Tokyo Kantei has released their ranking of the top train stations across greater Tokyo that have provided the highest increase in the resale value of apartments in 2018.
In top spot was Harajuku Station where the average price of a second-hand apartment was 73.4% higher than its price when brand new. The average price of a second-hand apartment in this neighborhood is around 2,196,000 Yen/sqm (approx. 1,915 USD/sq.ft). The Harajuku area, adjacent to Omotesando, has very few potential residential development sites and a low supply of new construction. This has helped to maintain and improve property values.
Within the JR Yamanote Line, the Bancho district (Chiyoda) and the “3 A’s” of Aoyama, Akasaka and Azabu (Minato) have historically been highly desirable residential addresses for the wealthy. Hanzomon Station area saw a 36.3% increase, while the Azabu Juban Station area saw a 34.1% increase. Tameike-Sanno Station, in the Akasaka area, saw a 42.7% increase.
Yokohama’s Minato-Mirai Station was ranked second in the greater Tokyo area, with an average increase in value of 55.2%. The average apartment price in 2018 was around 1,064,000 Yen/sqm (approx. 930 USD/sq.ft).
THE TOP 10
About the Data:
Source: Tokyo Kantei, July 22, 2019.