The following is a selection of apartments that were sold in central Tokyo during the month of April 2017:
|(USD/sq ft)||Days Listed||Discount|
|The Parkhouse Gran Minamiaoyama (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 2,700,000 Yen/sqm, with a penthouse unit listed for 3,820,000 Yen/sqm.
There have been four reported resales in this building in 2017 with an average price of around 2,615,000 Yen/sqm. They have all been units on the 1st and 2nd floors. Two apartments sold this month, a ground floor unit for 2,500,000 Yen/sqm and a 2nd floor unit for 2,516,000 Yen/sqm. These apartments would have been between 2,000,000 ~ 2,300,000 Yen/sqm when brand new.
|Minamiaoyama Toyoda Park Mansion (1986)|
|A 16-unit low-rise building in the Omotesando neighbourhood and across the street from the Aoyama Cemetery. This ground floor apartment was previously listed for 1,316,000 Yen/sqm in 2015 and underwent a full renovation in 2016. A larger apartment on a higher floor is currently listed for 2,395,000 Yen/sqm.|
This has been the only publicly reported resale in this building in over 30 years.
|Waterras Tower Residence (2013)|
|A large-scale, mixed-use development with office, retail and luxury residences near Shin-Ochanomizu and Akihabara Stations.|
This apartment sold for approximately 7% more than a similarly sized apartment on a higher floor sold for in late 2014. This has been the highest reported sale in the building for a non-penthouse apartment on a price-per-square-meter basis since late 2015. A 39th floor apartment listed for 2,505,000 Yen/sqm also appears to have sold in April but transaction details were not made public.
The average sale price to date in 2017 is around 1,918,000 Yen/sqm. The average sale price in 2016 was around 1,975,000 Yen/sqm.
Despite having over 300 apartments in the 41-storey building, there were no apartments available for sale as at April 2017.
|Sanbancho Park Terrace Ou-en (2005)|
|A luxury apartment building located in the Bancho area – a highly-regarded residential neighborhood west of the Imperial Palace. The building features a concierge, porte-cochere entrance, and ceiling heights up to 2,700mm. Although there are 102 apartments in the building, they are tightly held and rarely appear for resale. There were no other listings in the building as at April 2017.|
This was a 3 bedroom corner apartment on a low floor. This has been only the second publicly reported transaction in this building since completion in 2005. Late last year another 3 bedroom apartment on a lower floor was listed for sale for 2,196,000 Yen/sqm and sold within about 2 months. Transaction details were not reported.
|Crest Prime Tower Shiba (2013)|
|Crest Prime Tower Shiba is a 39-storey apartment building near Tokyo’s bayside area in Minato-ku. The building was completed in 2007, but the following global financial crisis saw the developer stuck with several unsold apartments that have taken 10 years to sell. A 300 sqm penthouse apartment was rumored to have sold for 1 billion Yen in 2016.|
This was a large corner apartment on the second highest floor in the building. It has been the only reported resale in the building in 2017.
The average asking price in this building is currently 1,310,000 Yen/sqm. The average resale price in 2016 was 1,160,000 Yen/sqm, up 6.4% from 2015. When new, apartments were priced between 1,000,000 ~ 1,500,000 Yen/sqm by the developer, with large apartments on the higher floors priced as high as 2,445,000 Yen/sqm.
|Premist Shibuya Miyamasuzaka (2014)|
|A compact investor-style apartment building located a 3 min walk from Shibuya Station. All apartments in the building sold out prior to completion in 2014. The average price when new was around 1,435,000 Yen/sqm.|
This was a small 1-Bedroom apartment on the top floor. It sold for approximately 24% more than what it may have cost when brand new.
|Ebisu Garden Terrace (1994)|
|A 32-story apartment building that forms part of the Ebisu Garden Place complex (a large mixed-use development including office, restaurants and the Westin Hotel). Despite the age of the buildings, apartments in Ebisu Garden Terrace have been trading at prices similar to newer buildings in central Tokyo.|
There have been two reported sales so far in 2017 with an average price of 1,940,000 Yen/sqm, up 34.1% from 2016 (1,447,000 Yen/sqm) and up 16.2% from 2015 (1,670,000 Yen/sqm). In 2013, the average sale price was 1,130,000 Yen/sqm.
