²
- Kotobukicho
- Tsu Shimmachi · 20 min walk
- Land 570 m² · floor 230 m²
- Built 1969 (57 yrs) · Wood
¥30.0M
¥273k/m²
- Fujikata
- Minamigaoka · 25 min walk
- Land 220 m² · floor 110 m²
- Built 2025 (1 yrs) · Wood
Show data table
| Year | Condo | House |
|---|---|---|
| 2007 | – | ¥17.0M |
| 2008 | – | ¥18.0M |
| 2009 | – | ¥15.0M |
| 2010 | ¥17.5M | ¥19.0M |
| 2011 | ¥17.0M | ¥15.0M |
| 2012 | ¥17.5M | ¥15.0M |
| 2013 | – | ¥19.5M |
| 2014 | – | ¥16.0M |
| 2015 | ¥21.0M | ¥16.0M |
| 2016 | ¥21.0M | ¥14.0M |
| 2017 | ¥19.0M | ¥14.0M |
| 2018 | ¥19.5M | ¥14.0M |
| 2019 | ¥21.0M | ¥15.0M |
| 2020 | ¥19.0M | ¥14.0M |
| 2021 | ¥18.0M | ¥13.0M |
| 2022 | ¥20.0M | ¥13.0M |
| 2023 | ¥18.0M | ¥13.0M |
| 2024 | – | ¥13.0M |
| 2025 | ¥20.0M | ¥13.0M |
| 2026 (partial) | – | ¥15.0M |
Show data table
| Year | Condo | House | Land |
|---|---|---|---|
| 2007 | – | ¥156k/m² | ¥42k/m² |
| 2008 | – | ¥133k/m² | ¥38k/m² |
| 2009 | – | ¥114k/m² | ¥28k/m² |
| 2010 | ¥229k/m² | ¥138k/m² | ¥37k/m² |
| 2011 | ¥240k/m² | ¥114k/m² | ¥36k/m² |
| 2012 | ¥246k/m² | ¥118k/m² | ¥30k/m² |
| 2013 | – | ¥133k/m² | ¥31k/m² |
| 2014 | – | ¥110k/m² | ¥27k/m² |
| 2015 | ¥270k/m² | ¥128k/m² | ¥30k/m² |
| 2016 | ¥275k/m² | ¥103k/m² | ¥26k/m² |
| 2017 | ¥271k/m² | ¥114k/m² | ¥27k/m² |
| 2018 | ¥260k/m² | ¥103k/m² | ¥26k/m² |
| 2019 | ¥275k/m² | ¥122k/m² | ¥18k/m² |
| 2020 | ¥248k/m² | ¥110k/m² | ¥13k/m² |
| 2021 | ¥233k/m² | ¥96k/m² | ¥19k/m² |
| 2022 | ¥261k/m² | ¥96k/m² | ¥23k/m² |
| 2023 | ¥245k/m² | ¥105k/m² | ¥27k/m² |
| 2024 | – | ¥94k/m² | ¥21k/m² |
| 2025 | ¥250k/m² | ¥86k/m² | ¥21k/m² |
| 2026 (partial) | – | ¥102k/m² | ¥19k/m² |
Show data table
| Building age (years) | Condo | House |
|---|---|---|
| 0 | – | ¥276k/m² |
| 1 | – | ¥283k/m² |
| 2 | – | ¥270k/m² |
| 6 | – | ¥229k/m² |
| 9 | – | ¥219k/m² |
| 11 | – | ¥231k/m² |
| 14 | – | ¥164k/m² |
| 16 | – | ¥132k/m² |
| 17 | – | ¥153k/m² |
| 18 | – | ¥149k/m² |
| 20 | – | ¥117k/m² |
| 21 | – | ¥124k/m² |
| 22 | ¥259k/m² | ¥153k/m² |
| 23 | ¥260k/m² | ¥93k/m² |
| 24 | – | ¥97k/m² |
| 25 | – | ¥77k/m² |
| 26 | – | ¥102k/m² |
| 27 | – | ¥87k/m² |
| 28 | – | ¥86k/m² |
| 29 | – | ¥93k/m² |
| 30 | – | ¥76k/m² |
| 31 | – | ¥103k/m² |
| 32 | – | ¥82k/m² |
| 33 | – | ¥93k/m² |
| 34 | – | ¥84k/m² |
| 35 | – | ¥96k/m² |
| 36 | – | ¥83k/m² |
| 37 | – | ¥68k/m² |
| 38 | – | ¥69k/m² |
| 39 | – | ¥49k/m² |
| 40 | – | ¥53k/m² |
| 41 | – | ¥60k/m² |
| 42 | – | ¥56k/m² |
| 43 | – | ¥37k/m² |
| 44 | – | ¥30k/m² |
| 45 | – | ¥46k/m² |
| 46 | – | ¥45k/m² |
| 47 | – | ¥60k/m² |
| 48 | – | ¥43k/m² |
| 49 | – | ¥49k/m² |
| 50 | – | ¥42k/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 |
|---|---|---|---|---|
| 2007 | ¥118k/m² | ¥111k/m² | ¥270k/m² | – |
| 2008 | ¥90k/m² | ¥120k/m² | ¥286k/m² | – |
