Tokyo apartment prices increase for 37th consecutive month
According to REINS, 2,877 second-hand apartments were sold across greater Tokyo in October, up 3.8% from the previous month and up 8.4% from last year. The average apartment sale price was 29,480,000 Yen, down 0.4% from the previous month but up 4.8% from last year. The average price per square meter was 458,000 Yen, down 1.0% from the previous month but up 5.2% from last year. The average building age was 20.32 years.
In the Tokyo metropolitan area, 1,415 second-hand apartments were sold, up 1.9% from the previous month and up 8.9% from last year. The average sale price was 36,860,000 Yen, up 2.2% from the previous month and up 6.0% from last year. The average price per square meter was 619,100 Yen, up 1.1% from the previous month and up 5.9% from last year. This is the 37th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 19.30 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 179 second-hand apartments were sold, up 14.7% from the previous month and up 14.7% from last year. The average sale price was 57,220,000 Yen, up 7.8% from the previous month and up 10.3% from last year. The average price per square meter was 1,039,800 Yen, up 1.5% from the previous month and up 11.8% from last year. The average building age was 16.55 years.
Sale prices per square meter in central Tokyo are now up 50.6% from the most recent bottom seen in November 2012. Read more
Park Court Akasaka Hinokicho The Tower sells-out despite record-high pricing
All apartments initially offered for sale in the Kengo Kuma-designed Park Court Akasaka Hinokicho The Tower, currently under construction near Tokyo Midtown, have sold out during the first stage of sales held over the past weekend. The building is now 93% sold. Over 1,000 bookings were made to visit the sales office's showroom in the lead up to the first round of sales.
Prices started from 155.6 million Yen (1.26 million USD) for a 57 sqm (613 sq.ft) 1-Bedroom unit, up to 1.5 billion Yen (12.2 million USD) for a 203 sqm (2,184 sq.ft), 3-Bedroom penthouse apartment. With a price of 7,354,000 Yen/sqm (5,500 USD/sq.ft), the 203 sqm apartment could possibly be the most expensive apartment to go on sale in Japan since the bubble era of the 1980s. Even penthouse apartments in Roppongi Hills have only reached 4 ~ 5 million Yen/sqm in recent years, while apartments in the Toranomon Hills complex are around 4 million Yen/sqm. Despite the strong pricing in the building, only the 203 sqm penthouse unit has two full bathrooms, while the rest of the apartments in the building have 1 bathroom each.Read more
Brand new retail/commercial building for sale in Shibuya
| SOLD | |
| Gross yield: - | Occupancy: - |
*Update: This property is no longer available*
This is a brand new retail building for sale in Shibuya offering immediate cash flow. The 3-storey concrete building was completed in September 2015 and is fully leased to a sub-leasing company for 1,389,710 Yen per month. The sale is for the tenanted building and the freehold land.
There are three separate spaces, each with their own entrance. Each floor has a ceiling height of 3.5 meters, much higher than the 2.4 ~ 2.6 meter ceilings found in most normal buildings. There is also a rooftop terrace for entertaining, which is accessible via the retail/office space on the 2nd and 3rd floors. The interiors are bare for tenants to fit out.
It is located halfway between Omotesando and Shibuya Stations, and is 30 meters behind the busy Aoyama Dori Street. The surrounding area is a mix of office, retail, restaurants, cafes and residential, but is primarily a commercial area. It is 200 meters from the offices of Conde Nast, Yves Saint Lauren and Alexander McQueen.Read more
Tokyo City to demolish Kunio Maekawa-designed clubhouse
The Tokyo metropolitan government plans to demolish the Fujimigaoka Clubhouse in Suginami-ku within this financial year.
The 200 sqm, 2-storey wooden structure was built in 1954 as the clubhouse for the former NHK sports grounds. It was designed by Kunio Maekawa - one of Japan’s great modernist architects.
Suginami-ku had leased the grounds from NHK from 2007 until May 2015, and used the clubhouse as the management office. Tokyo City acquired the 10.9 hectare property from NHK between 2012 ~ 2014, and are preparing to turn it into a public park. Unfortunately the city has decided that the clubhouse must be demolished to make way for the new park.Read more
Tokyo apartment sales in October 2015
The following is a selection of apartments that were sold in central Tokyo during the month of October 2015:Read more
Brillia Towers Meguro Sold Out
Brillia Towers Meguro, a large-scale, mixed office and residential project under construction near Meguro Station in Tokyo, has sold out this month. The project is scheduled for completion by late 2017 / early 2018.
The two residential towers will contain 940 apartments. 279 of those will go to original landowners, while the remaining 661 were made available for sale.
Sales began in early June 2015. The sales office had already received 23,000 requests for property brochures before the first round of sales. The model room, which opened in early April, could only be visited by appointment and was booked out two months in advance. Over 9,000 groups visited the model room.Read more
Omotesando: A look at the market and current sale listings
Omotesando is one of the most sought-after retail and residential addresses in Japan, and is the most in-demand location for our clients. It has a vibrant cafe and shopping scene, while also offering laid-back, quiet neighbourhoods filled with a mix of old and new homes, small boutiques, galleries and restaurants.
Unfortunately, being the most popular location means that supply is very limited, and becoming part of Japan's most fashionable neighbourhood means buyers are up against a lot of strong competition. Earlier this year a low-rise condominium in Minami Aoyama 5 Chome went on sale. The 20 apartments offered for sale received 193 offers from buyers, with one apartment receiving 63 offers. Apartments had an average price of around 2,300,000 Yen/sqm when new. The building, The Parkhouse Gran Minami Aoyama, is still under construction and will be completed in late 2016.
Pricing
Residential land in Omotesando ranges from 1,500,000 ~ 2,500,000 Yen/sqm for sites suitable for single homes. Expect to pay more the closer you get to the station.
The standard land price (kijun-chika) for a survey site located at Minami Aoyama 5-1-27 (near the Omotesando intersection) was 11,600,000 Yen/sqm in 2015, up 20.2% from 2014. Meanwhile, a residential site in Minami Aoyama 4-26-18 (near Nezu Museum) increased by 8.1% from 2014 to 1,470,000 Yen/sqm. Read more