Tokyo apartment values seem to be trending upwards as seen from the results of purchases in Central Tokyo in November 2017. Some of the apartments were sold after being listed for just 28 days, but some sat on the market up to 192 days. Here, we compare some recent sales, price per square foot, and background information on the buildings.

Toranomon Towers Residence, $1,800 / sq ft

A 2-Bedroom apartment sold for approximately 25% more than an identical apartment a few floors down sold for in 2010 and has been the most expensive reported sale in this building to date on a price-per-square-meter basis.

It is located in a 41-storey high-rise in the Toranomon district. The current average asking price ranges from 1,770,000 ~ 2,290,000 Yen/sqm. 

Despite having 267 apartments in the building, just 3 were for sale as at the end of September 2017, with 1 already under contract and the other to be sold tenanted. The average sale price to date in 2017 has been around 1,870,000 Yen/sqm, up 18% from 2016 (1,585,000 Yen/sqm) and up 7.6% from 2015 (1,738,000 Yen/sqm).

Park Court Roppongi Hilltop, $1,775 / sq ft

A 1-Bedroom apartment was sold tenanted with a gross yield of approximately 3.3%.

It is located in a 27-storey, 270-unit high-rise near Roppongi Itchome Station and Izumi Garden Tower. When new back in 2012, the average sale price was around 1,400,000 Yen/sqm.

There are 4 apartments currently listed for sale in this building with an average asking price of 2,400,000 Yen/sqm. There have been 2 reported sales in 2017 with an average price of 2,215,000 Yen/sqm, up 1.6% from 2016 (2,180,000 Yen/sqm) and up 5.5% from 2015 (2,100,000 Yen/sqm).

Terrace Shibuya Mitake, $1,645 / sq ft

A 1-bedroom apartment sold for approximately 40% more than an identical apartment on a lower floor sold for in 2015. It has been the highest reported resale on a price-per-square-meter basis in this building to date.

It is located in a 17-storey, 196-unit apartment building, a one minute walk from Shibuya Station. When sales began in late 2011 the average off-the-plan price was around 1,380,000 Yen/sqm. All new apartments had sold out about 5 months prior to completion. 

There are currently no listings available in this building and this has been the only reported resale in 2017.

Park Court Takanawa Hilltop Residence, $1,590 / sq ft

A 3-Bedroom spacious apartment on a high floor with private rooftop terraces. In the past two years, apartments over 100 sqm have sold for around 1,900,000 Yen/sqm+, while smaller apartments have sold for around 1,400,000 Yen/sqm.

It is located in a 127-unit apartment building near the historic Sengaku-ji temple in Minato’s Takanawa/Shirokane neighborhood. There are currently no listings for sale in this building. 

Kachidoki The Tower, $780 / sq ft

A 2-Bedroom apartment sold for approximately 1.7% more than its price when sold off-the-plan.

It is located in a 53-story, 1,420-unit apartment building on a man-made island in Tokyo Bay. Construction was completed in December 2016. Since then, 190 apartments have already appeared on the re-sale market, representing 13% of the building. As at the end of November 2017, there were 40 apartments listed for sale (down from 39 listings at the end of the previous month) with an average asking price of 1,115,000 Yen/sqm. 

There have been 59 reported re-sales to date in 2017 with an average sale price of 1,030,000 Yen/sqm.

Sales evidence sourced from Japan Property Central

If you would like more information about the above sales evidence or other Tokyo sales, email or phone Zoe Ward from Japan Property Central via the contact details below.

This article was first published on REthinkTokyo

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