New apartment prices in greater Tokyo exceed 60 million Yen for first time since 1991

Park Court Akasaka Hinokicho The Tower
Pulling up the average. 11% of apartment sales in Tokyo’s 23 wards were in Park Court Akasaka Hinokicho The Tower, which recorded a same-day sellout in November. The most expensive apartment sold was 1.5 billion Yen (12.4 million USD).

According to the Real Estate Economic Institute, 3,496 brand new apartments were released for sale in greater Tokyo in November, up 19.7% from the previous month and up 4.8% from last year. 2,871 apartments were sold, making the contract ratio 82.1%, up 13.3 points from the previous month and up 3.7 points from last year.

The average price of a new apartment was 63,280,000 Yen, up 18.0% from the previous month and up 21.1% from last year. This is the first time that prices have exceeded 60 million Yen since June 1991. The average price per square meter was 871,000 Yen, up 14.8% from the previous month and up 18.2% from last year.

The following buildings saw same-day sellouts in November:

  • Park Court Akasaka Hinokicho The Tower, Tokyo: 152 apartments sold; average price of 262,780,000 Yen.
  • Brillia The Tower Tokyo Yaesu Avenue, Chuo-ku: 12 apartments sold; average price of 81,370,000 Yen.
  • Crevia Bunkyo Koishikawa, Bunkyo-ku: 5 apartments sold; average price of 123,020,000 Yen.
  • Liberage Meguro Senzoku, Meguro-ku: 21 apartments sold; average price of 48,380,000 Yen.
  • Blue Harbor Tower Minato Mirai, Yokohama: 7 apartments sold; average price of 105,940,000 Yen.

Park Court Akasaka Hinokicho The Tower is currently under construction on the northern side of Tokyo Midtown. The Kengo Kuma-designed building has been immensely popular, with 289 purchase applications made on the 152 apartments offered for sale. Apartments were priced from 155.6 million ~ 1.5 billion Yen, with prices per square meter ranging from 2,500,000 ~ 7,350,000 Yen. The building is now 93% sold. Many of the buyers were in their 40s ~ 60s. 60% of the buyers purchased the apartments to be used as their primary residence, 30% were buyers from suburban and rural areas who were purchasing units for holiday homes, while just 10% of the buyers were investors (both Japanese and possibly foreign). The building is scheduled for completion in 2018.

*Same-day sellouts occur when all of the apartments released for sale in a particular sales campaign receive purchase applications. As many developers release apartments for sale in stages, it does not necessarily mean that all apartments in the building have sold.

Tokyo Metropolitan Area Sales

1,594 new apartments were released for sale in Tokyo’s 23 wards, up 41.2% from the previous month but down 2.7% from last year. 1,364 apartments were sold, making the contract ratio 85.6%.

The average new apartment price was 82,440,000 Yen, up 19.9% from the previous month and up 29.1% from last year. The average price per square meter was 1,158,000 Yen, up 18.0% from the previous month and up 22.9% from last year. 197 apartments priced over 100 million Yen were sold, accounting for 14.4% of all apartment sales for the month.

No. of sales by apartment type in Tokyo’s 23 wards:

  • Studio: 11 (91.7% contract ratio)
  • 1-Bedroom: 86 (92.5%)
  • 2-Bedroom: 297 (93.1%)
  • 3-Bedroom: 900 (83.0%)
  • 4-Bedroom: 60 (78.9%)

Average sale price by location:

  • Tokyo 23 wards: 82,440,000 Yen (+29.1% from Nov. 2014)
  • Western Tokyo: 46,040,000 Yen (-0.5%)
  • Kanagawa Prefecture: 46,310,000 Yen (+13.2%)
  • Saitama Prefecture: 50,840,000 Yen (+31.8%)
  • Chiba Prefecture: 45,430,000 Yen (+13.2%)

Average sale price per square meter:

  • Tokyo 23 wards: 1,158,000 Yen (+22.9% from Nov. 2014)
  • Western Tokyo: 611,000 Yen (-1.0%)
  • Kanagawa Prefecture: 636,000 Yen (+12.0%)
  • Saitama Prefecture: 696,000 Yen (+28.9%)
  • Chiba Prefecture: 600,000 Yen (+19.5%)

The institute is expecting 7,000 new apartments to be released for sale in December (Dec 2014 = 9,389 apartments; Dec 2013 = 8,246 apartments; Dec 2012 = 7,773 apartments).

Sources:
The Real Estate Economic Institute, December 14, 2015.
NHK, December 14, 2015.

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