Tokyo’s vintage apartment market in 2016

Hiroo Garden Hills

Tokyo Kantei released a report on the market values of ‘vintage’ apartment buildings and their retain or lose value over time. This year’s survey was a follow up to the last survey carried out in 2009.

Based on their findings, the vintage properties most likely to see values erode over time were:

1. In buildings over 40 years old;

2. With low earning potential; and

3. Located outside of the Yamanote Line.

40 year+ buildings have the highest risk of losing value

Of the surveyed properties that held their value over time, 91.8% were in buildings less than 40 years old.

Of the vintage apartments that saw a drop in value, 26.7% of them were in buildings over 40 years old.  Older buildings, particularly those dating from the 1970s and earlier, may be built to older earthquake codes, tend to require costly maintenance and repairs since they may have ageing plumbing, will require elevators to be replaced and are generally getting towards the end of their useful service life. These factors are the main contributors to their declining value.

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Kawaguchi Apartments (1964)

Size range: 36.80 ~ 146.85 sqm

This apartment building was built in 1964 by Japanese novelist, playwright and movie producer, Matsutaro Kawaguchi, and one of his quotes is displayed in the building lobby. It was considered one of the most luxurious apartment buildings in Japan for its time and was featured in GQ Japan magazine in 2001 in an article on desirable places to live. In its early years, the residents included many prominent people from the theater and literary world. It is located in the Kasuga 2 Chome area in Bunkyo-ku which was originally a very high-class residential neighborhood.

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Retro apartment in the heart of Omotesando

Price: 37,800,000 Yen SOLD
Location: Kita-aoyama, Minato-ku, Tokyo

Price per sqm: 866,000 Yen

This vintage apartment just behind Omotesando Station has had a full renovation with new natural wood floors, all new water pipes, and new kitchen and bathroom. The renovation was planned by Keiji Ashizawa Design firm – their work is often featured in international design magazines such as Wallpaper, I.D. Magazine and Elle Decor.

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Co-Op Olympia, A Harajuku Landmark

p1030806-customHarajuku’s landmark building is still standing after 45 years, but for how much longer?

Co-Op Olympia was completed in 1965, just after the Tokyo Olympics, which provided the inspiration for the building name. It is located right in the heart of Harajuku. The building has become a landmark in the area due to its unique design and prime location, and is a highly sought-after vintage residence.

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