This information is current as of September 2026.
In Mita (三田), Minato Ward, resale condo prices have risen faster than the Minato Ward average as redevelopment has progressed. Based on MLIT transaction data we compiled, the price per m² rose +51.8% in Mita from 2023 to 2025, compared with +29.2% across Minato Ward overall. Neighboring Shiba (芝), also in Minato Ward, grew only +4.1% over the same period.
Should you buy a condo in the Mita redevelopment area, and how should you think about a property you already own there? In this article we lay out where each project stands and what actual transaction prices show. In the "INA's View" section toward the end, we share our own judgment framework.
Key points in this article
- Mita Garden Hills was completed in Mita in March 2025; the Mita Koyamacho West District is under construction; and the Mita 5-chome West District is scheduled to break ground in FY2026.
- Based on MLIT data we compiled, the median price per m² for resale condos in Mita rose from ¥1,461,000 in 2023 to ¥2,218,000 in 2025.
- Neighboring Shiba went from ¥1,500,000 to ¥1,561,000 over the same period, sitting 17.6% below Minato Ward overall in 2025.
- 27.0% of Mita transactions are properties built in 2016 or later, versus 18.0% for Minato Ward overall — the mix of properties that actually trade differs too.
- We lay out our buy-now / wait-and-see / pass framework as our own view in the "INA's View" section later in this article.
What redevelopment is under way in Mita? Completed projects and projects in progress
To understand the relationship between Mita and condo prices, there are four projects worth covering: one large completed for-sale condominium, one mixed-use development that has reached its planned completion timing, and two upcoming projects that include housing.
Mita Garden Hills is a 1,002-unit for-sale condominium in Mita 1-chome, Minato Ward, developed by Mitsui Fudosan Residential and Mitsubishi Jisho Residence. The site covers approximately 25,000 m², and it was completed on March 31, 2025. We introduce what this residence represents in the residential value Mita Garden Hills brought to Minato Ward.
The Mita 3-4-chome District is a roughly 4.0-hectare project centered on a mixed-use tower with 42 floors above ground rising to a height of roughly 215 meters, including a 225-unit residential building and a school. We cover the plan's details in the Mita 3-4-chome district redevelopment plan overview.
The upcoming housing supply will come from the Mita Koyamacho West District in Mita 1-chome (1,342 units) and the Mita 5-chome West District (45 floors above ground, roughly 160 meters tall) progressing near Shirokane-Takanawa Station. We explain each in the Mita Koyamacho West District's block reorganization and the Mita 5-chome West District's mixed-use development.
Each project's timeline (Target)
| Project | Location | Housing | Progress so far | Upcoming schedule |
|---|---|---|---|---|
| Mita Garden Hills | Mita 1-chome | 1,002 units | Completed March 31, 2025 (Actual) | — |
| Mita 3-4-chome District | Mita 3-chome / 4-chome | 225 units | Construction began March 2020 (Actual) | Construction completion expected in FY2025 (Reiwa 7) |
| Mita Koyamacho West District | Mita 1-chome | 1,342 units | Rights-conversion plan approved December 2022; construction began January 2025 (Actual) | Construction completion expected in FY2028 (Reiwa 10) |
| Mita 5-chome West District | Mita 5-chome / Shirokane 1-chome | Unit count not disclosed in published materials | City-planning decision October 2023; union established July 2025 (Decided) | Construction to begin FY2026, completion expected FY2030 |
Minato Ward's page (updated March 2026) lists the Mita 3-4-chome District's construction completion as expected in FY2025 (Reiwa 7). As of this article, we have not been able to confirm that completion has actually occurred.
How have condo prices moved in Mita as redevelopment has progressed? Checking the MLIT data
Resale condo prices in Mita rose sharply from 2024 to 2025, widening the gap with Minato Ward overall. The table below is our own tabulation of resale condominium transactions with the town names "Mita" and "Shiba," based on MLIT's real estate transaction price information, set alongside Minato Ward overall.
Median price per m² and transaction counts by year
| Year | Mita | Shiba | Minato Ward overall |
|---|---|---|---|
| 2023 | ¥1,461,000 (144 transactions) | ¥1,500,000 (114 transactions) | ¥1,467,000 (2,081 transactions) |
| 2024 | ¥1,700,000 (149 transactions) | ¥1,600,000 (133 transactions) | ¥1,667,000 (1,993 transactions) |
| 2025 | ¥2,218,000 (180 transactions) | ¥1,561,000 (136 transactions) | ¥1,895,000 (2,241 transactions) |
| 2026 (Q1 only) | ¥2,308,000 (61 transactions) | ¥1,760,000 (23 transactions) | ¥2,000,000 (432 transactions) |
From 2023 to 2025, growth was +51.8% in Mita, +4.1% in Shiba, and +29.2% across Minato Ward overall. Mita was roughly level with the ward overall in 2023, but by 2025 it stood 17.0% above the ward overall.
