Tokyo Apartment Sales in May 2016

Tokyo Apartment Sales 201605

The following is a selection of apartments that were sold in central Tokyo during the month of May 2016:

BuildingSold Price
(Yen/sqm)
(USD/sq ft)Days ListedDiscount
Park Court Azabu Juban The Tower (2010)
2-Bedrooms
¥2,433,000
/sqm
$2,030
/sq ft
423.40%

A 36-storey high rise in the Azabu Juban area with concierge, gym, guest suite and resident lounge. Current asking prices in this building range from 1,600,000 ~ 2,540,000 Yen/sqm, with apartments on low floors averaging around 1,750,000 Yen/sqm, and high-floor units averaging 2,100,000 Yen/sqm.

The average sale price to date in 2016 is around 1,975,000 Yen/sqm, up 7.5% from 2015 (1,838,000 Yen/sqm), and up 31.7% from 2014 (1,500,000 Yen/sqm).

This was a large unit on a high-floor with views of Tokyo Tower. It sold in a short period of time. This has been the highest recorded resale on a price-per-square-meter basis in this building to date. In 2013, two identical apartments a few floors down sold for around 1,600,000 Yen/sqm, indicating an appreciation of around 52% in three years.

Ark Hills Sengokuyama Residence (2012)
1-Bedroom
¥2,360,000
/sqm
$1,970
/sq ft
1903.50%

A 47-storey mixed-use development by Mori Building. The high-end residences include concierge service and the Hills spa. Despite having 243 apartments, including Mori’s rental-only units, only 1 apartment is currently available for sale in this building.

The current average price in this building is around 2,300,000 ~ 2,400,000 Yen/sqm. In 2014, two similar 1-Bedroom apartments were priced at around 2,200,000 Yen/sqm, indicating a 7.3% appreciation over two years. When sales began in 2012 (a time when Japan’s property market was at the bottom), 1-Bedroom units were priced from 1,685,000 Yen/sqm, which was a considerably high price at the time.

Premist Minami Aoyama (2014)
2-Bedrooms
¥2,028,000
/sqm
$1,695
/sq ft
1651.00%

A luxury residential building located in the trendy Omotesando area. This apartment was on ground level and included a private outdoor terrace. When new, apartments were priced from 91 ~ 500 million Yen, with an average price of around 1,735,000 Yen/sqm. All new apartments sold out 3 months prior to completion of the building.

Average prices in 2015 were around 2,400,000 Yen/sqm. In 2014, average prices were around 1,885,000 Yen/sqm.

Akasaka Tower Residence (2008)
2-Bedrooms
¥1,999,000
/sqm
$1,670
/sq ft
1444.30%

A 45-storey luxury apartment building with concierge, rooftop deck and cafe, library, lounges and guest suites.

The average resale price in 2016 is around 1,860,000 Yen/sqm, but there have only been two reported sales. In 2015, the average resale price was 2,060,000 Yen/sqm, and 1,645,000 Yen/sqm in 2014.

In early 2014, an identical apartment one floor below sold for 1,550,000 Yen/sqm, indicating a 29% appreciation over two years. In 2011, an identical apartment several floors up sold for 1,410,000 Yen/sqm. Current listings in this building range from 1,720,000 ~ 3,050,000 Yen/sqm, with an average of 2,185,000 Yen/sqm. Premium units on the highest floors may be listed for around 3,000,000 Yen/sqm.

Park Court Chiyoda Fujimi The Tower (2014)
1-Bedroom
¥1,971,000
/sqm
$1,645
/sq ft
491.20%

A 40-storey apartment building located close to Iidabashi Station in Chiyoda-ku.

Despite being on a very low floor in the building, this apartment has been the highest recorded re-sale to date. A similar apartment on the same floor sold for 1,854,000 Yen/sqm in 2015, indicating a 6.3% appreciation over the past 12 months.

When sales began in late 2012, the average price of a new unit was around 1,435,000 Yen/sqm. The entire building had sold out by early 2013, 12 months prior to completion.

Daikanyama Address The Tower (2000)
1-Bedroom
¥1,759,000
/sqm
$1,470
/sq ft
1475.60%

A 36-storey high-rise development with 501 apartments above Daikanyama Station in Shibuya-ku. It was developed and built by Kajima and Taisei in 2000.

The average asking price in this building is currently around 1,670,000 Yen/sqm. The average resale price in 2015 was 1,440,000 Yen/sqm, indicating a 22% appreciation over the past year, and 34% since 2014 (1,315,000 Yen/sqm). In 2007, at the peak of the previous mini-bubble, apartments were selling for an average of 1,980,000 Yen/sqm.

The Parkhouse Motoazabu (2012)
2-Bedrooms
¥1,622,000
/sqm
$1,355
/sq ft
433.80%

A 5-storey building developed by Mitsubishi in 2012. When sales began in late 2011, apartments were priced from 77 ~ 185 million Yen, with an average price of 1,383,000 Yen/sqm. All apartments had finally sold out by mid-2013, 6 months after the building was completed.

Current listings in this building range from 1,450,000 ~ 1,850,000 Yen/sqm.

This has been the highest reported re-sale in this building to date. The average re-sale price in 2015 was 1,450,000 Yen/sqm, indicating a 11.9% appreciation over the past 12 months, and 27.2% since 2014 (1,275,000 Yen/sqm).

