Tokyo Kantei has issued a ranking of the districts across greater Tokyo based on the average price of a brand new home or apartment in 2017.
In top spot for both lists was Minato ward in central Tokyo where a brand new house had an average price of 120,120,000 Yen (approx. 1.09 million USD) and an average floor area of 106.58 sqm (1,147 sq.ft). A new apartment had an average price of 140,450,000 Yen (approx. 1.28 million USD) and an average size of 75.02 sqm (807 sq.ft).
This was also the district with the highest average house size. New houses in the greater Tokyo region ranged in size from around 85 ~ 105 sqm (915 ~ 1,130 sq.ft). Average new apartment sizes ranged from 48 ~ 75 sqm (516 ~ 807 sq.ft).
Minato ward is home to the 3 A’s – Aoyama, Akasaka and Azabu – which are considered some of the top residential neighborhoods in Tokyo. The ward is also said to have the most CEOs in the 23 wards with 1 in 10 residents said to be company presidents.
In February 2017, the ward’s resident population exceeded 250,000 for the first time in 54 years. Of those, 7.7% are foreigners.
Chiyoda ward was in second place for both new homes and new apartments. Chiyoda includes the Imperial Palace, Marunouchi and Otemachi business districts, and the historically wealthy and sough-after Bancho residential district. The Bancho neighborhood on the western side of the Palace is home to the most expensive residential land in Japan. With high land values and a preference towards commercial rather than residential, detached houses are, unsurprisingly, extremely scarce. Sale listings are likely to be in the single digits. According to Tokyo Kantei’s survey, the average price of a new house in Chiyoda in 2017 was 115,000,000 Yen (1.05 million USD) with an average floor area of just 40.62 sqm (437 sq.ft). The average price of a new apartment was 129,950,000 Yen (1.18 million USD) with an average size of 69.47 sqm (747 sq.ft).
Meguro was ranked 3rd for new home prices with an average sale price of 93,480,000 Yen (852,000 USD) and floor area of 104.45 sqm (1,124 sq.ft). The district was ranked 6th for new apartment prices with an average of 78,550,000 Yen (715,000 USD) for a 61.02 sqm (657 sq.ft) apartment.
Shibuya was in 3rd spot for new apartment prices. The average price in 2017 was 112,870,000 Yen (1.03 million USD) with an average size of 71.50 sqm (769 sq.ft). For detached homes, it was in 5th spot, behind Bunkyo ward. The average new house price was 85,150,000 Yen (775,000 USD) with a floor area of 97.48 sqm (1,049 sq.ft).
Setagaya is largely a residential district spanning a very wide area to the west of Shibuya. In 2017, the ward’s population exceeded 900,000 residents for the first time in history. The population is expected to reach 1.08 million by 2042. This ward is the second largest in the 23 wards and has the highest population. It is also has the biggest shortage of childcare facilities. New home prices where the 6th most expensive in Tokyo, while new apartment prices were ranked 7th. The average price of a new house was 77,160,000 Yen (703,000 USD) with an average size of 97.02 sqm (1,044 sq.ft). The average price of a new apartment was 75,190,000 Yen (685,000 USD) with an average size of 69.88 sqm (752 sq.ft).
The survey covered freehold wood-frame homes on lots between 50 ~ 300 sqm in size and within a 30 minute walk or 20 minute bus ride from the nearest train station.
Source: Tokyo Kantei, May 7, 2018.