Tokyo apartment asking prices in September 2016
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in September 2016 was 35,300,000 Yen, up 0.3% from the previous month and up 11.7% from last year. This is the 9th month in a row to record an increase from the previous month. The average building age was 22.4 years.
In the Tokyo metropolitan area, the average asking price was 48,050,000 Yen, down 0.1% from the previous month but up 9.4% from last year. The average building age was 22.1 years.
In Tokyo’s 23 wards, the average asking price was 52,640,000 Yen, down 0.3% from the previous month but up 7.1% from last year. The average building age was 22.0 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,980,000 Yen, down 0.1% from the previous month but up 4.0% from last year. The average building age was 20.1 years.
Same-day sellout in Ueno high-rise
All 248 apartments offered for sale in the first round of sales in a high-rise building that will overlook Ueno Park have received purchase applications. The apartment building, which is still three years away from completion, is now close to 70% sold.
Brillia Tower Ueno Ikenohata is a 36-storey apartment building located across the street from Tokyo’s Ueno Park. The 361-unit building is being developed by Tokyo Tatemono and is due for completion in June 2019.
The first round of sales was held over three stages with a total of 248 apartments on offer. All apartments offered at each round received purchase applications. Approximately 336 applications were submitted for the 187 apartments, with lucky buyers selected via a raffle. One of the more popular apartments received 9 purchase applications.Read more
Price reductions on two modernist homes this month
Two homes designed by two of Japan’s top modernist architects have had price reductions this month. Update: Both homes have since sold.
Meguro Bauhaus Masterpiece by Tsuchiura Kameki - SOLD
Tsuchiura Kameki (1897-1996) started his career working for Frank Lloyd Wright in Wright’s Taliesin studio in Wisconsin in the 1920s. Tsuchiura’s earlier works were influenced by Wright’s style, but in the 1930s he shifted over to the Bauhaus style.
Located in a high-end residential neighbourhood between Meguro and Ebisu Stations, this home was designed by Tsuchiura as his own personal residence. This was the second residence he designed for himself and is regarded as one of his best surviving works and a pioneer of modern town housing. Tsuchiura lived in the house until his passing in 1996. Over the years he and his wife entertained many notable guests in the architecture world including greats such as Kunio Maekawa and Yoshio Taniguchi. The home even left a lasting impression on Pritzker Prize-winning architect Fumihiko Maki who recalls being impressed by the modernity of the house when he visited it at an early age.Read more
Average apartment rent in September 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,663 Yen/sqm in September, up 0.1% from the previous month and up 0.6% from last year. The average apartment size was 60.05 sqm and the average building age was 20.0 years.
In the Tokyo metropolitan area, the average monthly rent was 3,230 Yen/sqm, up 0.2% from the previous month and up 1.5% from last year. The average apartment size was 57.39 sqm and the average building age was 18.0 years.Read more
Aoyama’s luxury high-rise goes on sale this week
Sales of apartments in Park Court Aoyama The Tower started this week, with 55 of the 163 apartments offered in the first round. Sales are being conducted under a lottery-type system, which is standard for off-the-plan apartments. During a one week period, buyers may register for the apartments they wish to purchase. If there is more than one application on an apartment, the lucky buyer is selected via a raffle.
Apartments are priced from 178.8 million to 1.5 billion Yen (1.72 ~ 14.4 million USD), with the majority of apartments (22 units) in the 210 million Yen range. Prices per square meter range from 2,425,000 ~ 6,400,000 Yen, with an average of around 2,800,000 Yen (approx. 2,500 USD/sq ft).
The one, two and three bedroom units range in size from 70.07 to 234.04 sqm (754 ~ 2,518 sq.ft).Read more
New apartment supply increases for first time in 10 months
According to the Real Estate Economic Institute, 3,424 brand-new apartments were released for sale across greater Tokyo in September, up 74.2% from the previous month and up 40.9% from last year. This is the first time in 10 months to see a year-on-year increase in supply, and is the highest supply seen in the month of September since 2013 when 5,970 apartments were released for sale.
2,466 apartments were sold, resulting in a contract ratio of 72.0%, up 5.4 points from the previous month and up 6.0 points from last year.Read more