D’Granse Minami Aoyama Hivally (2006)
3-Bedrooms
¥1,607,000
/sqm
$1,340
/sq ft
190%

A concrete and glass designer building with a small number of apartments. This unit sold out in a very short amount of time. In April, an apartment on a higher floor sold for 1,842,000 Yen/sqm, indicating that the buyer of this current unit got a comparatively good deal. In this market, smart buyers are moving fast.

Park House Shiba Shirokanedai (1998)
2-Bedrooms
¥1,445,000
/sqm
$1,210
/sq ft
434.50%

A low-rise building developed by Mitsubishi in 1998. When brand new, apartments were priced from 70 ~ 274 million Yen.

This apartment may have sold for approximately 1,865,000 Yen/sqm when new in the late 1990s, indicating a 30% drop in value over 18 years. This has, however, been the highest resale to date in this building on a price-per-sqm-basis. Average resale prices in 2013~2014 were around 1,200,000 Yen/sqm, and 2015 saw one re-sale of a small unit on a low floor for 1,040,000 Yen/sqm.

Hiroo Garden Hills (1983)
3-Bedrooms
¥1,401,000
/sqm
$1,170
/sq ft
293.60%

Average asking prices are currently around 1,630,000 Yen/sqm, and as high as 2,400,000 Yen/sqm in the South Hill buildings.

The average sale price in 2016 has been around 1,500,000 Yen/sqm, up 7.1% from 2015 (1,400,000 Yen/sqm) and up 34% from 2014 (1,120,000 Yen/sqm).

In 1991 ~ 1992, apartments were selling for around 2,800,000 ~ 3,000,000 Yen/sqm, with some apartments selling for as much as 3,600,000 Yen/sqm.
The identical apartment on the floor below sold for 3,018,000 Yen/sqm in early 1992.

The Parkhouse Nishiazabu Residence (2015)
1-Bedroom
¥1,378,000
/sqm
$1,150
/sq ft
1582.10%

A 24-storey high rise located a 6 minute walk from Hiroo Station.

The current advertised price in this building is around 1,870,000 Yen/sqm. Meanwhile, the average resale price in 2016 to date has been 1,435,000 Yen/sqm, down 6.5% from 2015 (1,535,000 Yen/sqm), and up only 3.2% from 2014 (1,390,000 Yen/sqm).

There were two reported sales this month, both for 1-Bedroom apartments on low floors:

Apt. 1: 1,493,000 Yen/sqm

– West facing.
– Bedroom with external window.
– Vacant.
– Listed for 127 days.
– Sold at a 6.6% discount.

Apt. 2: 1,378,000 Yen/sqm

– South facing.
– Bedroom has no windows.
– Tenanted (4.2% gross yield).
– Listed for 158 days.
– Sold at a 2.1% discount.

*Price difference may be due both to the more desirable floor-plan for Apt. 1, and because tenanted properties typically tend to sell at lower prices than vacant properties.

Concieria Nishi Shinjuku Tower’s West (2008)
1-Bedroom
¥1,151,000
/sqm
$960
/sq ft
921.90%

The original developer was Clearthlife. Floors 5 ~ 26 were originally rental apartments only, but later sold off individually in 2013~2014, several years after the building was completed. Apartments were originally priced at around 1,100,000 Yen/sqm in 2013~2014. In 2016, the average resale was 1,100,000 Yen/sqm, indicating no movement in prices despite average property prices across central Tokyo increasing around 20 ~ 30% over the same period.

The Parkhouse Harumi Towers Krono Residence (2013)
3-Bedrooms
¥1,012,000
/sqm
$845
/sq ft
2430%

A 49-storey condominium located on one of the man-made islands in Tokyo Bay.

In 2016, the average resale price was 990,000 Yen/sqm, up 2.1% from 2015 (970,000 Yen/sqm) and up 4.8% from 2014 (945,000 Yen/sqm). The recent rate of increase in this building has been duller than other high-rises in more central locations in Tokyo.

When sales first began in 2012, off-the-plan apartments were priced at around 770,000 Yen/sqm by the developer. This apartment may have been priced somewhere in the vicinity of 795,000 ~ 840,000 Yen/sqm when brand new, indicating a potential appreciation of around 20 ~ 27% over 4 years.

Due to the high-number of apartments and relatively high share of investors who have purchased into this building, there has been quite a big of price under-cutting occurring on the resale market.

The current advertised price in this building is around 1,090,000 Yen/sqm.

About the data:

  • The data is based on information supplied to REINS by agents.
  • This information is voluntarily provided, and not all transactions are recorded.
  • Show Foto cannot guarantee the accuracy of the information provided.
  • The discount, for example, is based on the last advertised listing price at the time of sale, rather than the original list price.
  • Some listings are constantly updated, so the days listed between listing on REINS and final sale may not be accurate. The days listed are also based on the day that the agent registered the property as being sold, which is sometimes done on the day of the contract signing, settlement or even later if the agent forgets to update the listing.
  • Not every sale is reported above.
  • Price per square meter or per square foot is calculated based on apartment’s internal floor area and does not include balconies, car parks or common areas.
  • Exchange rate is at the time of publishing the article and is subject to change (1 USD: 106.54 Yen).

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