New apartment prices in greater Tokyo up 20%
2,757 apartments were sold, making the contract rate 78.7%. This is an increase of 7.6 points from the previous month and an increase of 2.1 points from last year.
The average new apartment price was 58,150,000 Yen, up 20.8% from the previous month and up 20.4% from last year. The average price per square meter was 829,000 Yen, up 22.1% from the previous month and up 21.4% from last year.
745 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 65.9% from last year. The contract rate was 81.6%, down 2.8 points from last year.
The market appears to be in recovery, with the amount of new apartments released for sale finally returning to levels seen 12 months ago. The return is evident in Tokyo’s 23 wards, where there has been a number of same-day sellouts in high-priced buildings. Areas such as Chiba and Saitama, however, are suffering from sluggish demand due to high construction costs which are pushing prices past the budget of many home buyers. In Saitama Prefecture, the contract rate was 58.7%, down 14.6 points from last year.Read more
College to buy Daikanyama land for 7 billion Yen
The Tokyo Metropolitan Government and Meguro Ward are moving ahead with plans to sell a vacant 8,000 sqm site in Daikanyama to the Tokyo College of Music. The sale price has been estimated at approximately 7.77 billion Yen (63 million USD), or around 970,000 Yen/sqm.Read more
New apartment supply and prices down in May
2,486 apartments were sold, making the contract rate 71.1%. This is a decline of 4.4 points from the previous month and 7.8 points from last year.
The average new apartment price was 48,120,000 Yen, down 9.3% from the previous month and down 6.7% from last year. The average price per square meter was 679,000 Yen, down 10.4% from the previous month and down 6.0% from last year.Read more
Instant sell-out in The Parkhouse Gran Minamiaoyama
The latest and most luxurious condominium development under construction in Omotesando saw a same-day sellout over the weekend.
Apartments in The Parkhouse Gran Minamiaoyama were priced from 150 ~ 770 million Yen, with an average price of 2,300,000 Yen/sqm. To date this has been the most expensive condominium offered for sale in central Tokyo this year.
Despite the high price tag, a total of 193 purchase applications were made on the 20 apartments offered for sale, with an average of 9.6 applications per apartment. The most popular apartment received as many as 63 applications. Read more
Mori to build Japan’s tallest residential tower in Toranomon
Mori Building have released details for a 56-storey residential tower on the southern side of Toranomon Hills. The Atagoyama District Redevelopmeent (I District) will be 220 meters tall, just 35 meters shorter than the mixed-use Toranomon Hills complex. When complete, it could become the tallest fully-residential building in Japan, exceeding The Kitahama in Osaka and The Parkhouse Nishishinjuku Tower by 11 meters. It may also become the second tallest building in Tokyo that includes a residential component (second only to Toranomon Hills).Read more
Sales start on Omotesando’s latest luxury condo next month
Mitsubishi Jisho Residence have announced details on their latest ‘The Parkhouse Gran’ series of condominiums. The Parkhouse Gran Minamiaoyama is currently under construction just 400 meters south-east of Omotesando Station and 200 meters from the Prada Boutique. This is a site we have been watching for some time now.
Sales are scheduled to start in early June. Of the 101 apartments, only 20 will be made available for sale, with 81 going to landholders and participants of the project. Given the very prestigious and exclusive location, and the extremely limited supply of apartments, we are expecting this project to see a same-day sellout. The sales schedule has yet to be announced, but we would expect apartments to be offered for sale under a lottery-type system where interested buyers submit applications during a short sales campaign, with lucky buyers selected from a raffle at the end.
Pricing has yet to be announced, but going by other recent luxury developments in central Tokyo, we are expecting apartments to be priced between 2 ~ 3 million Yen/sqm (1,530 ~ 2,300 USD/sq ft). A 23-year old residential building further down the street has refurbished apartments listed for around 1.8 million Yen/sqm, while 30 ~ 50 year old apartments in the Omotesando area can start from around 1 million Yen/sqm.Read more