The pace of growth also has a distinct shape: Mita rose +16.4% from 2023 to 2024, then accelerated to +30.5% from 2024 to 2025. Mita Garden Hills was completed in that same year, 2025.
Mita's most recent five quarters
| Quarter | Median price/m² | Transactions |
|---|---|---|
| Q1 2025 | ¥2,000,000 | 41 |
| Q2 2025 | ¥2,011,000 | 50 |
| Q3 2025 | ¥2,300,000 | 40 |
| Q4 2025 | ¥2,444,000 | 49 |
| Q1 2026 | ¥2,308,000 | 61 |
Q1 2026 came in at ¥2,308,000, above the full-year 2025 figure (¥2,218,000). However, compared with the immediately preceding Q4 2025 (¥2,444,000), it is 5.6% lower. The 2026 figure is a provisional number for Q1 alone, and more transactions will be added later.
What are the actual transaction prices?
Looking at transactions from 2025 through Q1 2026, Mita had 241 transactions, with a median transaction price of ¥140 million and a median floor area of 60 m². Roughly half of Mita's transactions fall between ¥59 million and ¥260 million.
Minato Ward overall (2,673 transactions) has a median of ¥110 million and 55 m², with the middle half of transactions between ¥50 million and ¥200 million. Mita's floor areas run somewhat larger, and its price range extends further upward.
Source: Ministry of Land, Infrastructure, Transport and Tourism (MLIT), Real Estate Information Library (国土交通省 不動産情報ライブラリ, https://www.reinfolib.mlit.go.jp/), "Real Estate Transaction Price Information" (MLIT), compiled by INA&Associates Inc. Based on data retrievable as of September 2026. The most recent quarter is a provisional figure because transactions are added later. This data is not guaranteed to be the most up-to-date, accurate, or complete.
If you'd like to know how your own property compares against transactions in the same town and the same building-age band, please consult INA&Associates Inc.
Why does neighboring Shiba show a different growth pattern? Comparing what actually trades
Shiba's resale condo market trades a different mix of properties from Mita's. Its transactions center on units of roughly 40 m², and its building-age mix differs from Mita's as well.
From 2025 through Q1 2026, Shiba had 159 transactions, with a median transaction price of ¥52 million and a median floor area of 40 m²; the middle half of transactions fall between ¥33 million and ¥130 million. Compared with Mita's median (¥140 million, 60 m²), that's roughly two-thirds the floor area and under 40% of the transaction price.
Breaking it down by building age makes the difference even clearer.
| Build year | Mita (241 transactions) | Shiba (159 transactions) | Minato Ward overall (2,673 transactions) |
|---|---|---|---|
| 2016 or later | 65 (27.0%) | 21 (13.2%) | 482 (18.0%) |
| 2000–2015 | 89 (36.9%) | 89 (56.0%) | 1,352 (50.6%) |
| 1999 or earlier | 87 (36.1%) | 49 (30.8%) | 831 (31.1%) |
*Covers transactions from 2025 through Q1 2026. Minato Ward's overall count includes 8 transactions with an unknown build year.
27.0% of Mita's transactions are properties built in 2016 or later, above Minato Ward's overall 18.0%. In Shiba, 56.0% of stock was built between 2000 and 2015, and only 13.2% is from 2016 or later.
In Shiba 5-chome, the Tamachi Station West Exit District development is under way — an office, retail, and industrial-support complex with 24 floors above ground rising to roughly 125 meters, which broke ground in October 2025 with building completion targeted for March 2029. Housing is not among its main uses.
Note also that Shiba's Q1 2026 figure of ¥1,760,000 comes from only 23 transactions, too few to draw a trend from.
INA's View (as of September 2026)
From here on, this is our own interpretation, not a citation from published sources.
Mita's rise reflects both "the neighborhood's re-rating" and "a shift in which properties trade"
I believe the median price per m² in Mita rising by half in three years reflects a genuine re-rating of the neighborhood driven by redevelopment. The fact that a for-sale project of Mita Garden Hills's scale — over 1,000 luxury units — could succeed is itself a market signal about the standing of the Mita address.
That said, reading this figure as "every Mita property rose by half" would be risky. Mita's transactions include a higher share of newer, higher-priced properties — 27.0%, versus the ward average — and the more newer-built, higher-unit-price transactions are mixed into the sample, the higher the median gets pushed. The transaction-price median alone cannot separate these two effects.
