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

Shibuya Ward Housing Market 2026: Luxury Prices, a Shrinking Population

Data updated 2026-11-11 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2 · Transactions in 2025: 709

In short

1
Expensive and getting more so
Shibuya is the fourth most expensive of the 23 wards at about ¥1.6M per m² for a used condo, 1.5 times the Tokyo average.
2
The ward that is losing people
Shibuya's population fell 2.0% between 2020 and 2025, the biggest drop of any ward, and in 2025 more people moved out to the rest of Japan than moved in.
3
Two very different markets
Yoyogi-Uehara, Kita-Sando and Daikanyama sell at about ¥1.9–2.0M per m², while Hatagaya and Sasazuka in the west sell at about ¥1.1–1.2M, 40% less.
4
Walking farther costs more
Condos 11–15 minutes from a station sell for about 9% more per m² than those within 5 minutes.
5
Rents and renewal
A median condo costs about 47 years of median rent, one of the weakest ratios among the wards.

The answers, compared

What does a home cost?

¥63.0M

median used condo · ¥1.6M/m²

49% above the Tokyo median

4 of 47 areas in Tokyo, highest first

Are prices rising?

+33.3%

over 5 years

Faster than Tokyo (+26.5%)

23 of 50 areas in Tokyo, highest first

Can local earners afford it?

5.4× income

median price ÷ average taxable income

Easier than Tokyo (6.8×)

43 of 50 areas in Tokyo, highest first

Rent or buy?

47years of rent

median price ÷ a year of median rent

Longer than Tokyo (39)

11 of 50 areas in Tokyo, highest first

Are people moving in?

-2.0%

population, 2020–25

Slower than Tokyo (+1.4%)

45 of 50 areas in Tokyo, highest first

How risky is it?

51%

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

In line with Tokyo (53%)

16 of 50 areas in Tokyo, highest first

Rent in Shibuya Ward

The average private rental costs ¥135k a month (2023), +3.5% since 2018. Tokyo: ¥95k

Floor area	Typical layout	Average rent / month
under 30 m² studio / 1K	studio / 1K	¥85k vs 2018 -2.0% · Tokyo: ¥70k
30–49 m² 1LDK / 2DK	1LDK / 2DK	¥139k vs 2018 +13.2% · Tokyo: ¥99k
50–69 m² 2LDK / 3DK	2LDK / 3DK	¥204k vs 2018 +11.8% · Tokyo: ¥126k
70–99 m² 3LDK / family	3LDK / family	¥239k vs 2018 +6.5% · Tokyo: ¥155k
100–149 m² mostly houses	mostly houses	¥309k vs 2018 +21.6% · Tokyo: ¥191k
150 m² + mostly houses	mostly houses	¥435k vs 2018 -4.8% · Tokyo: ¥271k

Rent per m²: ¥3,793; median, per month · Tokyo: ¥2,800; The median used condo (¥63.0M, 40 m²) costs about 38 years of average rent for a similar-sized home (¥139k 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. 72,600 rented homes.

Expensive and getting more so

Shibuya is the fourth most expensive of the 23 wards at about ¥1.6M per m² for a used condo, 1.5 times the Tokyo average. The median condo sold for about ¥63M in 2025 and the median house for about ¥400M. Prices per m² rose about 6% a year over the past five years, faster than the five years before.

The ward that is losing people

Shibuya's population fell 2.0% between 2020 and 2025, the biggest drop of any ward, and in 2025 more people moved out to the rest of Japan than moved in. Households still grew slightly, so the residents who remain are older or smaller households. High prices are pushing families out.

Two very different markets

Yoyogi-Uehara, Kita-Sando and Daikanyama sell at about ¥1.9–2.0M per m², while Hatagaya and Sasazuka in the west sell at about ¥1.1–1.2M, 40% less. The cheapest quarter of condos sold for under ¥30M and the top quarter for over ¥130M.

Walking farther costs more

Condos 11–15 minutes from a station sell for about 9% more per m² than those within 5 minutes. The quiet residential areas of Shoto, Uehara and Hiroo are a little away from stations and cost more, not less.

Rents and renewal

A median condo costs about 47 years of median rent, one of the weakest ratios among the wards. Shibuya sits mostly on high ground: fewer than one in five benchmark sites is in a flood zone, all shallow. The Shibuya Station renewal area is in the middle of a decades-long rebuild, and part of the Shinjuku Station area also falls in the ward. Official residential land is still about 57% below its 1991 bubble peak, the biggest gap of the central wards.

