Ratio of Used 'Oku-shon' Apartments in Tokyo's 23 Wards Surges to 18.8%, Reaching Nearly 60% in Minato Ward

LIFULL Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President and CEO: Yuji Ito; TSE Prime: 2120), which operates the real estate and housing information service 'LIFULL HOME'S' and tackles social issues through its business, investigated the increasing trend of used 'oku-shon' (apartments with a distribution price of over 100 million yen) in Tokyo's 23 wards.

Prices for new apartments are rising due to increased material prices, soaring labor costs, and rising land prices in central areas. In tandem, the prices of used apartments in central areas are also rising. Against this backdrop, the used oku-shon rate in 2025 became 18.8%, a significant increase from 3.4% in 2020. The ratio is higher mainly in the city center, with the used oku-shon rate in Minato Ward increasing to nearly 60%.

Used Oku-shon Rate in Tokyo's 23 Wards

We investigated the ratio of 'used oku-shon' exceeding 100 million yen among the used apartments in Tokyo's 23 wards listed on LIFULL HOME'S. While it remained at 1.0% in 2015 and 3.4% in 2020, it has risen to 18.8% in 2025, meaning that about one in five used apartments in circulation is an oku-shon.

Used Oku-shon Rate by Ward

Looking at a heatmap colored according to the listing ratio of oku-shon, Minato Ward is at 58.6%, Chiyoda Ward at 53.8%, and Chuo Ward at 49.6%. In these three central wards, about half of the used apartments are now oku-shon. Compared to five years ago in 2020, the ratios have increased by more than 30% (+36.6% in Minato Ward, +33.9% in Chiyoda Ward, and +43.4% in Chuo Ward), illustrating the price surge in the central areas.

*Reference: Used Oku-shon Rate by Ward
Ward | 2015 | 2020 | 2025 | Vs. 2020
Minato | 5.7% | 22.0% | 58.6% | +36.6%
Chiyoda | 8.0% | 19.9% | 53.8% | +33.9%
Chuo | 0.9% | 6.2% | 49.6% | +43.4%
Shibuya | 6.7% | 15.1% | 40.2% | +25.1%
Meguro | 0.9% | 4.8% | 30.0% | +25.2%
Bunkyo | 2.0% | 2.4% | 26.6% | +24.2%
Shinjuku | 0.4% | 4.1% | 26.2% | +22.1%
Shinagawa | 1.4% | 3.5% | 24.5% | +21.0%
Koto | 0.0% | 0.3% | 23.2% | +22.9%
Setagaya | 1.1% | 2.4% | 18.5% | +16.1%
Toshima | 0.3% | 1.1% | 17.0% | +15.9%
Taito | 0.0% | 0.9% | 10.7% | +9.8%
Nakano | 0.0% | 0.2% | 8.9% | +8.7%
Suginami | 0.2% | 0.8% | 7.2% | +6.4%
Sumida | 0.0% | 0.2% | 4.0% | +3.8%
Arakawa | 0.0% | 0.0% | 3.6% | +3.6%
Ota | 0.4% | 0.1% | 3.5% | +3.4%
Kita | 0.0% | 0.2% | 2.5% | +2.3%
Nerima | 0.0% | 0.0% | 1.5% | +1.5%
Edogawa | 0.0% | 0.0% | 0.5% | +0.5%
Itabashi | 0.0% | 0.0% | 0.4% | +0.4%
Adachi | 0.0% | 0.1% | 0.4% | +0.3%
Katsushika | 0.0% | 0.0% | 0.3% | +0.3%

Commentary: Toshiro Nakayama, LIFULL HOME'S Research Institute

In addition to the surge in material prices driven by the depreciation of the yen, rising labor costs due to worsening labor shortages, and stable land price increases, there are also concerns about a full-scale 'Naphtha shock' materializing due to prolonged tensions in Iran. As a result, the supply of new apartments in Tokyo's 23 wards has been restricted, and prices are hovering at extremely high levels. Correlated with the soaring prices of new apartments, used apartment prices have also risen significantly, with the oku-shon rate actually surging to 18.8%, or about 20%. Furthermore, the circulation of used apartments itself is expanding, and the number of used oku-shon units is also increasing.

While new apartments are facing unpredictable handover times due to the 'Naphtha shock,' leading major apartment developers to issue notices to buyers, used apartments have the advantage of being available for occupancy and use shortly after purchase (unless major renovations are required). They appeal to a broader base than new apartments and offer abundant inventory depending on location and age, making it almost impossible to find a situation where no property meets the criteria.

When the possibility of a major change in the apartment market conditions emerges, demand tends to concentrate on used apartments, where buying and selling can be controlled by the intentions of the parties involved. This tightens supply and demand and consequently drives up prices. Also, as the supply of new apartments