Tokyo apartment price-to-book ratios in 2013

Tokyo Kantei has released their 2013 report on the price-to-book ratios for apartments in greater Tokyo. The data is arranged by train station.

Apartments around Omotesando Station saw the best gain in re-sale value with a PBR of 1.41. Other high-ranking areas include Shinagawa (1.31), Tamachi (1.26), Shirokane Takanawa (1.23) and Toranomon (1.20) stations.

The top 20 stations:

RankStationApartment PBRPrice when newRe-sale price
1Omotesando (Tokyo)1.41¥78,160,000¥110,870,000
2Minato Mirai (Yokohama)1.31¥47,990,000¥62,890,000
3Shinagawa (Tokyo)1.31¥46,370,000¥60,820,000
4Tamachi (Tokyo)1.26¥48,660,000¥61,400,000
5Higashikanagawa (Yokohama)1.26¥35,180,000¥44,570,000
6Shirokane Takanawa (Tokyo)1.23¥67,990,000¥83,990,000
7Akabanebashi (Tokyo)1.21¥69,080,000¥83,610,000
8Toranomon (Tokyo)1.20¥76,220,000¥91,610,000
9Akihabara (Tokyo)1.20¥55,570,000¥67,030,000
10Nishi Shinjuku 5 Chome (Tokyo)1.19¥63,120,000¥75,410,000
11Kachidoki (Tokyo)1.18¥48,560,000¥57,500,000
12Shirokanedai (Tokyo)1.17¥80,430,000¥94,560,000
13Yokohama1.17¥45,890,000¥53,940,000
14Takanawadai (Tokyo)1.16¥75,600,000¥87,750,000
15Katase-Enoshima (Fujisawa)1.16¥47,070,000¥54,730,000
16Nippori (Tokyo)1.16¥45,430,000¥53,120,000
17Hibarigaoka (Tokyo)1.16¥34,250,000¥39,840,000
18Shinjuku (Tokyo)1.15¥51,340,000¥59,540,000
19Tennozu Isle (Tokyo)1.15¥44,880,000¥51,840,000
20Tsukishima (Tokyo)1.14¥54,740,000¥62,410,000

The bottom 10 stations:

RankStationApartment PBRPrice when newRe-sale price
1Toke (Chiba)0.60¥21,480,000¥13,030,000
2Kashiwatanaka (Chiba)0.60¥31,100,000¥18,730,000
3Fukiage (Saitama)0.62¥23,220,000¥14,500,000
4Hanno (Saitama)0.65¥29,750,000¥19,360,000
5Yurigaoka (Kanagawa)0.66¥43,490,000¥28,730,000
6Minamihashimoto (Kanagawa)0.67¥29,640,000¥20,150,000
7Kabe (Tokyo)0.67¥31,440,000¥21,320,000
8Machida (Tokyo)0.67¥36,800,000¥24,880,000
9Keisei-Usui (Chiba)0.71¥23,190,000¥16,470,000
10Keisei-Sakura (Chiba)0.71¥23,480,000¥16,880,000

About the data:

[1] Brand new apartment price = average price of a new apartment between 2003 ~ 2012 (based on 70 sqm size).

[2] Second-hand apartment price = average re-sale price of apartments from [1] (based on 70 sqm size).

Price-to-book ratio (PBR) represents the change in value of an apartment over time. It is [2] ÷ [1].

Source: Tokyo Kantei, July 30, 2013.

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