By Wonsuh Song
Tokyo’s real estate market is once again making headlines, with the so-called “Central Six Wards”—Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya—emerging as the focal point. Comparable to Seoul’s “Gangnam 3 Districts,” these wards represent the political, cultural, and economic heart of Tokyo, and their property prices are leading the market upward. Tokyo as a whole consists of 23 special wards as well as multiple cities, but it is the Central Six Wards that play the most crucial role in driving prices.
According to recent data, the average asking price for a secondhand condominium in the Central Six Wards has surpassed 170.3 million yen per 70 square meters, a historic high. Prices have risen more than 30% over the past year, outpacing the already high pre-COVID levels. With new supply shrinking due to rising construction costs and labor shortages, and with wealthy investors—bolstered by stock market gains—actively purchasing high-end properties, the momentum is accelerating.
Foreign investors, particularly Chinese buyers, have become a visible force, often paying in cash for premium units. For many Japanese outside Tokyo as well, the capital remains the most attractive investment destination. Whether this trend represents a bubble is difficult to judge, but what is clear is that prices keep climbing, making entry into the Central Six Wards increasingly challenging.
As redevelopment continues, capital, infrastructure, and population are becoming ever more concentrated in central Tokyo. Just as Seoul’s Gangnam Districts symbolize wealth and prestige, Tokyo’s Central Six Wards have become the bellwether for Japan’s real estate market.
Where this overheated market will head remains uncertain. Yet one thing is certain: Tokyo’s Central Six Wards will remain in the spotlight, not only in Japan but globally, as one of the most closely watched real estate markets.
Wonsuh Song (Ph.D.)
Full-time Lecturer, Shumei University / NKNGO Forum Representative
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