Tokyo Kantei has issued a ranking of the districts across greater Tokyo based on the average price of a brand new home or apartment in 2017.
In top spot for both lists was Minato ward in central Tokyo where a brand new house had an average price of 120,120,000 Yen (approx. 1.09 million USD) and an average floor area of 106.58 sqm (1,147 sq.ft). A new apartment had an average price of 140,450,000 Yen (approx. 1.28 million USD) and an average size of 75.02 sqm (807 sq.ft).
This was also the district with the highest average house size. New houses in the greater Tokyo region ranged in size from around 85 ~ 105 sqm (915 ~ 1,130 sq.ft). Average new apartment sizes ranged from 48 ~ 75 sqm (516 ~ 807 sq.ft).
Minato ward is home to the 3 A’s – Aoyama, Akasaka and Azabu – which are considered some of the top residential neighborhoods in Tokyo. The ward is also said to have the most CEOs in the 23 wards with 1 in 10 residents said to be company presidents.
In February 2017, the ward’s resident population exceeded 250,000 for the first time in 54 years. Of those, 7.7% are foreigners.
Chiyoda ward was in second place for both new homes and new apartments. Chiyoda includes the Imperial Palace, Marunouchi and Otemachi business districts, and the historically wealthy and sough-after Bancho residential district. The Bancho neighborhood on the western side of the Palace is home to the most expensive residential land in Japan. With high land values and a preference towards commercial rather than residential, detached houses are, unsurprisingly, extremely scarce. Sale …continue reading