New apartment prices in greater Tokyo up 16% from last year
According to the Real Estate Economic Institute, a total of 3,426 brand-new apartments were released for sale across greater Tokyo in July, up 50.0% from the previous month and up 3.3% from last year.
2,465 apartments were sold, resulting in a contract ratio of 71.9%, up 8.6 points from last year and above the 70.0% level said to indicate healthy market conditions. Unsold inventory at the end of July was 6,314 apartments, down 184 units from last year.
The average price of a new apartment across greater Tokyo was 65,620,000 Yen, up 16.3% from the previous month and up 16.0% from last year. The average sale price per square meter was 952,000 Yen, up 13.3% from the previous month and up 18.1% from last year.
705 apartments in high-rise buildings (20 storeys and above) were listed for sale, up 220.5% from last year. The contract ratio was 88.2%, up 34.1 points from last year.
The following buildings saw same-day sellouts* in July:
287m tall high-rise planned for Nihonbashi
Details on the Nihonbashi 1 Chome Central District Redevelopment have been announced. The project will include a 287m tall high-rise with office, hotel and serviced apartments, as well as several low-rise retail, office and residential buildings.
The high-rise tower will be taller than Tokyo Midtown (248m), Toranomon Hills (247m) and the Tokyo Metropolitan Government Building (242m), but shorter than the 390m tall tower planned for the Tokiwabashi Redevelopment Project located 300 meters to the west of the Nihonbashi site.
Tokyo apartment sale prices increase for 58th consecutive month
According to REINS, 3,304 second-hand apartments were sold across greater Tokyo in July, down 0.9% from the previous month but up 3.6% from last year. The average sale price was 31,600,000 Yen, down 0.06% from the previous month but up 5.4% from last year. The average price per square meter was 494,800 Yen, down 0.3% from the previous month but up 4.5% from last year. This is the 55th month in a row to record a year-on-year increase in sale prices. The average building age was 20.89 years.
In the Tokyo metropolitan area 1,722 second-hand apartments were sold, down 1.6% from the previous month but up 8.2% from last year. The average sale price was 38,640,000 Yen, showing no change from the previous month but up 3.1% from last year. The average price per square meter was 656,100 Yen, up 0.9% from the previous month and up 3.3% from last year. This is the 58th month in a row to record a year-on-year increase in prices. The average building age was 19.64 years.
Luxury condo to replace Yoyogi Terrace Apartment block
Foretseine, a subsidiary of Mori Trust, will be demolishing the vintage Yoyogi Terrace Apartment rental building in Shibuya and replacing it with a luxury condominium.
Details on the project, including the construction schedule, have yet to be announced, but it is expected that the new building could be completed by 2020 2022.Read more
Tokyo apartment sales in July 2017
The following is a selection of apartments that were sold in central Tokyo during the month of July 2017:Read more
For Sale: 3-Bedroom corner apartment in Roppongi Hills
ROPPONGI HILLS RESIDENCE
SOLD
Potential rent: -
This is a sought-after three bedroom corner apartment on the 19th floor in Roppongi Hills Residence B - the 43-storey tower. The Roppongi Hills Residences form part of the internationally-renowned Roppongi Hills complex in the center of Tokyo, which includes a 238m tall office tower, a variety of restaurants and cafes, a high-end retail mall, the Grand Hyatt Hotel, the TV Asahi studio, and the Louis Vuitton, Tiffany and Escada boutiques.
The developer, Mori Building, spent 17 years getting the various land parcels and landowners together in order to start the project. Since its completion in 2003, Roppongi Hills has been considered one of the most desirable places to live, work and play in the country, and has attracted some of Japan’s most elite business people and celebrities as residents.
Construction starts on 3,000-unit project in Kachidoki
Construction has started on a triple-tower high-rise apartment project on the man-made island of Kachidoki in Tokyo Bay. Completion of the 165.5 billion Yen (approx. 1.5 billion USD) development is tentatively scheduled for late July 2027.
The Kachidoki East District Redevelopment includes three towers ranging from 106 ~ 195 meters, with a total floor area of 369,000 sqm (3.97 million sq ft) and as many as 3,120 apartments.