The following is a selection of apartments that were sold in central Tokyo during the month of August 2016:
|(USD/sq ft)||Days Listed||Discount|
|Hirakawacho Mori Tower Residence (2009)|
|A 24-storey mixed-use office and residential building developed by Mori Building in 2009. Lower floors contain office, while upper floors contain luxurious residences. When new, apartments were priced between 1,100,000 ~ 1,800,000 Yen/sqm, while penthouse units were priced at around 3,000,000 Yen/sqm. |
This was a spaciously-sized 1-Bedroom apartment overlooking the Imperial Palace grounds. This has been the highest reported re-sale in this building on a price-per-square-meter basis. There is currently a similarly sized unit on a higher floor listed for approximately 11% less.
|The Conoe Daikanyama (2016)|
|A studio apartment in a recently completed building in front of Daikanyama Station. When new, an identical apartment on a higher floor would have sold for approximately 1,850,000 Yen/sqm, indicating only a slight appreciation in the 6 months since the building was completed. |
Current average asking prices in this building are around 2,100,000 Yen/sqm.
|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. Apartments on the 10th floor and lower have an average asking price of around 1,615,000 Yen/sqm, while apartments on floors 20 and above have an average asking price of around 2,150,000 Yen/sqm (approx. 30% more than lower floors).|
The average sale price to date in 2016 is around 1,890,000 Yen/sqm, up 2.9% from 2015 (1,838,000 Yen/sqm), and up 26% from 2014 (1,500,000 Yen/sqm).
This unit was on a low floor with views of Tokyo Tower. It was sold tenanted with a gross yield of approximately 4.2%. It sold for approximately 7% more than a similar, but vacant, apartment two floors up sold for one month earlier.
|Terrace Ebisu-no-oka (2006)|
|A penthouse apartment with two rooftop terraces near Ebisu Station. |
This has been the highest reported resale to date in this building. In 2012, a similar sized penthouse sold for 1,318,000 Yen/sqm, indicating a potential appreciation of around 26% over four years.
|Axia Foresta Azabu (2000)|
|A 10-storey apartment building located in the downtown Azabu Juban district and just a short walk from Azabu Juban Station.|
This has been the highest reported resale in this building to date, exceeding a previous price record set during the previous mini-bubble in 2007. The average resale price was 1,260,000 Yen/sqm in 2013, indicating a potential appreciation of approximately 17% over the past 12 months. Prices are now up 47.5% from their previous bottom of 1,000,000 Yen/sqm seen between 2008 ~ 2012.
This apartment was occupied by a tenant until several months ago, which may help explain why the apartment took a long time to sell (tenanted units are more difficult to sell than empty properties). The indicative gross yield was approximately 3.9%.
|Minami Aoyama 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, beating a previous price record set in July. 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 second reported sale in 2016. It represents an increase of around 9.3% from 2015 (1,290,000 Yen/sqm).
|The Tokyo Towers (2008)|
|A two-tower complex containing 1,466 apartments located on a manmade island in Tokyo’s bayside area – an area scheduled to host Olympic events and the Athletes Village in 2020. |
Current asking prices in this building average 1,030,000 Yen/sqm. For apartments over 100 sqm, the average asking price is 1,140,000 Yen/sqm, and 960,000 Yen/sqm for apartments under 100 sqm in size. There were 42 apartments on the market for sale in August.
So far, the average resale price in 2016 has been around 912,000 Yen/sqm, down 1.1% from 2015 (922,000 Yen/sqm), and down 2.9% from 2014 (939,000 Yen/sqm).
This was a large unit on a very high floor in the building. It sold for approximately 0.7% less than it previously traded for in mid-2014.
|The Parkhouse Harumi Towers Tiaro Residence (2016)|
|A recently completed 49-storey condominium tower forming part of a two-tower complex on a man-made island in Tokyo Bay. Together, the two towers contain 1,744 apartments.|
When sales first began, new apartments were priced at around 740,000 Yen/sqm, and this apartment may have had an asking price of around 900,000 Yen/sqm, indicating an appreciation of approximately 10% since new. The current average asking price in this building is around 1,130,000 Yen/sqm, and there are 58 apartments currently listed for sale, up from 29 apartments that were on the market in June. Competition amongst sellers has led to some price-undercutting tactics.
There have been four reported re-sales in this building over the past 12 months, averaging around 1,015,000 Yen/sqm.
|The Parkhouse Harumi Towers Krono Residence (2013)|
|The older neighbour to the aforementioned Tiaro Residence. Krono Residence was completed in late 2013.|
In 2016, the average resale price so far has been 990,000 Yen/sqm, up 2.1% from 2015 (970,000 Yen/sqm) and up 4.8% from 2014 (945,000 Yen/sqm). The rate of increase in this building has been duller than other high-rises in more central locations in Tokyo.
When sales first began in 2012, off-the-plan apartments were priced at around 770,000 Yen/sqm by the developer. This apartment may have been priced around 785,000 Yen/sqm when brand new, indicating a potential appreciation of around 27% over 4 years.
This apartment sold for approximately 1.5% less than an apartment three floors above sold for two months prior.
Due to the high-number of apartments and relatively high share of investors who have purchased into this building, there has been quite a big of price under-cutting occurring on the resale market. There were 24 apartments listed for sale in August, with an average asking price of around 1,080,000 Yen/sqm.
|Harajuku Park Mansion (1970)|
|Harajuku Park Mansion is one of Mitsui Fudosan’s earlier ‘Park Mansion’ series of high-end condominiums. The now-vintage building is across the street from the NHK HQ in the heart of Shibuya.|
A similar apartment on the same floor sold for 577,000 Yen/sqm in late 2013, indicating a potential appreciation of around 31.3% over three years. In 2011, after the Tohoku earthquake, a similar apartment sold for 444,000 Yen/sqm, indicating an appreciation of around 70% since the previous market bottom. At the end of the bubble era in the early 1990s, apartments were selling for as much as 1,250,000 Yen/sqm.
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: 103.08 Yen).