Real Estate Price Trends in Tokyo's 23 Wards: A Six-Year Overview
The district of Chuo has become particularly notable with an average per tsubo price of approximately 21.58 million yen. Set Life Agency, a company specializing in investment properties in the Tokyo metropolitan area, has compiled data on the average price per tsubo across Tokyo's 23 wards over the past six years. This examination sheds light on the ongoing upward trend in real estate values, as indicated in the comprehensive report titled "2025 October Edition: Rising Real Estate Prices! A Summary of the Six-Year Average Per Tsubo Price Trends in Tokyo's 23 Wards."
The average price for newly built condominiums in the capital region has consistently surpassed the 100 million yen mark, reaching 103.25 million yen as of August 2025. With the end of the prolonged deflationary period, we’ve now entered an inflationary era, prompting the question: how should we respond to this inflation? Notably, property values are expected to continue their ascent within Tokyo's 23 wards. Factors contributing to potential price declines remain scarce, making any significant drops in property prices in the metropolitan area seem unlikely.
In this article, we will focus on the average per tsubo price trends based on the standard land prices in Tokyo's 23 wards and provide a comprehensive overview of the current real estate price landscape.
The average per tsubo price in Tokyo, based on standard land prices, demonstrates a clear upward trajectory over the past five years. By the year 2025, we anticipate a rise of +7.74%.
Over the six-year period from 2020 to 2025, the average price per tsubo has increased by approximately 873,146 yen.
Examining the nationwide average per tsubo prices highlights some striking contrasts:
From this data, we see that Tokyo’s average per tsubo price is astonishingly 86 times greater than that of Akita Prefecture, which ranks the lowest at approximately 50,000 yen.
Focusing specifically on per tsubo prices within Tokyo's wards reveals considerable disparities:
The remarkable numbers in districts such as Chuo, Chiyoda, Minato, and Shibuya stand out, with even the lowest-ranking area, Katsushika, boasting a per tsubo price significantly higher than the second-place Osaka Prefecture.
According to the Real Estate Economic Institute, the average price for newly built condominiums in the metropolitan region has reached 103.25 million yen, with a square meter price of approximately 1.58 million yen. This reflects a trend where 1 square meter of property is now valued at around 160,000 yen, a significant increase driven by heightened demand, rising construction costs, labor expenses, and material costs. For instance, the Japan Federation of Construction Contractors reports an average increase of about 37% in material prices, leading to overall construction costs rising by 25%-29%.
In this context, it becomes evident that a substantial decrease in real estate prices within the metropolitan area is improbable, potentially favoring individuals currently investing in property. As inflation continues, those looking to purchase real estate may find that acting quickly to acquire property in the metropolitan region will better position them for future asset preservation.
Set Life Agency Inc. specializes in selling investment properties in the metropolitan area, offering a unique trademarked scheme known as "Real Estate Insurance Operation®" to assist clients in asset formation consulting. Interested individuals should consider reaching out for inquiries regarding metropolitan real estate investments. Contact Us
Additionally, visit our media site, "Real Estate is Not Scary Once You Understand It," which provides a range of information and knowledge related to real estate, including land price summaries and updates on taxation knowledge. Our aim is to resolve common queries regarding real estate. Learn More
The average price for newly built condominiums in the capital region has consistently surpassed the 100 million yen mark, reaching 103.25 million yen as of August 2025. With the end of the prolonged deflationary period, we’ve now entered an inflationary era, prompting the question: how should we respond to this inflation? Notably, property values are expected to continue their ascent within Tokyo's 23 wards. Factors contributing to potential price declines remain scarce, making any significant drops in property prices in the metropolitan area seem unlikely.
In this article, we will focus on the average per tsubo price trends based on the standard land prices in Tokyo's 23 wards and provide a comprehensive overview of the current real estate price landscape.
Overview of Per Tsubo Price Trends in Tokyo
The average per tsubo price in Tokyo, based on standard land prices, demonstrates a clear upward trajectory over the past five years. By the year 2025, we anticipate a rise of +7.74%.