This was a 2 bedroom corner apartment on a high floor. It sold for approximately 26% more than it previously traded for in 2006 and 28% more than a similar apartment downstairs sold for in late 2014.
|Hiroo Garden Hills (2013)|
|Hiroo Garden Hills is a popular large-scale vintage apartment complex near Hiroo Station that was developed during the 1980s. Average asking prices are currently around 2,415,000 Yen/sqm in the exclusive South Hill, and around 1,540,000 Yen/sqm in the other buildings.|
The average resale date in 2017 for apartments outside of South Hill has been around 1,545,000 Yen/sqm, down 4% from 2016 (1,610,000 Yens/sqm) but up 10.8% from 2015 (1,395,000 Yen/sqm).
This apartment was in the gated South Hill complex where residents have concierge staff, large resident lounges, flat car parking, large balconies and more spacious apartments. The apartment had sold for 3,662,000 Yen/sqm at the end of the bubble economy in 1992 and again for 1,415,000 Yen/sqm in 2003. An apartment in East Hill also sold in April at a 10-year record high sale price per square meter for that building.
Despite having 1,181 apartments in the complex, only 6 were available for sale in April, representing 0.5% of the total.
|Park Tower Meguro (2007)|
|A 28-storey high-rise located on the western side of Meguro Station.|
This has been the only reported sale so far in 2017. It was sold tenanted as an investment property. It sold for approximately 21.1% more than a similar apartment downstairs sold for in 2010.
The average sale price in 2016 was 1,824,000 Yen/sqm, up 8.5% from 2015 (1,681,000 Yen/sqm) and up 19.4% from 2014 (1,528,000 Yen/sqm).
Despite having 202 apartments in the building, there was just 1 unit listed for sale as at April 2017. The asking price was 1,783,000 Yen/sqm.
|Minami Aoyama Terrace Tokiwamatsu Forest (2006)|
|A large-scale complex of 196 apartments located a 10 minute walk from Omotesando Station. There was only 1 apartment available for sale as at April 2017.|
This was a spacious apartment on a high floor. It sold in a short period of time at full ask. This has been the highest reported resale in this building to date. It sold for approximately 33% more than it last traded for in 2008.
The average resale price in 2017 has been around 1,635,000 Yen/sqm, up 14.5% from 2016 (1,428,000 Yen/sqm) and up 26.7% from 2015 (1,290,000 Yen/sqm).
|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 2,045,000 Yen/sqm, with apartments on the 10th floor and lower having an average price of 1,815,000 Yen/sqm and apartments on the 20th floor and above having an average asking price of 2,115,000 Yen/sqm.
The average resale price to date in 2017 has been around 1,793,000 Yen/sqm, up 4.2% from 2016 (1,720,000 Yen/sqm) but down 13% from 2015 (2,060,000 Yen/sqm). This apartment sold for approximately 6.9% more than a similar apartment on the same floor sold for in early 2015.
|The Jingumae Residence (2013)|
|A high-rise located a 9 minute walk from Omotesando Station and 650 meters from the Olympic Stadium site.|
The sale price to date in 2017 has been around 1,660,000 Yen/sqm, while the current average asking price if around 1,655,000 Yen/sqm. When new, apartments had an average price of 1,327,000 Yen/sqm.
This was a corner apartment on a high floor. It may have been priced at around 1,500,000 Yen/sqm when brand new.
|Proud Ebisu (2012)|
|A 8-storey building located a 4 ~ 6 min walk from Ebisu Station.|
The average resale date in 2017 has been around 1,555,000 Yen/sqm, up 1.1% from 2016 (1,538,000 Yen/sqm). This apartment sold for approximately 22% more than a similarly sized apartment on the same floor sold for in late 2014.
|Chalier Jingu Gaien (2013)|
|A 12-storey building located directly across the street from the site of the new Olympic Stadium. When new, apartments had an average price of around 1,065,000 Yen/sqm.|
This apartment sold for approximately 16% more than a similarly sized apartment on the same floor sold for in 2014.
|Domus Takanawa (1986)|
|One of the ‘Domus’ series of high-end vintage apartment buildings.|
This has been the highest reported resale in the building on a price-per-square-meter basis since 1998. It sold for approximately 12% more than it last traded for in 2000.
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: 112.24 Yen).