According to Tokyo Kantei, the average asking price of a second-hand apartment along the Ginza subway line in 2017 was 1,047,000 Yen/sqm, down 0.8% from the previous year. The average building age was 22.4 years and the average apartment size was 56.19 sqm (605 sq.ft).
Ginza in top spot
The most expensive station was Ginza with an average asking price of 1,646,000 Yen/sqm, an increase of 17.2% from 2016. The average building age was just 5.8 years which can be attributed to the high average price, while the average apartment size was 44.9 sqm (483 sq.ft).
Ginza is primarily a commercial district and not considered to be a very residential neighborhood. Apartments are typically compact, investment-grade units. However, high land prices contribute to high prices for apartments.
As at the end of January 2018, there were 27 apartments listed for sale within a 10 minute walk of Ginza Station. The average asking price was 1,262,000 Yen/sqm. Apartment sizes ranged from 19 ~ 56 sqm (204 ~ 603 sq ft) with an average size of 33 sqm (355 sq ft). For apartments built in the last 10 years, the average asking price was 1,563,000 Yen/sqm.
The station with the largest average apartment size was Tameikesanno with 86.80 sqm (934 sq.ft) and an average asking price of 1,331,000 Yen/sqm. In second place was Aoyama Itchome with an average size of 72.40 sqm (779 sq.ft) and an asking price of 1,168,000 Yen/sqm. Aoyama Itchome also had the oldest average building age of 33.6 years.
Understanding the data
The prices are based on properties that were advertised between June and August 2017. For stations with a small supply of listings, this number can easily be skewed depending on what is on the market at the time.
Toranomon Station, for example, is home to Toranomon Hills Residence where apartments can be priced anywhere from 3,000,000 ~ 5,000,000 Yen/sqm and above. A few listings in this building can pull up the average price for the neighborhood. It is likely there were no listings in this building when data was collected last year, resulting in a steep drop of the average list price.
About the Ginza Subway Line
The Ginza Line opened in 1927 and is Japan’s oldest subway line. The line runs from Shibuya to Asakusa and passes through several of Tokyo’s prime residential and business districts.
Source: Tokyo Kantei, December 19, 2017.