Top 10 areas in Minato-ku with the highest increase in apartment prices

Research company Mansion Market has ranked the top 10 addresses in Tokyo’s Minato ward that have seen the highest increase in apartment prices over the past 10 years. Five addresses recorded price increases of over 20%. In top place was Azabu Juban with an average increase in price of 27.1%.

The rankings:

% IncreaseAverage price in 2017
[1] Azabu Juban27.1%¥1,012,086/m²
[2] Toranomon24.4%¥986,769/m²
[3] Hamamatsucho22.0%¥732,425/m²
[4] Shibaura21.9%¥711,246/m²
[5] Mita20.2%¥828,407/m²
[6] Takanawa19.4%¥848,811/m²
[7] Shiba18.6%¥780,979/m²
[8] Shirokanedai18.0%¥950,592/m²
[9] Higashi Azabu16.9%¥865,844/m²
[10] Roppongi16.6%¥964,723/m²


Minato ward is the leading residential district in Tokyo, home to many high-end neighbourhoods, Roppongi Hills, Tokyo Tower, embassies, and international schools. It also has the highest average annual income in the 23 special wards, with the Ministry of Internal Affairs and Communications reporting an average income of 11,100,000 Yen per tax-payer in 2016. This is double the average for the 23 wards.

The construction of new and expensive apartment towers has had a flow-on effect on existing apartments, helping to pull up prices. In fact, the top five locations in the table above had an average building age of 36.1 years.

[1] Azabu Juban

A lively downtown zone known for its numerous restaurants. It is adjacent to the high-end residential addresses of Motoazabu and Minamiazabu, and is about 500 meters from Roppongi Hills.

From our own research, there were 46 apartments on the market for sale in June 2017. The average asking price was 1,226,000 Yen, and the average building age was 21.8 years. Apartments built to the old earthquake codes had an average asking price of 893,000 Yen/sqm, while those built to the new codes had an average asking price of 1,358,000 Yen/sqm. Apartments built in the last 15 years had an average asking price of 1,528,000 Yen/sqm. The average apartment size in the Azabu Juban address was 40.49 sqm (436 sq ft), with the smallest apartment at 14.64 sqm (158 sq ft) and the largest apartment at 103.56 sqm (1,114 sq ft). 65% of the listings were less than 50 sqm in size, and only 3 listings were over 70 sqm in size. Large apartments are not common in this address, although they may be found in the nearby Motoazabu, Minamiazabu, Roppongi and Mita neighbourhoods.

[2] Toranomon

The Toranomon address is home to the Toranomon Hills complex. It is also about to see a further 3.6 billion USD in investment from Mori Building over the next five years as well as the opening of a new station on the Hibiya Subway Line. The south-western end of this address and the adjoining Azabudai address will see three 240 ~ 330 meter tall apartment/office buildings built by 2022.

Unlike the Azabu Juban address, Toranomon has several luxury apartment buildings such as Toranomon Hills Residence, Toranomon Towers and Park Court Toranomon Atago Tower.

There were 16 listings for sale in this address in June, with an average price of 2,034,000 Yen/sqm and an average building age of 8.2 years. The reason for the difference between this price and the price in the chart above is due to the fact that many of the apartments in the Toranomon address were built after 2007 and would not have been included in Mansion Market’s survey. The only current sale listings for apartments built before 2005 are two listings in a building on leasehold land. Due to the gap in pricing between freehold and leasehold properties, we have not included this building in our data.

The average apartment size was 75.56 sqm (813 sq ft), with the smallest apartment at 25.62 sqm (276 sq ft) and the largest apartment at 109.71 sqm (1,180 sq ft). Only 1 listing was under 50 sqm in size and 81% of the listings were over 70 sqm in size.

[3] Hamamatsucho

Located east of Tokyo Tower, Hamamatsucho is primarily a downtown business area rather than a residential area. The resident population is just 1,848. Mitsui is currently building a high-end residential tower called Park Court Hamarikyu The Tower which is in the Hamamatsucho address. The 565 apartments are priced between 1.5 ~ 3 million Yen/sqm. Completion is due by late 2019.

There were just 7 listings for sale in Hamamatsucho in June, with an average price of 974,000 Yen/sqm and an average building age of 17.9 years. The average apartment size was 32.05 sqm (345 sq ft), with the smallest apartment at 18.16 sqm (195 sq ft) and the largest apartment at 74.88 sqm (806 sq ft). 6 of the 7 listings were below 35 sqm in size.

About the data:

The survey covered 30 addresses in Minato-ku, and only included buildings that were already built by 2007. Addresses with less than 10 buildings were not included. Buildings located over a 10 minute walk from the nearest train station were not included.

Mansion Market, June 7, 2017.
The Nikkei Shimbun, May 1, 2017.