Brand new condominium prices in Japan reach 42-year high
The average price of a brand new condominium across Japan reached a 42-year high in 2015. According to the Real Estate Economic Institute, the average sale price of a brand new condominium across the country was 46,180,000 Yen (412,000 USD) in 2015, up 7.2% from 2014 and the highest price seen since the Institute began recording sales data in 1973.
The average price per square meter was 654,000 Yen (540 USD/sq.ft), up 8.5% from 2014. This is the 3rd year in a row to record a year-on-year increase. Although the total sale price reached a record high, the average price per square meter is still slightly below the peak of 667,000 Yen/sqm recorded in 1991.
The average price in Tokyo’s 23 wards was 67,320,000 Yen (600,000 USD), up 12.3% from 2014. The average price per square meter was 987,000 Yen (820 USD/sq.ft), up 13.1% from 2014.
In 2015, there were 1,688 brand new condos priced over 100 million Yen offered for sale in the greater Tokyo area, an increase of 85.9% from 2014, but still below the peak of 3,079 units in 1990. The most expensive new apartment sold in East Japan was a 203 sqm (2,184 sq.ft) penthouse apartment in the Kengo Kuma-designed Park Court Akasaka Hinokicho The Tower condominium in Akasaka, Tokyo. The apartment sold for 1.5 billion Yen (13.4 million USD), which resulted in a record-setting price per square meter of around 7.4 million Yen (6,130 USD/sq.ft). West Japan also saw the most expensive new apartment sale in the past 20 years when a penthouse apartment in a luxury condominium currently under construction alongside Kamo River in Kyoto sold for 749 million Yen (6.7 million USD), or around 2,440,000 Yen/sqm (2,000 USD/sq.ft).