Surge in Tokyo Central's Pre-owned Condo Prices: Mercury Conducts Survey on 'Ultra-High-End 3 Wards' (Minato, Chiyoda, Shibuya)

Mercury Co., Ltd., which provides a real estate marketing platform utilizing big data and AI, reports on industry trends from its unique perspective.

While real estate prices are soaring, Tokyo's 23 wards, especially the city center, are seeing significant increases. We conducted a survey on pre-owned condo prices limited to Chiyoda, Minato, and Shibuya wards, which have the highest prices per tsubo among the 23 wards.

Trends in Average Price per Tsubo (Since January 2016) Since January 2016, all three wards saw average prices in the 4 million yen (approx. 1.21 million yen/sqm) range. Prices rose gradually to 6-7 million yen by early 2023. However, prices have accelerated rapidly starting around 2024.

Trends in Average Price per Tsubo (Past 12 Months) Looking at the past 12 months, the average price per tsubo in these wards was in the mid-to-high 9 million yen range in October 2024. By September 2025, Minato-ku reached 14.474 million yen, and Chiyoda-ku reached 13.013 million yen, indicating a massive further rise.

Supply Trends by Price Segment (Past 12 Months) Looking at the distribution, the volume of listings priced between 20 million yen and 29.99 million yen per tsubo, previously only a few units per month, has increased significantly.

Supply by Price Segment and Building Age (Past 12 Months) In Chiyoda-ku, units priced between 10-19.99 million yen per tsubo dominate, with almost no listings over 20 million yen. Minato-ku has the most units under 10 million yen, but sees many listings for newer properties in the 20-29.99 million yen range. Shibuya-ku shows a similar trend to Chiyoda-ku, with few units over 20 million yen.

Supply Trends by Address (Past 12 Months) In Chiyoda-ku, properties over 20 million yen per tsubo are found in 'Sanbancho', 'Yonbancho', 'Fujimi', and 'Hirakawacho'. In Minato-ku, listings are concentrated in 'Mita', 'Akasaka', and 'Hamamatsucho'.