Living in Shibuya Ward: people, homes and risks

Population 2025: 239,119; -2.0% since 2020; Tokyo: +1.4%
Net moves in 2025: -794; -3.32 per 1,000 residents; Tokyo: +4.58
Vacant homes (2023): 11.2%; 0.6% empty and not for rent or sale; Tokyo: 10.9%
Median rent (2023): ¥111k; per month, all rented homes; Tokyo: ¥78k
Strong earthquake risk: 50.7%; chance of shaking of intensity 6-lower or more within 30 years; Tokyo: 52.8%
Reported crime: 17.9; per 1,000 residents in 2025 (4,272 crimes recorded by the Tokyo police); Tokyo: 6.9
Average income per taxpayer: ¥11.7M; taxable income in 2023; Tokyo: ¥5.4M
Daytime population: 226; people here by day per 100 residents (2020 census)
Foreign residents: 5.5%; 12,711 registered residents in 2024; Tokyo: 5.2%
Clinics: 25.6; per 10,000 residents; 17 hospitals, 431 dental clinics (2020); Tokyo: 9.8
Official land price 2026: ¥1.8M/m²; +11.0% in a year · +39.9% in 5 years; Tokyo: ¥407k/m²
Flood exposure: 19.0%; of 58 benchmark sites in a worst-case flood zone (0.0% 3 m or deeper); Tokyo: 42.5%
Landslide exposure: 0.0%; of 58 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.

Shinjuku Station area · 221 ha · designated 2002 · Specified zone (highest priority)
Shibuya Station area · 139 ha · designated 2005 · 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 Shibuya 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 Q1

¥28.0M

¥1.4M/m²

Sasazuka
Sasazuka · 5 min walk
1K · 20 m²
Built 1999 (27 yrs) · SRC

Typical2025 Q3

¥54.0M

¥1.8M/m²

Uehara
Yoyogi Uehara · 6 min walk
2LDK · 30 m²
Built 2017 (8 yrs) · RC

Higher-priced2026 Q2

¥140M

¥1.5M/m²

Hatagaya
Sasazuka · 10 min walk
3LDK · 95 m²
Built 1998 (28 yrs) · RC

House

Lower-priced2025 Q3

¥160M

¥533k/m²

Hatagaya
Hatagaya · 11 min walk
Land 210 m² · floor 300 m²
Built 1987 (38 yrs) · Steel

Typical2026 Q1

¥420M

¥1.0M/m²

Sasazuka
Sasazuka · 7 min walk
Land 260 m² · floor 420 m²
Built 2018 (8 yrs) · Steel

Higher-priced2025 Q3

¥990M

¥1.8M/m²

Kamiyamacho
Shibuya · 13 min walk
Land 190 m² · floor 550 m²
Built 1992 (33 yrs) · RC

Median transaction price by yearA jump driven by what sold — The median condo price rose 37% between 2023 and 2025. Per m², prices rose only 19%, so most of the jump comes from larger or higher-end properties changing hands, not from the same homes getting that much more expensive.

Show data table

Year	Condo	House
2005	¥24.0M	¥150M
2006	¥25.0M	¥240M
2007	¥26.5M	¥285M
2008	¥27.0M	¥130M
2009	¥30.0M	¥110M
2010	¥27.0M	¥140M
2011	¥25.0M	¥94.0M
2012	¥26.0M	¥110M
2013	¥27.0M	¥100M
2014	¥26.0M	¥120M
2015	¥34.0M	¥160M
2016	¥28.0M	¥180M
2017	¥33.0M	¥180M
2018	¥34.0M	¥185M
2019	¥35.0M	¥160M
2020	¥43.0M	¥160M
2021	¥40.0M	¥200M
2022	¥40.0M	¥235M
2023	¥46.0M	¥330M
2024	¥55.0M	¥290M
2025	¥63.0M	¥400M
2026 (partial)	¥53.0M	¥365M

