Photo: Roppongi, Minato, Tokyo · Takashi Miyazaki / Unsplash

Minato Ward Housing Market 2026: Japan's Most Expensive Homes, and Still Climbing

Data updated 2026-11-11 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2 · Transactions in 2025: 834

In short

1
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.
2
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.
3
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.
4
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.
5
Rents, risks and renewal
A median condo costs about 54 years of median rent, the weakest ratio of all 23 wards.

The answers, compared

What does a home cost?

¥90.0M

median used condo · ¥2.0M/m²

1.8× the Tokyo median

1 of 47 areas in Tokyo, highest first

Are prices rising?

+54.1%

over 5 years

Faster than Tokyo (+26.5%)

1 of 50 areas in Tokyo, highest first

Can local earners afford it?

5.1× income

median price ÷ average taxable income

Easier than Tokyo (6.8×)

45 of 50 areas in Tokyo, highest first

Rent or buy?

53years of rent

median price ÷ a year of median rent

Longer than Tokyo (39)

5 of 50 areas in Tokyo, highest first

Are people moving in?

+4.7%

population, 2020–25

Faster than Tokyo (+1.4%)

5 of 50 areas in Tokyo, highest first

How risky is it?

45%

chance of strong shaking (6-lower+) in 30 years

Lower than Tokyo (53%)

26 of 50 areas in Tokyo, highest first

Rent in Minato Ward

The average private rental costs ¥214k a month (2023), +7.2% since 2018. Tokyo: ¥95k

Floor area	Typical layout	Average rent / month
under 30 m² studio / 1K	studio / 1K	¥102k vs 2018 +6.3% · Tokyo: ¥70k
30–49 m² 1LDK / 2DK	1LDK / 2DK	¥151k vs 2018 -18.2% · Tokyo: ¥99k
50–69 m² 2LDK / 3DK	2LDK / 3DK	¥237k vs 2018 -2.0% · Tokyo: ¥126k
70–99 m² 3LDK / family	3LDK / family	¥326k vs 2018 +8.8% · Tokyo: ¥155k
100–149 m² mostly houses	mostly houses	¥609k vs 2018 +67.4% · Tokyo: ¥191k
150 m² + mostly houses	mostly houses	¥1.1M vs 2018 +55.7% · Tokyo: ¥271k

Rent per m²: ¥4,131; median, per month · Tokyo: ¥2,800; The median used condo (¥90.0M, 50 m²) costs about 32 years of average rent for a similar-sized home (¥237k 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. 66,230 rented homes.

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%
Reported crime: 13.0; per 1,000 residents in 2025 (3,544 crimes recorded by the Tokyo police); Tokyo: 6.9
Average income per taxpayer: ¥17.8M; taxable income in 2023; Tokyo: ¥5.4M
Daytime population: 373; people here by day per 100 residents (2020 census)
Foreign residents: 8.4%; 22,614 registered residents in 2024; Tokyo: 5.2%
Clinics: 29.6; per 10,000 residents; 12 hospitals, 607 dental clinics (2020); Tokyo: 9.8
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); 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 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

Lower-priced2026 Q2

¥34.0M

¥1.7M/m²

Shiba
Mita(Tokyo) · 6 min walk
1K · 20 m²
Built 2004 (22 yrs) · RC

Typical2026 Q2

¥90.0M

¥1.4M/m²

Kaigan
Hinode(Tokyo) · 2 min walk
2LDK · 65 m²
Built 2001 (25 yrs) · SRC

Higher-priced2026 Q2

¥230M

¥2.7M/m²

Konan
Tennozu Isle · 6 min walk
2LDK · 85 m²
Built 2005 (21 yrs) · RC

House

Lower-priced2026 Q1

¥310M

¥2.7M/m²

Akasaka
Tameike Sanno · 1 min walk
Land 65 m² · floor 115 m²
Built 1957 (69 yrs) · Wood

Typical2025 Q3

¥800M

¥2.3M/m²

Shibadaimon
Daimon(Tokyo) · 2 min walk
Land 190 m² · floor 350 m²
Built 1990 (35 yrs) · Steel

