Of the 383,418 apartments supplied in Tokyo’s 23-ku between 1998 ~ 2009, just 2% were priced over 100 million Yen.
The most well-known luxury apartments are those in Roppongi Hills and Tokyo Midtown. Apartments in Roppongi Hills were never offered for sale (the ones that appear on the resale market were originally given to landholders as part of the redevelopment while Mori Building rents out the rest). In Tokyo Midtown, apartments are only available for rent and cannot be purchased.
Some of the ultra high-end condominiums in Tokyo include Toranomon Hills Residence (where apartments may range in price from 3,000,000 ~ 4,500,000 Yen/sqm), The House Minamiazabu (which previously had a 1-bedroom penthouse listed for 1.5 billion Yen), and Mitsui Fudosan’s “Park Mansion” series of apartments.
What makes these apartments different?
- Premium price
- Fine quality materials and finish
- Facilities, such as gym, pool, spa
- Status and brand name
- Uniqueness (eg. a prized location)
- Asset value
- Careful design
Where to find a high-end condominium?
The following is the supply of apartments priced over 100 million Yen in buildings completed after 1998 in Tokyo. The data is from a survey conducted by real estate marketing company Mercury.
According to real estate marketing company Mercury, there were 9,489 apartments in Tokyo that had been priced over 100 million Yen when brand new (the data was based on buildings completed from 1998 to 2009). Of those, 84.6% were priced between 100 ~ 200 million Yen. Only 0.79% were priced over 500 million Yen and only 0.04% were priced over 1 billion Yen.
Out of all the wards, Minato-ku has the highest number of apartments that were priced over 100 million Yen when new. Apartments that were priced over 500 million Yen could only be found in Minato, Shibuya and Chiyoda.
The following table shows the annual supply of new apartments price over 100 million Yen between 2004 and 2009. Again, Minato, Shibuya and Chiyoda have a high concentration.
More money, more space?
The following graph is based on data from luxury apartments completed from 2003 onwards:
Many of the apartments are around the 100 sqm (1076 sqft) range, with less than 10% over 200 sqm (2152 sqft) in size. The average price of a 100 sqm luxury apartment is around 200 million Yen, while the average price of a 200 sqm apartment is 500 million Yen.
Richest neighbourhoods in Tokyo
The following table shows the percentage of households with an annual household income over 20 million Yen:
Yucasee Media, July 17, 2009.