| 2009 | ¥73k/m² | ¥109k/m² | ¥248k/m² | – |
| 2010 | ¥110k/m² | ¥114k/m² | ¥256k/m² | – |
| 2011 | ¥77k/m² | ¥94k/m² | ¥189k/m² | ¥277k/m² |
| 2012 | ¥91k/m² | ¥97k/m² | ¥183k/m² | ¥273k/m² |
| 2013 | ¥71k/m² | ¥109k/m² | ¥145k/m² | ¥271k/m² |
| 2014 | ¥88k/m² | ¥87k/m² | – | ¥258k/m² |
| 2015 | ¥58k/m² | ¥93k/m² | ¥134k/m² | ¥264k/m² |
| 2016 | ¥56k/m² | ¥82k/m² | ¥155k/m² | ¥257k/m² |
| 2017 | ¥58k/m² | ¥94k/m² | – | ¥288k/m² |
| 2018 | ¥43k/m² | ¥87k/m² | ¥126k/m² | ¥285k/m² |
| 2019 | ¥57k/m² | ¥100k/m² | ¥136k/m² | ¥283k/m² |
| 2020 | ¥50k/m² | ¥71k/m² | ¥158k/m² | ¥278k/m² |
| 2021 | ¥53k/m² | ¥80k/m² | ¥200k/m² | ¥243k/m² |
| 2022 | ¥40k/m² | ¥89k/m² | – | – |
| 2023 | ¥50k/m² | ¥83k/m² | ¥140k/m² | – |
| 2024 | ¥46k/m² | ¥83k/m² | ¥156k/m² | ¥208k/m² |
| 2025 | ¥38k/m² | ¥69k/m² | ¥128k/m² | – |
| 2026 (partial) | – | ¥54k/m² | – | – |
Prices near train stations in Tsu City
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 | Daily passengers (2023) |
|---|---|---|---|---|---|---|
| Tsu Shimmachi (津新町) | ¥26.5M | ¥285k/m² | ¥10.0M | 15 | 147 | 11,139-8% vs 2019 |
| Tsu (津) | ¥21.0M | ¥260k/m² | ¥21.0M | 16 | 129 | 31,717-10% vs 2019 |
| Hisai (久居) | – | – | ¥15.0M | 16 | 109 | 8,435-12% vs 2019 |
| Takachaya (高茶屋) | – | – | ¥14.0M | 20 | 95 | 953-13% vs 2019 |
| Akogi (阿漕) | – | – | ¥10.5M | 18 | 87 | 675-2% vs 2019 |
| Minamigaoka (南が丘) | ¥19.5M | ¥254k/m² | ¥23.0M | 13 | 60 | 3,082-6% vs 2019 |
| Ishinden (一身田) | – | – | ¥15.0M | 19 | 53 | 2,803+10% vs 2019 |
| Edobashi (江戸橋) | – | – | ¥14.0M | 11 | 31 | 7,800-2% vs 2019 |
| Kameyama(Mie) (亀山(三重)) | – | – | ¥20.5M | – | 28 | 4,079-5% vs 2019 |
| Kawai Takaoka (川合高岡) | – | – | ¥17.5M | 12 | 22 | 811-18% vs 2019 |
| Shiratsuka (白塚) | – | – | ¥15.0M | 14 | 21 | 1,627-1% vs 2019 |
| Takadahonzan (高田本山) | – | – | ¥10.0M | 10 | 19 | 1,269-31% vs 2019 |
| Ise Ueno (伊勢上野) | – | – | ¥35.0M | 20 | 18 | 66-53% vs 2019 |
| Toyotsu Ueno (豊津上野) | – | – | ¥6.5M | 11 | 17 | 1,019-17% vs 2019 |
| Momozono (桃園) | – | – | ¥20.0M | 16 | 13 | 578+15% vs 2019 |
Used condo prices by layout in Tsu City
Sales from 2023–2025.
| Layout | Median used condo price | Typical size | Sales |
|---|---|---|---|
| 3LDK | ¥22.0M | 70 m² | 31 |
| 4LDK | ¥20.5M | 85 m² | 18 |
How much does an apartment cost in Tsu City?
The median used condo (mansion) in Tsu City sold for ¥20.0M in 2025, about ¥250k/m², based on 29 recorded sales.
How much does a house cost in Tsu City?
The median house sale, including the land, was ¥13.0M in 2025 across 294 sales.
Are property prices in Tsu City going up?
Over the five years to 2025, condo prices per m² changed +0.9% and residential land prices changed +61.5%.
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.