top of page
Search
  • Writer's pictureAdam German

Greater Tokyo Area condo resale value up roughly 40 percent over past decade

On May 7th, Tokyo Kantei unveiled the findings of its survey on the resale value (RV) of ten-year-old condominiums in the Greater Tokyo Area (GTA) for 2023.  


The survey focused on condominiums aged 9 to 11 years listed in the company's database that were sold as second-hand units in 2023, comparing their initial brand-new sale prices with their resale prices. 


The GTA consists of Tokyo, Kanagawa, Chiba and Saitama prefectures. 


In the GTA, the survey identified 445 stations where RV could be calculated, with an average RV value of 139.5%.  


100% denotes the price per tsubo when brand new, meaning the GTA saw an average capital gain of 39.5% over the past ten years in condos measured.


Greater Tokyo Area Condominium 10 Year Resale Value in 2023 by Train Station

RV Station map courtesy of Tokyo Kantei, edited by Patience Realty. 


These properties were sold during a period of market recovery following the Great East Japan Earthquake, resulting in relatively lower initial sale prices.  


Out of the 445 stations surveyed, RV exceeded 100% at 437 stations, indicating capital gain over the last ten years at 98.2% of stations measured. 


Notably, 121 stations, or 27.2%, saw RV surpassing 150%.  


Only 8 stations experienced a decline in RV, with capital losses of less than 10%. 


Top 15 Greater Tokyo Area 10 Year Condo Resale Value Train Stations 2023 Ranking

*Price / Tsubo in ~0,000's JPY

Rank

Station Name

RV in Percentage

Brand New Price / Tsubo*

RV Price / Tsubo in 2023*

1

Shin-Ochanomizu

295.5%

424.8

1,255.2

2

Roppongi-Itchome

265.7%

479.6

1,274.2

3

Iidabashi

223.1%

393.8

878.4

4

Akabanebashi

212.6%

391.2

831.6

5

Shiba-Koen

207.1%

362.1

749.9

6

Daikanyama

205.3%

463.7

952.1

7

Nogizaka

204.5%

376.9

770.7

8

Azabu-Juban

200.7%

372.2

747.1

9

Tsukiji

195.5%

288.2

563.4

10

Kojimachi

194.8%

334.9

652.3

11

Akasaka

194.2%

419.2

814.2

12

Mitsukoshimae

193.8%

292.4

566.8

13

Hanzomon

193.8%

446.6

865.3

14

Roppongi

193.4%

383.8

742.1

15

Kamiyacho

193.2%

378.6

731.3

Courtesy of Tokyo Kantei press release, linked below, translated by Patience Realty


The station with the highest RV among those surveyed was Shin-Ochanomizu station on the Tokyo Metro Chiyoda Line, reaching 295.5%, nearly tripling in price over a decade.  


The average price per tsubo (about 3.3 square meters) at the time of construction was 4,248,000 yen, while the resale price per tsubo after 10 years was 12,552,000 yen.  


However, it's important to note that the surveyed cases at this station primarily consisted of properties from large-scale tower condominiums, all located on floors 20 or higher, which may have skewed the results upward. 


Following closely were Roppongi-Itchome station at 265.7% (new construction: 4,796,000 yen / tsubo, resale: 12,742,000 yen / tsubo), and Iidabashi station at 223.1% (new: 3,938,000 yen / tsubo, RV: 8,784,000 yen / tsubo).  


The top 30 stations were all within the 23 wards of Tokyo, with the highest-ranking station outside of the 23 wards being Shin-Yokohama station, ranking 64th with 163.2% resale value. 


Further Reading: 

Tokyo Kantei 10 Year Condo Resale Value 2023 Report (Japanese only) 

119RV_shuto
.pdf
Download PDF • 877KB

Source: 

R.E. Port News (Japanese only) 

Comments


Working on Laptop

Get the latest intelligence direct to your inbox.

Thanks for subscribing!

Within a day, links to latest articles will be delivered to your inbox.

bottom of page