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	¥727k/m²	¥681k/m²	¥935k/m²
2006	¥743k/m²	¥960k/m²	¥1.1M/m²
2007	¥825k/m²	¥963k/m²	¥1.0M/m²
2008	¥800k/m²	¥763k/m²	¥1.0M/m²
2009	¥800k/m²	¥671k/m²	¥730k/m²
2010	¥830k/m²	¥671k/m²	¥780k/m²
2011	¥800k/m²	¥671k/m²	¥780k/m²
2012	¥765k/m²	¥665k/m²	¥820k/m²
2013	¥821k/m²	¥686k/m²	¥850k/m²
2014	¥850k/m²	¥708k/m²	¥830k/m²
2015	¥966k/m²	¥824k/m²	¥925k/m²
2016	¥1.0M/m²	¥827k/m²	¥990k/m²
2017	¥1.0M/m²	¥923k/m²	¥1.1M/m²
2018	¥1.1M/m²	¥902k/m²	¥1.1M/m²
2019	¥1.1M/m²	¥1.0M/m²	¥1.1M/m²
2020	¥1.2M/m²	¥1.0M/m²	¥1.2M/m²
2021	¥1.2M/m²	¥1.2M/m²	¥1.2M/m²
2022	¥1.3M/m²	¥1.2M/m²	¥1.4M/m²
2023	¥1.4M/m²	¥1.2M/m²	¥1.6M/m²
2024	¥1.5M/m²	¥1.4M/m²	¥1.9M/m²
2025	¥1.6M/m²	¥1.7M/m²	¥1.9M/m²
2026 (partial)	¥1.6M/m²	¥1.7M/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 36. Prices keep falling by roughly 1.5% 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 23 years — House prices per m² drop about 33% from new by age 23, 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	¥2.6M/m²	¥1.4M/m²
1	¥2.3M/m²	¥1.7M/m²
2	¥2.7M/m²	–
3	¥2.2M/m²	–
4	¥2.4M/m²	–
5	¥1.9M/m²	¥1.7M/m²
6	¥1.7M/m²	¥1.1M/m²
7	¥1.7M/m²	–
8	¥1.7M/m²	¥1.7M/m²
9	¥1.8M/m²	¥1.4M/m²
10	¥1.6M/m²	–
11	¥1.5M/m²	–
12	¥1.6M/m²	–
13	¥1.6M/m²	¥1.8M/m²
14	¥1.6M/m²	–
15	¥1.4M/m²	–
16	¥1.4M/m²	–
17	¥1.5M/m²	¥1.3M/m²
18	¥1.3M/m²	–
19	¥1.3M/m²	¥1.1M/m²
20	¥1.4M/m²	¥1.6M/m²
21	¥1.3M/m²	–
22	¥1.4M/m²	¥1.4M/m²
23	¥1.4M/m²	¥1.2M/m²
24	¥1.3M/m²	–
25	¥1.3M/m²	¥1.0M/m²
26	¥1.3M/m²	–
27	¥1.4M/m²	–
28	¥1.2M/m²	–
29	¥1.2M/m²	¥1.1M/m²
30	¥1.2M/m²	–
31	¥1.4M/m²	–
32	¥1.4M/m²	¥1.2M/m²
33	¥1.4M/m²	¥1.2M/m²
34	¥1.2M/m²	¥1.6M/m²
35	¥825k/m²	–
36	¥867k/m²	¥1.1M/m²
37	¥1.2M/m²	¥1.1M/m²
38	¥1.1M/m²	–
39	¥1.1M/m²	¥1.3M/m²
40	¥1.1M/m²	–
41	¥1.1M/m²	–
42	¥950k/m²	¥1.3M/m²
43	¥966k/m²	–
44	¥942k/m²	–
45	¥1.0M/m²	–
46	¥1.0M/m²	–
47	¥950k/m²	–
48	¥1.1M/m²	–
49	¥950k/m²	–
50	¥980k/m²	¥1.0M/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 4.3% a year), so in this market location matters more than building age. Pre-1981 buildings, built before the current earthquake standard, trade about 22% 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	¥550k/m²	¥727k/m²	¥1.1M/m²	–
2006	¥575k/m²	¥760k/m²	¥1.1M/m²	–
2007	¥650k/m²	¥850k/m²	¥1.1M/m²	–
2008	¥600k/m²	¥831k/m²	¥1.1M/m²	–
2009	¥600k/m²	¥810k/m²	¥988k/m²	–
2010	¥600k/m²	¥800k/m²	¥1.0M/m²	–
2011	¥550k/m²	¥800k/m²	¥960k/m²	¥1.2M/m²
2012	¥512k/m²	¥714k/m²	¥958k/m²	–
2013	¥551k/m²	¥800k/m²	¥920k/m²	¥1.3M/m²
2014	¥613k/m²	¥805k/m²	¥1.0M/m²	¥1.2M/m²
2015	¥700k/m²	¥953k/m²	¥1.1M/m²	¥1.5M/m²
2016	¥700k/m²	¥963k/m²	¥1.1M/m²	¥1.4M/m²
2017	¥733k/m²	¥973k/m²	¥1.1M/m²	¥1.3M/m²
2018	¥778k/m²	¥1.1M/m²	¥1.2M/m²	¥1.6M/m²
2019	¥800k/m²	¥1.0M/m²	¥1.2M/m²	¥1.5M/m²
2020	¥875k/m²	¥1.1M/m²	¥1.2M/m²	¥1.6M/m²
2021	¥867k/m²	¥1.1M/m²	¥1.3M/m²	¥1.6M/m²
2022	¥1.0M/m²	¥1.1M/m²	¥1.3M/m²	¥1.7M/m²
2023	¥1.0M/m²	¥1.3M/m²	¥1.4M/m²	¥1.7M/m²
2024	¥1.0M/m²	¥1.3M/m²	¥1.5M/m²	¥2.0M/m²
2025	¥1.1M/m²	¥1.4M/m²	¥1.7M/m²	¥2.2M/m²
2026 (partial)	–	¥1.4M/m²	¥1.7M/m²	¥2.3M/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	–	¥686k/m²	–	–
2006	¥1.3M/m²	¥899k/m²	¥1.1M/m²	–
2007	¥1.5M/m²	¥897k/m²	¥1.0M/m²	–
2008	–	¥733k/m²	¥768k/m²	–
2009	–	¥614k/m²	¥682k/m²	–
2010	–	¥560k/m²	¥713k/m²	–
2011	–	¥674k/m²	–	¥671k/m²
2012	¥494k/m²	¥659k/m²	¥676k/m²	¥719k/m²
2013	–	¥595k/m²	¥846k/m²	¥703k/m²
2014	–	¥653k/m²	¥951k/m²	¥714k/m²
2015	–	¥750k/m²	¥968k/m²	¥1.0M/m²
2016	–	¥813k/m²	¥1.1M/m²	¥889k/m²
2017	¥583k/m²	¥894k/m²	¥1.0M/m²	¥1.1M/m²
2018	–	¥907k/m²	¥891k/m²	¥953k/m²
2019	–	¥875k/m²	¥1.2M/m²	¥1.2M/m²
2020	–	¥911k/m²	–	¥1.1M/m²
2021	–	¥1.1M/m²	–	¥1.2M/m²
2022	¥1.3M/m²	¥1.1M/m²	¥1.2M/m²	–
2023	–	¥1.2M/m²	¥1.2M/m²	–
2024	–	¥1.2M/m²	¥1.8M/m²	–
2025	¥1.2M/m²	¥1.7M/m²	–	–