Higher-priced2026 Q1

¥1.70B

¥3.2M/m²

Akasaka
Nogizaka · 4 min walk
Land 330 m² · floor 530 m²
Built 1979 (47 yrs) · RC

Median transaction price by yearA jump driven by what sold — The median house price rose 78% between 2023 and 2025. Per m², prices rose only 36%, so most of the jump comes from larger or higher-end properties changing hands, not from the same homes getting that much more expensive. With only 102 house sales in 2025, a handful of expensive deals can move the median a lot.A sharp recent rise — The median condo price rose 32% between 2023 and 2025. Prices per m² rose 30% too, so this is a genuine like-for-like increase, not just bigger homes selling.2026 so far: treat with caution — The 2026 figure (shaded) is 45% above 2025, but it covers only part of the year and 24 house sales so far. Early-year numbers are often revised and are easily skewed by a few large deals.

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

Median price per m² by yearHouses and condos cost about the same per m² — A m² of house floor costs roughly the same as a m² of condo, even though the house includes its land. That usually means land here is expensive, so a house is not a cheap way to get more space.

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	–

Price per m² by building age (2021–2025 sales)How condos age here — In recent sales, condos lose about a quarter of their per-m² value by around 6 years old and half by around 37. Prices keep falling by roughly 2.8% a year even after 25 years, so older condos here are cheap for a reason. Check the repair fund and rebuild plans.Houses bottom out at around 19 years — House prices per m² drop about 36% from new by age 19, then flatten, because by then buyers are mostly paying for the land. A house older than that costs little more than its plot, a good option if you plan to renovate or rebuild.

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

Condo price per m² by construction periodBuilding age matters less than location — Over the last decade, pre-1981 condos have appreciated at about the same pace as 2000s buildings (around 5.7% a year), so in this market location matters more than building age. Pre-1981 buildings, built before the current earthquake standard, trade about 21% below 1980s–90s buildings.

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

House price per m² by construction period

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	Daily passengers (2023)
Shirokane Takanawa (白金高輪)	¥88.0M	¥1.8M/m²	¥190M	5	302	59,415+39% vs 2019
Tamachi(Tokyo) (田町(東京))	¥70.5M	¥1.4M/m²	–	9	233	238,712-24% vs 2019
Azabu Juban (麻布十番)	¥86.0M	¥1.8M/m²	¥705M	4	229	72,688-16% vs 2019
Mita(Tokyo) (三田(東京))	¥40.5M	¥1.5M/m²	¥400M	4	136	99,494-56% vs 2019
Roppongi (六本木)	¥98.5M	¥2.1M/m²	¥770M	5	133	184,804-20% vs 2019
Akasaka(Tokyo) (赤坂(東京))	¥69.0M	¥1.8M/m²	¥410M	4	128	74,174-23% vs 2019
Hiro o (広尾)	¥130M	¥2.0M/m²	¥750M	9	107	56,837-9% vs 2019
Shinagawa (品川)	¥110M	¥1.6M/m²	–	11	103	853,436-25% vs 2019
Omote Sando (表参道)	¥110M	¥2.0M/m²	¥580M	9	92	168,791-8% vs 2019
Tennozu Isle (天王洲アイル)	¥99.0M	¥1.5M/m²	–	6	85	52,836-31% vs 2019
Shirokanedai (白金台)	¥170M	¥2.1M/m²	¥200M	5	85	25,775+46% vs 2019
Sengakuji (泉岳寺)	¥47.0M	¥1.4M/m²	–	4	78	195,118-13% vs 2019
Nogizaka (乃木坂)	¥67.0M	¥1.5M/m²	¥425M	6	75	39,229-7% vs 2019
Hamamatsucho (浜松町)	¥44.0M	¥1.6M/m²	–	6	72	253,334-22% vs 2019
Shibakoen (芝公園)	¥39.5M	¥1.4M/m²	–	4	72	26,633-20% vs 2019

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.