Tokyo Kantei ranked the most expensive neighbourhoods in Tokyo to buy a second-hand apartment. Central Tokyo’s prime areas dominated the rankings, with 17 of the areas located in Minato Ward, 13 in Shibuya and 11 in Chiyoda.
In top spot was the Motoazabu address in Minato Ward with an average apartment price of 2,133,000 Yen/sqm (1,855 USD/sq.ft). The most expensive apartment in this neighbourhood was 3,063,000 Yen/sqm and the cheapest was 1,093,000 Yen/sqm.
Motoazabu is a hilly neighbourhood filled with embassies and international schools and located between Roppongi Hills and Hiroo. It has primarily low-rise buildings, including many spacious and luxurious expat rental homes and apartments. The local landmark high-rise apartment building is the 29-storey Motoazabu Hills. Apartments on higher floors in this building can go for up to 3,000,000 Yen/sqm (2,610 USD/sq.ft) in the current market.
Motoazabu has 5,060 residents.
In second position was Azabu Nagasakacho in Minato Ward with an average price of 2,048,000 Yen/sqm (1,780 USD/sq.ft).
The Azabu Nagasakacho is largely owned by the Bridgestone family who have several very large homes. Other notable former and current residents include the SoftBank CEO, the Secretary General of the House of Councillors, and the Bank of Tokyo-Mitsubishi UFJ who own a large guest house. There are only about 4 or 5 apartment buildings in this address, and just 231 residents.
The most desirable and high-end apartment building in this address is Foretseine Azabu Nagasaka.
In third position was Sanbancho in Chiyoda Ward with an average price of 1,795,000 Yen/sqm (1,560 USD/sq.ft).
Located in the ‘Bancho’ area just west of the Imperial Palace. Sanbancho is home to some of Japan’s most expensive residential land, so it is no surprise that apartment prices would also be high. In 2016, a survey site in Sanbancho had a government assessed land value of 2,670,000 Yen/sqm, up 9.9% from 2015. It was the 3rd most expensive residential site in Japan.
The Parkhouse Gran Chidorigafuchi is one of the most luxurious residential buildings in this address. It is located directly across from the Imperial Palace and the Cherry Blossom Tree-lined Chidorigafuchi Moat. Sales began in 2013, and all 22 apartments on offer sold out on the first day of sales. The apartments were priced at around 2.4 million Yen/sqm when sales began in 2013, making this the most expensive building to be offered for sale in Japan since 2008. Recent re-sale prices in this building have been around 3,600,000 Yen/sqm (3,135 USD/sq.ft). The building was completed in March 2015.
Sanbancho has a population of 3,280 residents.
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About the data:
- Data is current for the first half of 2016.
- Prices are based on the average asking price of a second-hand apartment between 5 ~ 15 years old and within a 15 minute walk of the closest train station.
- The rankings are limited to areas which had at least 3 apartment listings in the first half of the year.
Source: Tokyo Kantei, October 31, 2016.