Prices near train stations in Shibuya 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)
Shibuya (渋谷)	¥63.0M	¥1.6M/m²	¥795M	8	201	2,129,874-21% vs 2019
Ebisu(Tokyo) (恵比寿)	¥80.0M	¥1.7M/m²	¥410M	7	191	340,535-18% vs 2019
Hatagaya (幡ケ谷)	¥28.0M	¥1.1M/m²	¥98.0M	6	187	29,540-9% vs 2019
Sasazuka (笹塚)	¥26.0M	¥1.2M/m²	¥100M	6	180	–
Hatsudai (初台)	¥35.0M	¥1.4M/m²	¥170M	5	149	54,828-16% vs 2019
Nishi Shinjuku Gochome (西新宿五丁目)	¥41.5M	¥1.2M/m²	¥110M	5	98	31,076-14% vs 2019
Yoyogi Uehara (代々木上原)	¥120M	¥2.0M/m²	¥470M	6	98	257,017-9% vs 2019
Kita Sando (北参道)	¥120M	¥2.0M/m²	¥585M	3	98	22,635-9% vs 2019
Daikan yama (代官山)	¥86.0M	¥1.9M/m²	–	3	90	27,591-12% vs 2019
Hiro o (広尾)	¥98.5M	¥1.8M/m²	¥360M	9	74	56,837-9% vs 2019
Yoyogi (代々木)	¥43.0M	¥1.4M/m²	¥430M	4	70	140,168-22% vs 2019
Shinsen (神泉)	¥47.0M	¥1.5M/m²	¥350M	4	65	10,870-4% vs 2019
Sangubashi (参宮橋)	¥80.0M	¥1.4M/m²	¥170M	5	61	12,634-14% vs 2019
Yoyogi Koen (代々木公園)	¥36.0M	¥1.5M/m²	–	7	60	27,333-7% vs 2019
Yoyogi Hachiman (代々木八幡)	¥74.0M	¥1.6M/m²	¥515M	6	57	18,237-11% vs 2019

Used condo prices by layout in Shibuya Ward

Sales from 2023–2025.

Layout	Median used condo price	Typical size	Sales
1K	¥25.0M	20 m²	418
2LDK	¥110M	60 m²	295
1LDK	¥65.0M	40 m²	286
3LDK	¥160M	75 m²	143
1DK	¥45.0M	30 m²	95
2DK	¥45.0M	45 m²	39
1R	¥19.0M	20 m²	37
Open floor	¥74.0M	42.5 m²	24

How much does an apartment cost in Shibuya Ward?

The median used condo (mansion) in Shibuya Ward sold for ¥63.0M in 2025, about ¥1.6M/m², based on 513 recorded sales.

How much does a house cost in Shibuya Ward?

The median house sale, including the land, was ¥400M in 2025 across 135 sales.

Are property prices in Shibuya Ward going up?

Over the five years to 2025, condo prices per m² changed +33.3% and residential land prices changed +58.3%.

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.