Prime Residential Prime city
Rank 09
Tokyo Minato Prime
The 2025–26 growth leader (PIRI +58.5%, PGCI +44.4%) — a yen-discount prime city, not yet a London-depth FO hub.
Photograph by David Kernan, CC BY 4.0, via Wikimedia Commons, resized
Why it is here
Knight Frank’s PIRI put Tokyo new-build apartments +58.5% in 2025; PGCI still +44.4% over 12 months to Q1 2026, then −8.6% in the quarter — momentum cooling. Savills: $2,680 psf / €24,800/sqm at Dec 2025 after +30% in 2025, H1 2026 +7.0% / +20.4% year to June. USD 1mn now buys 37 sq m (from 62 in 2020). Bloomberg: Greater Tokyo new-apartment average ¥91.8m (+17% YoY, Jan 2026) and a Marq Omotesando One penthouse ~¥9.5bn. This clears as a world-class prime city on scarcity plus inbound demand. It does not yet have Monaco or London stock-depth — hence rank 9.
Who it is for
Dollar- or Singapore-based principals buying the yen discount in Minato freehold, who accept that Q1 2026 already showed an 8.6% air-pocket.
Sources
- Prime Global Cities Index Q1 2026Tokyo +44.4% YoY (1st of 46) but −8.6% QoQ — weakest quarterly print in the index.
- The Wealth Report 2026PIRI Tokyo +58.5% in 2025 (rank 1); five-year +159.3%; USD 1mn buys 37 sq m (from 62, −41%).
- World Cities Prime Residential Index 2026 forecast vs 2025 growthTokyo Dec 2025 $2,680 psf / €24,800 psm; 2025 +30%; 2026 forecast +4% to 5.9%.
- Spotlight: World Cities Prime Residential Index – H1 2026Tokyo led H1 2026 capital values +7.0% (six months) and +20.4% year to June 2026.
- Tokyo New Apartment Prices Hit Record on Tight SupplyGreater Tokyo new-apartment average ¥91.8m, +17% YoY (REEI).
