Recent market reports by property data company Tokyo Kantei shows that prices for secondhand apartments around stations on the Keikyu Main Line have become more affordable compared to last year's numbers. Keikyu Main Line (Keikyū-honsen) includes some of the most convenient and centrally located stations in and around the Tokyo metropolitan area — such as Shinagawa, Keikyū Kawasaki, Yokohama, Kanazawa-bunko, Yokosuka-chūō, and Keikyū Kamata stations.
Stemming out southwest from central Tokyo to Miura Peninsula (in Kanagawa Prefecture), this train line comprises 45 stations. Around those stations, real estate prices currently average JPY 1,800,000 yen per 3.3 square metres — JPY 60,000 (or 2.8%) cheaper than it was last year, with the exception of a few high-demand stations. Additionally, the number of available apartments for sale has increased significantly compared to last year, with 596 more listings — a total of 5,527 listings currently available (at the time of writing).
Shinagawa Station
Of all the stations on the Keikyu Main Line, none other than Shinagawa Station represents the area with the most expensive real estate at JPY 3,330,000 per square metre. This station also connects to the famous Yamanote Line, the most central train line in all of Tokyo, and the price is consistent with that of last year.
Despite the price, it may be of interest to keep an eye out for places near Shinagawa Station as there will be a brand new Yamanote Line train station built between Shinagawa and Tamachi stations by 2020. A magnetic levitated bullet train will also run from Shinagawa Station by 2027, which will likely increase property prices in the area in the coming years.
Smooth connection to Haneda International Airport
Keikyu Main Line operates through the Toei Asakusa Line, which means meaning that from Keikyū Kamata Station you can go straight to and from Haneda International Airport, creating high demand around stations along this line from the inbound tourism market. The only areas that experienced an increase in price along this train line compared to last year were stations close to the airport. Specifically, we saw a 20% increase in apartment prices near Kita-shinagawa Station, and 11% increase in price by Heiwajima Station. Apartment sizes are approximately 30 sq m in size on average, which is a popular size often occupied by couples in Japan.
Increased demand
Newer housing near Yokohama
Heading down southwest on the train line, this area includes stations such as Yokohama and Kanagawa. The price is currently set highest around Kanagawa Station at JPY 2,290,000 per square metre.
Prices for apartments by Hatchōnawate Station, which connects to JR Nambu Line, have gone up 8% at JPY 1,840,000 yen per square metre. Areas by Tobe Station have increased over 10% (now passing the prices by Yokohama Sation), coming in at 2,140,000 yen per square metre. Housing tends to be relatively new compared to other areas and have been built in the last 17 years, which may also be contributing to the increase in price and popularity.
Property prices near Koganecho Station remained pretty much the same as last year, and areas near Gumyoji Station actually saw a slight decrease in price as housing in that area tend to be older and built over 20 years ago.
Tokyo Bay
On average, prices fell near the end of the train line on the Keikyu Main Line in the past year, but there is still charm in that area by Miura Peninsula and the beach. Noukendai Station, which is right by Kanazawa-bunko Station was valued the highest at 1,260,000 yen per square metre, a 20%+ increase in price as the number of available housing increased in the area.
Kanazawa-hakkei Station, which is the station after Kanazawa-bunko, also saw a big bump of 20% increase in value. The area near this station is being rebuilt as the local government is investing to improve the area. The fact that the Kanagawa Seaside Line, an automated gateway transit, goes through this station contributes to the attractiveness of the area.
If you prefer larger housing for families, Oppama Station, the next station over, is better suited — housing in the area was built less than 20 years ago, and offer a slightly lower price than Kanazawa–hakkei or Kanazawa-bunko stations.
Click to download the Tokyo Kantei market report for: June 19, 2018 | June 26, 2018 | July 3, 2018
By Kaori Kitagawa
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