For example, if you're considering a roughly 60 m² unit in a Mita building from the 2000s, the area-wide median of around ¥140 million is not necessarily the right benchmark. You need to judge it against transactions in the same building-age band.
See Shiba not as "a neighborhood that rises with redevelopment" but as "a neighborhood people who work there rent in"
We read the fact that Shiba's transactions center on roughly 40 m² units around ¥52 million as a sign that the market there is centered on single-occupant and investment-purpose units. Because the large-scale development under way in Shiba 5-chome is office-led and does not include housing, we think it is unlikely to lift the area's resale market the way new housing has done in Mita.
At the same time, if the Tamachi Station West Exit development brings more people who work there, that should support rental demand. If you're considering a 40 m² unit in Shiba around ¥52 million, the sensible order of operations is to first confirm whether it pencils out at today's rent, rather than betting on future appreciation.
Buy now / wait and see / pass: a judgment framework
- Consider it a good time to buy: if you're planning a hold of 10 years or more in Mita, including the possibility of living there yourself. The neighborhood will keep changing at least through the Mita Koyamacho West District's expected construction completion in FY2028.
- We'd recommend waiting and seeing: if you plan to rent the Mita property out and prioritize yield. It's worth waiting to see whether Q4 2025's ¥2,444,000 was a ceiling, until the transaction count for Q2 2026 onward fills in.
- We'd recommend passing: if the only reason is "it's a redevelopment area, so it will go up," and you'd be buying an older property near Mita's median price. Part of the rise may simply reflect the share of newer-built properties in the mix.
- If you're considering Shiba: its level, 17.6% below Minato Ward overall in 2025, reflects a different market composition more than it reflects being underpriced. Rather than assuming appreciation, focus on properties that pencil out on rental demand.
What to watch next
The phase in which the Mita Koyamacho West District delivers 1,342 units will be a litmus test for Mita's resale market. New-build pricing there will become a fresh benchmark for resale units, but a large block of units hitting the market at once could also spread the same pool of buyers thinner.
The timing of the Mita 5-chome West District's rights-conversion plan approval and its groundbreaking is another factor to watch for pricing on the Shirokane-Takanawa Station side.
If you're considering buying or selling in the Mita redevelopment area, please consult INA, including a comparison against transactions in the same building-age band.
Frequently Asked Questions (FAQ)
Q1. Have condo prices risen in Mita because of the redevelopment?
A. Based on MLIT data we compiled, the median price per m² for resale condos in Mita rose +51.8% from 2023 to 2025, ahead of Minato Ward's overall +29.2%. At the same time, Mita also has a high share of newer-built property transactions; our reading of this is explained in the "INA's View" section above.
Q2. When was Mita Garden Hills completed?
A. Mita Garden Hills was completed on March 31, 2025. It is a 1,002-unit for-sale condominium in Mita 1-chome, Minato Ward, developed by Mitsui Fudosan Residential and Mitsubishi Jisho Residence.
Q3. How do Shiba condo prices compare with Mita's?
A. From 2023 to 2025, growth was +4.1% in Shiba versus +51.8% in Mita. Shiba's median transaction price is ¥52 million with a median floor area of 40 m², and 56.0% of its transactions are properties built between 2000 and 2015. That's a different mix of properties from Mita's (¥140 million, 60 m²).
Q4. What redevelopment is planned next in Mita?
A. The Mita Koyamacho West District, which includes 1,342 housing units (construction completion expected FY2028), and the 45-story Mita 5-chome West District (construction to begin FY2026, completion expected FY2030). Both projects include housing.
Citations & References
- Tokyo Metropolitan Bureau of Urban Development, "Mita 3-4-chome District Type 1 Urban Redevelopment Project"
- Minato Ward, "Mita 3-4-chome District Type 1 Urban Redevelopment Project"
- Tokyo Metropolitan Bureau of Urban Development, "Mita Koyamacho West District Type 1 Urban Redevelopment Project"
- Minato Ward, "Mita Koyamacho West District Type 1 Urban Redevelopment Project" (updated September 2025)
- Tokyo Metropolitan Bureau of Urban Development, "Mita 5-chome West District Type 1 Urban Redevelopment Project"
- Minato Ward, "Mita 5-chome West District Type 1 Urban Redevelopment Project" (updated February 2026)
- Mitsui Fudosan Residential / Mitsubishi Jisho Residence, "Mita Garden Hills Official Website Launch" (April 2022)
- Mitsui Fudosan Realty (Mitsui no Sumai), "Mita Garden Hills" property listing
- Mitsui Fudosan, Morinaga Milk Industry, East Japan Railway Company, "Tamachi Station West Exit District Development Project" groundbreaking (October 2025)
- Ministry of Land, Infrastructure, Transport and Tourism, Real Estate Information Library
