Tokyo apartment re-sale rankings by station in 2016
Tokyo Kantei released their 2016 report on price-to-book ratios (PBR) for apartments in greater Tokyo. The PBR represents the change in value of an apartment since it was brand new. The data is arranged by train station.
Roppongi Itchome Station: PBR 1.56
Roppongi Itchome Station was in top position in greater Tokyo, with a PBR of 1.56. The average price of an apartment when brand new was 101,550,000 Yen, while the average resale price was 158,850,000 Yen.Read more
NTT flips condominium building in Azabujuban
NTT Urban Development and renovation company Rebita have converted a 27-year old former expat rental apartment building in Azabujuban into condominium units for individual sale.
The building, now called IKSIKS Azabujuban, is a 6-storey building completed in 1989. It was originally called Sun Palace Minamiazabu, and apartments were renting for around 3,300 ~ 3,500 Yen/sqm per month until recently. Several apartments are still occupied by tenants and won't be available until the tenants agree to move out.
NTT acquired the building in 2015. Renovations were completed at the end of last month, and three of the thirteen apartments in the building are already under contract.Read more
Tokyo metro apartment prices increase for 46th consecutive month
According to REINS, 3,190 second-hand apartments were sold across greater Tokyo in July, up 3.9% from the previous month and up 13.6% from last year. The average sale price was 29,990,000 Yen, down 0.6% from the previous month but up 4.5% from last year. The average price per square meter was 473,300 Yen, down 0.9% from the previous month but up 4.7% from last year. This is the 43rd month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 20.46 years.
In the Tokyo metropolitan area 1,592 second-hand apartments were sold, up 0.6% from the previous month and up 13.3% from last year. The average sale price was 37,470,000 Yen, up 0.1% from the previous month and up 7.7% from last year. The average price per square meter was 635,000 Yen, down 1.1% from the previous month but up 5.3% from last year. This is the 46th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 18.79 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 205 second-hand apartments were sold, down 1.0% from the previous month but up 24.2% from last year. The average sale price was 54,010,000 Yen, up 4.1% from the previous month but down 0.2% from last year. The average price per square meter was 1,010,400 Yen, up 1.5% from the previous month but down 0.8% from last year. The average building age was 15.83 years.Read more
Tokyo Olympic Village site sold for 13 billion Yen
The site for the 2020 Tokyo Summer Olympic’s Athlete’s Village in Harumi, Chuo-ku will be sold to a consortium of developers for 12.96 billion Yen (approximately 127 million USD). This works out to approximately 96,800 Yen/sqm (88 USD/sf), less than sixth of its market value.Read more
Forecast of new apartment prices for next 10 years
According to a medium-term forecast by the Japan Real Estate Institute, the price of brand new apartments in Tokyo’s 23 wards is expected to shift to a downwards trend from 2021. This would coincide with the release of the apartments built for the 2020 Olympics Athlete’s Village onto the market.
In 2016, the average price of a brand new apartment is expected to increase by 2.5% from 2015, with the price per square meter reaching 959,000 Yen/sqm. Prices are forecast to continue to increase over the next few years by around 0.2 ~ 1.2% annually, which is a slower rate than the 6.1% in 2014 and 8.9% seen in 2015.Read more
Tokyo Apartment Sales in July 2016
The following is a selection of apartments that were sold in central Tokyo during the month of July 2016:Read more