The following is a selection of apartments that were sold in central Tokyo during the month of February 2017:
|(USD/sq ft)||Days Listed||Discount|
|The Parkhouse Gran Minami Aoyama (2016)|
|A recently completed luxury low-rise apartment building in the heart of Omotesando. Off-the-plan sales began in June 2015 and all apartments sold out on the first day of sales, with an average of 9.6 buyers per apartment. The average price when new was around 2,300,000 Yen/sqm. |
Several apartments have appeared on the resale market since the building was delivered to buyers from November 2016. Current asking prices are around 2,900,000 Yen/sqm, with penthouse units available for 3,950,000 Yen/sqm. One of the penthouse units was under offer as of this month.
This apartment was on a low floor and sold for approximately 22% more than its price when brand new.
|Akasaka Tower Residence (2008)|
|A 45-storey luxury apartment building with concierge, rooftop deck and cafe, library, lounges and guest suites. |
The current asking price in this building averages 1,995,000 Yen/sqm, with apartments on the 10th floor and lower having an average price of 1,720,000 Yen/sqm and apartments on the 20th floor and above having an average asking price of 2,135,000 Yen/sqm.
The average resale price in 2016 was 1,720,000 Yen/sqm, down 16.5% from 2015 (2,060,000 Yen/sqm) but up 4.5% from 2014 (1,645,000 Yen/sqm).
This apartment was on a higher floor. It sold for approximately 6% more than an identical apartment upstairs sold for in 2015 and 71% more than a similarly sized apartment on a lower floor sold for in 2013. This has been the second most expensive reported resale on a price-per-square-meter basis in this building since its completion in 2008.
|Bliss Beige Jingumae (2008)|
|Located in Harajuku, Bliss Beige was originally developed by New City Corporation as a high-end rental-only building. It was later taken over by Orix Corporation and half of the units were sold off. Includes a gym, 20 meter pool, concierge, and party room. The most expensive sale in this building was a maisonette penthouse listed back in 2010 for 1.6 billion Yen. |
This has been the most expensive re-sale in this building to date on a price-per-square-meter basis.
The average re-sale price in this building in 2016 was around 1,865,000 Yen/sqm, up 15% from 2015 (1,620,000 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 1,480,000 ~ 2,600,000 Yen/sqm. Apartments on the 10th floor and lower have an average asking price of around 1,620,000 Yen/sqm, while apartments on floors 20 and above have an average asking price of around 2,130,000 Yen/sqm (approx. 31% more than lower floors).|
The average sale price in 2016 was around 1,837,000 Yen/sqm, down 0.05% from 2015 (1,838,000 Yen/sqm), but up 22.5% from 2014 (1,500,000 Yen/sqm).
This unit was a spacious 1-Bedroom apartment on a high-floor with views of Tokyo Tower. This was the third highest price paid on a price-per-square-meter basis for an apartment in this building to date.
|City Tower Azabujuban (2009)|
|Located next-door to Park Court Azabu Juban The Tower. Current asking prices in this building range from 1,625,000 ~ 2,770,000 Yen/sqm. Apartments on the 10th floor and lower have an average asking price of around 1,625,000 Yen/sqm, while apartments on floors 20 and above have an average asking price of around 2,115,000 Yen/sqm.|
The average sale price in 2016 was 1,765,000 Yen/sqm, down 5.4% from 2015 (1,865,000 Yen/sqm), but up 14.5% from 2014 (1,541,000 Yen/sqm).
This apartment has been the most expensive re-sale in the building over the past 12 months. It sold for 0.5% more than an identical apartment several floors up sold for 3 months ago, and 41% more than an identical apartment on a higher floor sold for in mid-2013.
|Hiroo Garden Hills (1984)|
|A popular large-scale vintage apartment complex near Hiroo Station that was developed during the 1980s. |
Average asking prices are currently around 1,400,000 Yen/sqm, with apartments in the exclusive South Hill at around 2,145,000 Yen/sqm. The average re-sale price in 2016 was 1,610,000 Yen/sqm for apartments excluding those in South Hill, up 15.4% from 2015 (1,395,000 Yen/sqm) and up 43.1% from 2014 (1,125,000 Yen/sqm).
Despite having 1,181 apartments in the complex, only 7 were listed for sale in February, representing 0.6% of the total.
This has been the highest recorded resale in the North Hill on a price-per-square-meter basis since 2008. It sold for approximately 76% more than it last traded for in late 2008. In 1992 and 1993, apartments in North Hill were re-selling for between 1,850,000 ~ 2,780,000 Yen/sqm.
|Proud Daikanyama (2012)|
|A low-rise apartment building located in the fashionable Daikanyama district near Shibuya Station. When new, apartments had an average price of 1,215,000 Yen/sqm. All apartments had sold out by the developer prior to completion of the building in early 2012.|
This apartment sold for approximately 13.5% more than an apartment on a lower floor sold for less than 12 months ago.
|Wellith Tower Atago Toranomon (2014)|
|A 22-storey apartment building located 300 meters from Tokyo Tower. When new, apartments were priced at around 1,170,000 Yen/sqm. |
There were only 3 sale listings in the buildings as at February 2017, representing less than 3% of the total units. The average asking price is around 2,055,000 Yen/sqm.
There have only been 3 reported resales in this building to date, and this apartment has been the highest reported sale on a price-per-square-meter basis. It sold for approximately 22% more than its original price when brand new. The average resale price in 2015 was 1,435,000 Yen/sqm, and 1,230,000 Yen/sqm in 2014.
|Majesty House Shinjuku Park Nade (2014)|
|A 10-storey apartment building located 100 meters east of the Shinjuku Kyoen National Garden. The building was marketed heavily to investors. When new, apartments had an average price of around 1,200,000 Yen/sqm. |
This was a compact apartment with views towards the park. An identical apartment a few floors up was priced at 1,400,000 Yen/sqm when new, while a slightly larger apartment on the same floor was priced at around 1,200,000 Yen/sqm when new.
The average sale price in 2017 has been around 1,150,000 Yen/sqm, down 4.2% from the average price when new.
|Kachidoki The Tower (2016)|
Several units sold
|A 53-story, 1,420-unit apartment building located on a man-made island in Tokyo bay. Construction was completed in December 2016. Since then, 98 apartments have already appeared on the re-sale market, along with several cancellations by the developer. |
As at February 2017, there were 89 apartments listed for sale with an average asking price of 1,145,000 Yen/sqm and 97 apartments listed for rent. When sales first began in mid-2014, the average price set by the developer was around 920,000 Yen/sqm.
There were 6 reported re-sales in the building in February with an average sale price of 1,080,000 Yen/sqm. The average time listed was 89 days and the average discount was 2.2%. These apartments have sold for an average of 15% more than their prices when purchased from the developer, although some sold for close to their original price while others saw much larger appreciation.
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: 114.25 Yen).