On October 8, Mitsubishi Jisho Residence announced a new condominium project for central Kyoto. The most expensive apartment in the building will be priced at over 700 million Yen (5.85 million USD). According to the Real Estate Economic Institute, this is the most expensive apartment to be released for sale in West Japan in the past 20 years. With a price of around 2,440,000 Yen/sqm (1,895 USD/sq.ft), it is similar to the current price of luxury high-rise apartments in central Tokyo.

The Parkhouse Kyoto Kamogawa Gosho-Higashi is located alongside Kyoto’s Kamo River and is 250 meters east of the Kyoto Imperial Palace. This will be the first condominium to be built alongside this river since 2004.

The 700 million Yen penthouse apartment will offer prime views of Kyoto’s ‘Gozan no Okuribi’ (Daimonji) bonfire festival which is held in August each year. The developer’s reasoning for the bold price is said to be due to the rarity of the location and the views offered.

The five-storey building will contain 85 apartments ranging from 43 ~ 287 sqm (463 ~ 3,088 sq.ft). Half of these apartments are expected to be priced over 100 million Yen (835,000 USD) each. The model room and sales office will open on October 17, 2015, and sales are scheduled to start in mid-November 2015. The model room is available for viewing by appointment only. The building is scheduled for completion in March 2017, with apartments delivered to buyers from June 2017.

Kyoto is currently experiencing strong demand for luxury apartments. The demand is primarily from wealthy Tokyo buyers, with as many as 30 ~ 40% of new apartments being purchased by Tokyo residents. In 2014, there were 30 new apartments in Kyoto priced over 100 million Yen. This was the highest number seen since the Institute began keeping data in 1996. A further 40 are expected to be offered for sale in 2015. Kyoto City has strict building height limits and building heights are usually limited to 12 ~ 15 meters. This limits local supply levels.

Kyoto Apartment Sales

Up until now, the most expensive apartment sold in West Japan was a 330 sqm (3,551 sq.ft) apartment in Osaka’s “The Kitahama”. The apartment sold for 580 million Yen when new in 2007.

Location

Kamiikesucho, Kamigyo-ku, Kyoto City

The Parkhouse Kyoto Kamogawa Goshi Higashi 8

The Parkhouse Kyoto Kamogawa Goshi Higashi 5

Sources:
The Sankei Shimbun, October 8, 2015.
Mitsubishi Jisho Residence News Release, October 8, 2015.
The Yomiuri Shimbun, October 8, 2015.

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