From ¥0.5M to ¥2.8M per m2: How Tokyo’s Fukutoshin Line Became an Ultra-Prime Condo Corridor

From Wako-shi to Shibuya: How Kitasando Joined Tokyo’s Ultra-Luxury Condo Club

Tokyo Kantei has released its latest station-by-station data for used condominiums along the Tokyo Metro Fukutoshin Line, using transactions registered in its database up to 14 October 2025.

The dataset covers family-type resale units, and shows:

Average asking prices per station in units of “ten-thousand yen per tsubo” (3.3 m²)
Average building age
Average exclusive floor area

For international readers, I translate the key prices into approximate yen per square metre (¥/m²), while keeping the original Tokyo Kantei figures in the background.

1. Line-wide overview: a 26 percent surge

Across the Fukutoshin Line from Wako-shi in Saitama to Shibuya, the average asking price for used family-type condos is now:

465 (x ¥10,000 per tsubo)
≒ ¥1.41 million per m²

That represents a 26 percent year-on-year increase, or roughly +¥960,000 per tsubo compared with one year ago.

At the same time:

The number of recorded cases fell to 2,415, down by 506 from the previous year.
The average building age is 29.5 years (vs 30.6 years a year earlier).
The average unit size is 54.66 m² (vs 53.05 m² previously).

In other words, buyers are paying substantially more for slightly newer and slightly larger units, but the price growth is far stronger than the change in physical quality. Land value and location are doing most of the work.

2. From Wako-shi to Kanamecho: “entry zones” are no longer cheap

At the northern end of the line, prices are still relatively accessible compared with central Tokyo, but they are no longer “cheap”.

Selected current averages:

Wako-shi – 165 (x ¥10,000/tsubo)
≒ ¥0.50M/m², with an average 67.4 m² and 28.7 years old
Chikatetsu-narimasu – 225
≒ ¥0.68M/m², around 60 m², 26.9 years
Chikatetsu-akatsuka – 245
≒ ¥0.74M/m², around 56 m², 27.2 years

Within the 23 wards, the “middle band” stations tell an interesting story:

Heiwadai – 236 (about ¥0.72M/m²)
Prices have rebounded to this level after softening last year. The sample size is only 35 cases, the smallest on the line, which means a few transactions can move the average quickly.
Hikawa-dai – 244 (about ¥0.74M/m²)
Prices have turned slightly positive again, even though average building age has stretched to 30.9 years.
Kotake-mukaihara – 250 (about ¥0.76M/m²)
Slightly higher price point, with an average 54.4 m² unit and 30.1 years of age.

Even in these “entry” locations, many buildings are close to 30 years old and average unit sizes are around 50–60 m². Yet the repricing is clear, driven by commuting convenience into Ikebukuro and central Tokyo.

3. Inner-city residential nodes: Ikebukuro, Zoshigaya, Nishi-waseda, Higashi-shinjuku

Moving closer to the city centre, a cluster of stations shows strong appreciation despite clearly ageing stock.

Current averages along this stretch:

Senkawa – 281 (≈ ¥0.85M/m², 37.2 years / 50.0 m²)
Kanamecho – 312 (≈ ¥0.95M/m², 34.9 years / 45.9 m²)
Ikebukuro – 412 (≈ ¥1.25M/m², 29.1 years / 46.0 m²)
Up from 349 a year ago, an 18 percent jump.
Zoshigaya – 321 (≈ ¥0.97M/m², 38.5 years / 52.0 m²)
Nishi-waseda – 373 (≈ ¥1.13M/m², 33.7 years / 49.5 m²)
Up from 337, a 10–11 percent increase.
Higashi-shinjuku – 368 (≈ ¥1.12M/m², 37.8 years / 44.8 m²)
Up from 316, a 16–17 percent rise year-on-year.

Most of these stations now show average building ages in the mid-30s, yet prices continue to climb. This tells you that demand for central-ish, well-connected neighbourhoods remains robust, even when the physical asset is no longer new.

For investors, this is a reminder that inner-city Tokyo is increasingly a land play, not simply a “buy new, sell new” story.

4. Kitasando, Meiji-jingumae and Shibuya: the ultra-prime corridor

The real headline, however, lies at the southern end of the line.

Current data:

Kita-sando
- Price: 924 (x ¥10,000/tsubo)
  ≒ ¥2.8M/m²
- Building age: 19.5 years
- Average size: 59.3 m²
Two years ago, Kitasando was at 414 with an average building age of 40.9 years and 62.9 m². Prices have more than doubled in two years (+123 percent), while the average age has almost halved. This reflects a rapid shift of transactions into newer, high-spec stock and the emergence of Kitasando as a fully fledged ultra-prime address.
Meiji-jingumae
- Price: 713 (≈ ¥2.16M/m²)
- Age: 18.5 years
- Size: 74.8 m²
Up from 510 last year and 485 two years ago, Meiji-jingumae has registered roughly 40 percent year-on-year growth. With average unit sizes in the mid-70 m² range, this is not micro-unit stock; it is family-size or larger condos trading at luxury price levels.
Shibuya
- Price: 858 (≈ ¥2.60M/m²)
- Age: 26.5 years
- Size: 63.5 m²
Shibuya’s average has jumped from 583 to 858 in just one year, a 47 percent increase. Over two years, the price has risen from 523, showing how quickly Shibuya’s condo market has been repriced as large redevelopment projects, tech offices and retail clusters reshape the area.

To put this in perspective:

Wako-shi at the northern end trades at about ¥0.50M/m²,
Kitasando now trades around ¥2.8M/m².

That is a 5.6-times difference along a single railway line.

5. What this means for buyers and investors

For owner-occupiers:

The price gap between outer-suburban and inner-city stations along the Fukutoshin Line has become extreme.
Households who want to live in the Shibuya–Harajuku–Kitasando–Meiji-jingumae corridor need to budget well above ¥150–160 million for a typical 60–70 m² unit.
More affordable options still exist at stations such as Wako-shi, Chikatetsu-narimasu, Chikatetsu-akatsuka or Heiwadai, but even these areas are no longer “cheap Tokyo”; they are simply “less expensive Tokyo.”

For investors:

The data confirms that capital is concentrating in a handful of ultra-prime nodes (Kitasando, Meiji-jingumae, Shibuya), where price growth has far outpaced the line-wide average.
Many mid-line stations, with average building ages around 30–35 years and typical sizes of 50–60 m², are still posting double-digit price growth. That combination of ageing stock and rising prices is classic evidence of land value appreciation.
Yield compression in ultra-prime locations is now unavoidable. Investors seeking income rather than pure capital gains may need to move one or two stops away from the hottest stations, or consider older but structurally sound buildings where renovation can add value.

Tokyo Kantei’s figures are asking prices, not executed transaction prices, but they are an excellent barometer of seller expectations and market sentiment.

If you already own along the Fukutoshin Line and are wondering whether to hold or take profit, or if you are an overseas investor considering an entry into Tokyo, feel free to reach out.
I am happy to walk you through station-level data, concrete examples, and realistic pricing for your specific budget and goals.

You can contact US or by email at yamamoto@yamamoto-property.jp.

Source: Tokyo Kantei report (In Japanese)