According to Tokyo Kantei, an apartment in greater Tokyo has seen a 19.8% increase in its resale price over the past 10 years. That’s the average across a wide-spanning region that includes suburban areas in Saitama, Chiba and Kanagawa. In central Tokyo, the rate of growth has been much more staggering with some locations seeing prices increase by between 70 ~ 111%.

Roppongi Itchome sees apartment prices climb 111% 

The area around Roppongi Itchome Station saw the highest rate of growth in the average resale price of a second-hand apartment in 2021. The average resale price has risen by 111.1% between 2011 and 2021. Akabanebashi near Tokyo Tower was in second spot with growth of 81.6%. 

Areas that have seen apartments retain their value or increase over time are generally those that are either centrally located or on terminal stations that offer convenient access into central Tokyo without the need to change lines. Ones that have seen values fall below their prices when new are located further away from terminal stations, or require line changes or long commutes into central Tokyo. 13 of the 345 surveyed stations have seen property values fall by more than 10% over the past 10 years.  

Top 20 resale stations in greater Tokyo:

  1. Roppongi Itchome: +111.1%
  2. Akabanebashi: +81.6%
  3. Onarimon: +69.3%
  4. Katase-Enoshima: +68.9%
  5. Asakusabashi: +66.8%
  6. Osaki: +66.3%
  7. Shiba Koen: +65.6%
  8. Azabu Juban: +62.2%
  9. Shinbashi: +61.9%
  10. Iidabashi: +58.4%
  11. Akasaka: +58.4%
  12. Yoyogi Uehara: +57.6%
  13. Higashi Ikebukuro: +57.5%
  14. Daikanyama: +55.6%
  15. Nezu: +55.4%
  16. Ushigome Kagurazaka: +53.9%
  17. Senju Ohashi: +53.2%
  18. Ichigaya: +51.8%
  19. Gaienmae: +51.8%
  20. Kuramae: +51.5%

Due to a number of requests, Tokyo Kantei posted an updated heat-map to its Twitter account showing areas with capital appreciation of over 50%. In the past, the company’s reports did not differentiate for stations that had seen high growth, with any areas seeing values stay steady or increase shown in the same blue color. The most recent report had 87.5%, or 302 of the 345 stations surveyed showing an increase in apartment values. 

After adding an extra color code for stations with property values exceeding 50%, it becomes clear that many of the major gains in apartment values have been occurring around central Tokyo.

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.
  • A total of 345 stations were surveyed in 2021.

Source: Tokyo Kantei, May 9, 2022.