The following is a selection of apartments that were sold in central Tokyo during the month of July 2016:
|(USD/sq ft)||Days Listed||Discount|
|Park Court Azabujuban The Tower (2010)|
A 36-storey high rise in the Azabu Juban area with concierge, gym, guest suite and resident lounge. Current asking prices in this building range from 1,500,000 ~ 2,700,000 Yen/sqm, with apartments on low floors averaging around 1,730,000 Yen/sqm, and high-floor units averaging 2,100,000 Yen/sqm.
The average sale price to date in 2016 is around 1,910,000 Yen/sqm, up 3.9% from 2015 (1,838,000 Yen/sqm), and up 27.3% from 2014 (1,500,000 Yen/sqm).
This unit was on a high floor with views of Tokyo Tower. It sold for approximately 30% more than a similar apartment two floors down sold for in 2014.
|Grande Maison Shirokane-no-mori The Tower (2015)|
A recently-built 30-storey high rise located alongside Shirokane’s tree-lined Platinum Avenue. When new, apartments were priced at around 1,380,000 Yen/sqm. All apartments had sold out prior to completion.
The current asking price in this building is around 1,920,000 Yen/sqm. The average re-sale price over the past 12 months has been 1,730,000 Yen/sqm.
This was a corner apartment on a low floor. When new, it may have been priced at around 1,200,000 Yen/sqm, indicating an appreciation of about 45% over the past 12 months.
|Prestige Akasaka Hikawacho (1999)|
A low-rise condominium near Tokyo Midtown and Hinokicho Park.
This apartment has been the highest reported resale on a price-per-square-meter basis in this building since the previous peak in 2007 when an identical apartment sold for 1,724,000 Yen/sqm.
In 2015, the average re-sale price was approximately 1,415,000 Yen/sqm, up 11% from 2014 (1,275,000 Yen/sqm). Current asking prices in this building are around 1,600,000 Yen/sqm.
|Century Forest Daikanyama (2011)|
A low-rise complex between Daikanyama and Shibuya Stations. When new, the average apartment was priced at around 1,370,000 Yen/sqm. Current re-sale listings are around 1,870,000 Yen/sqm.
This apartment sold for approximately 2.9% less than a similar apartment on the same floor sold for in early 2015.
|Saion Sakurazaka (2009)|
A 26-storey high-rise located near the US Embassy in the Akasaka/Toranomon district.
The average price in this building when new was approximately 1,550,000 Yen/sqm. The current asking price ranges from 1,730,000 ~ 2,100,000 Yen/sqm.
This was a corner unit on a low floor. It sold for approximately 13% higher than apartments were selling for in 2014.
|Park House Jingu-Gaien (1999)|
A low-rise condominium located near Harajuku.
This is the highest reported resale in this building to date. It sold for approximately 12.5% more than an apartment on a higher floor sold for in 2014, and 47% more than an apartment sold for in 2013.
|Minamiaoyama Terrace Tokiwamatsu Forest (2006)|
A large-scale complex of 196 apartments located a 10 minute walk from Omotesando Station.
This has been the highest reported resale in this building in the past 7 years. Prices peaked at around 1,400,000 Yen/sqm prior to the global financial crisis in 2007, before dropping to 1,130,000 Yen/sqm in 2010 ~ 2011.
This has been the only reported sale in 2016. It represents an increase of around 9.3% from 2015 (1,290,000 Yen/sqm). The current asking price in this building is around 1,425,000 Yen/sqm.
|Deux Tours Canal & Spa (2015)|
A recently competed complex of two 52-storey residential towers containing 1,450 units. The building was completed in late 2015 with apartments delivered to buyers from March 2016. A number of investor-bought units have already appeared on the resale market.
This was a west-facing unit on a mid-level floor. When new, apartments were priced at around 1,000,000 ~ 1,100,000 Yen/sqm by the developer. The average asking price on re-sale units is currently 1,385,000 Yen/sqm.
|Mita Tsunamachi Park Mansion (1971)|
Located near the Australian and Italian Embassies and the Azabu Juban area. Built in 1971, this was Japan’s first high-rise residential building. When new, apartments were priced at around 200,000 Yen/sqm by the developer.
This apartment was south facing and on a low floor. In 2012, a similar apartment one floor above sold for 642,000 Yen/sqm, indicating an appreciation of approximately 47% over the past 4 years.
During downturns in the market, apartments in this building have sold for around 665,000 Yen/sqm. Prices peaked at between 1,100,000 ~ 1,400,000 Yen/sqm in 2007.
About the data:
- The data is based on information supplied to REINS by agents.
- This information is voluntarily provided, and not all transactions are recorded.
- Japan Property Central cannot guarantee the accuracy of the information provided.
- The discount, for example, is based on the last advertised listing price at the time of sale, rather than the original list price.
- Some listings are constantly updated, so the days listed between listing on REINS and final sale may not be accurate. The days listed are also based on the day that the agent registered the property as being sold, which is sometimes done on the day of the contract signing, settlement or even later if the agent forgets to update the listing.
- Not every sale is reported above.
- Price per square meter or per square foot is calculated based on apartment’s internal floor area and does not include balconies, car parks or common areas.
- Exchange rate is at the time of publishing the article and is subject to change (1 USD: 102.39 Yen).