Historical Price Trends
| Year | Average Price per Tsubo | Change Rate |
|---|---|---|
| -- | ------- | ---- |
| 2020 | 3,430,199 yen/tsubo | +0.61% |
| 2021 | 3,396,423 yen/tsubo | +0.05% |
| 2022 | 3,437,850 yen/tsubo | +1.72% |
| 2023 | 3,587,656 yen/tsubo | +3.59% |
| 2024 | 3,890,284 yen/tsubo | +6.03% |
| 2025 | 4,303,345 yen/tsubo | +7.74% |
Over the six-year period from 2020 to 2025, the average price per tsubo has increased by approximately 873,146 yen.
Ranking of Average Per Tsubo Prices by Prefecture for 2025
Examining the nationwide average per tsubo prices highlights some striking contrasts:
| Rank | Prefecture | Average per Tsubo Price | Change Rate |
|---|---|---|---|
| -- | -- | ------ | ---- |
| 1 | Tokyo | 4,303,345 yen/tsubo | +7.74% |
| 2 | Osaka | 1,453,080 yen/tsubo | +4.09% |
| 3 | Kanagawa | 1,140,953 yen/tsubo | +4.39% |
| 4 | Kyoto | 1,047,898 yen/tsubo | +2.55% |
| 5 | Aichi | 795,265 yen/tsubo | +1.95% |
From this data, we see that Tokyo’s average per tsubo price is astonishingly 86 times greater than that of Akita Prefecture, which ranks the lowest at approximately 50,000 yen.
Trends in Per Tsubo Prices by Ward in Tokyo
Focusing specifically on per tsubo prices within Tokyo's wards reveals considerable disparities:
| Rank | Area | Average Price per Tsubo | Year-on-Year Change |
|---|---|---|---|
| -- | --- | ----- | ------- |
| 1 | Chuo | 21,586,776 yen/tsubo | +16.29% |
| 2 | Chiyoda | 20,099,173 yen/tsubo | +15.61% |
| 3 | Minato | 18,953,892 yen/tsubo | +12.99% |
| 4 | Shibuya | 17,378,394 yen/tsubo | +13.20% |
| 5 | Shinjuku | 14,944,164 yen/tsubo | +13.90% |
The remarkable numbers in districts such as Chuo, Chiyoda, Minato, and Shibuya stand out, with even the lowest-ranking area, Katsushika, boasting a per tsubo price significantly higher than the second-place Osaka Prefecture.
Factors Driving Price Increases in 2025
According to the Real Estate Economic Institute, the average price for newly built condominiums in the metropolitan region has reached 103.25 million yen, with a square meter price of approximately 1.58 million yen. This reflects a trend where 1 square meter of property is now valued at around 160,000 yen, a significant increase driven by heightened demand, rising construction costs, labor expenses, and material costs. For instance, the Japan Federation of Construction Contractors reports an average increase of about 37% in material prices, leading to overall construction costs rising by 25%-29%.
In this context, it becomes evident that a substantial decrease in real estate prices within the metropolitan area is improbable, potentially favoring individuals currently investing in property. As inflation continues, those looking to purchase real estate may find that acting quickly to acquire property in the metropolitan region will better position them for future asset preservation.
Conclusion
- - The likelihood of continued property value increases in the metropolitan area remains high.
- - Average property prices in all 23 wards of Tokyo are among the highest in the nation.
- - Rising construction material costs and inherent asset value contribute to this upward trend.
- - A significant decrease in prices seems unlikely.
- - For future property buyers, securing real estate in the metropolitan area will likely serve as a prudent strategy for asset protection.
About Set Life Agency
Set Life Agency Inc. specializes in selling investment properties in the metropolitan area, offering a unique trademarked scheme known as "Real Estate Insurance Operation®" to assist clients in asset formation consulting. Interested individuals should consider reaching out for inquiries regarding metropolitan real estate investments. Contact Us
Additionally, visit our media site, "Real Estate is Not Scary Once You Understand It," which provides a range of information and knowledge related to real estate, including land price summaries and updates on taxation knowledge. Our aim is to resolve common queries regarding real estate. Learn More
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