Harajuku has best apartment resale value in 2019

According to an annual report released by Tokyo Kantei on July 2nd, apartments around Harajuku Station had the highest resale value over a 10-year span. The report ranks 515 stations in the greater Tokyo area by the average difference in the resale value of a 10-year old apartment compared to its price when brand new.

Of the 515 station areas, only 157 saw an increase in resale values. These are stations that are close to office areas or that offer an easy commute into work. The 24 stations that saw resale values of 70% or below (meaning they were reselling at <70% of their original purchase price) were mostly in suburban areas with a long commute into the city center.

#1 Harajuku Station 

The average resale price of a 10-year old apartment near Harajuku Station was 172.7% of its price when brand new. In other words, the average market price had seen a 72.7% increase. 10-years ago, the average price of a new apartment was around 1,459,000 Yen/sqm. In 2019, the average resale value had jumped to 2,520,000 Yen/sqm. The expected gross rental yield was around 4.24%.

#2 Akihabara Station

Akihabara was in second spot with a resale value of 165.8%. A new apartment that would have cost around 694,000 Yen/sqm 10-years ago now has a resale value of around 1,151,000 Yen/sqm. 

#3 Sendagaya Station

This station is on the southern edge of the Shinjuku Gyoen National Garden and a 5-minute walk from the new Olympic Stadium. It is also just 1.6 kilometers north of Harajuku. The resale value in 2019 was 147.0%. 10-years ago a new apartment had an average price of around 1,558,000 Yen/sqm. In 2019, the resale price had increased to 2,289,000 Yen/sqm. Sendagaya had the lowest gross yield, with just 3.06% in 2019.

#4 Tameike-sanno Station

Located at the halfway point between Akasaka and the Toranomon district, both neighborhoods that are seeing some large-scale redevelopment projects. The average resale value in 2019 was 146.0%. A 10-year old apartment had an average resale price of 1,847,000 Yen/sqm in 2019. Meanwhile, the average gross rental yield was 3.84%.

THE TOP 10

StationChange in valueAvg. apartment price
[1]Harajuku+72.7%¥2,520,000/m2
[2]Akihabara+65.8%¥1,151,000/m2
[3]Sendagaya+47.0%¥2,289,000/m2
[4]Tameike-sanno+46.0%¥1,847,000/m2
[5]Fudomae+41.2%¥1,186,000/m2
[6]Takanawadai+38.4%¥1,543,000/m2
[7]Hanzomon+35.5%¥1,757,000/m2
[8]Higashi Kanagawa+34.3%¥689,000/m2
[9]Iidabashi+33.3%¥1,852,000/m2
[10]Azabu Juban+33.2%¥1,939,000/m2

About the Data:

  • Prices are based on the average change in price between apartments aged between 9 ~ 11 years old and their price when brand new.
  • Apartments under 30 sqm, office and retail spaces are not included.

Source: Tokyo Kantei, July 2, 2020.

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