On May 9th, Tokyo Kantei announced the results of its Survey on Resale Value (RV) of 10-Year-Old Existing Condominiums in the Greater Tokyo Area for 2021. 

The study focused on 9 to 10 year old second hand condos listed throughout 2021 and compared them to their originally listed price when brand new; data of which Tokyo Kantei is the go-to resource for realtors when looking up brand new condo prices for their clients. 

Additionally, 30 square meter and over condos were measured only, leaving out the majority of the GTA studio condo segment.

The numbers presented below are averages and are in no way any guarantee of pricing.  For property specific needs, make sure you consult a licensed realtor. 

The Greater Tokyo Area (GTA) consists of Tokyo, Kanagawa, Saitama and Chiba prefectures.

345 stations were measured in the GTA with the average value in 2021 being 119.8% of the original listed price when compared to brand new pricing 10 years ago.

At the time the subject properties were originally sold, the market was in turmoil immediately after the Great East Japan Earthquake. Since then condo pricing in the GTA rose steadily, with the recent years spiking in value due to high demand driven by pandemic induced lifestyle changes and low interest financing for qualified borrowers.

Of the 345 stations measured in the study, 302 stations saw their RV rise above the 100% point, meaning the listed prices in 2021 for 10 year old condos around these stations are higher than originally built.  

30 stations saw their RV between 90 to 100% of the originally listed price and 13 stations in the sample saw their RV drop more than 10% off their originally listed prices.

The station with the highest RV among those surveyed was Roppongi-itchome Station on the Tokyo Metro Namboku Line, with 211.1%, more than double the share. The average unit price per tsubo in circulation was 10,211,000 yen, compared to an average price per tsubo of 4,836,000 yen for new construction. 

Akabanebashi Station on the Toei Oedo Line was next at 181.6% (3,496,000 yen / tusbo when built, 6,349,000 yen / tsubo RV in 2021), followed by Onarimon Station on the Toei Mita Line at 169.3% (3,017,000 yen / tsubo when built, 5,109,000 yen / tsubo RV in 2021). 

Among the top 30 stations, Minato Ward was home to 9 stations, followed by 4 stations in Shibuya Ward.

Outside of Tokyo's 23 wards, Katase-Enoshima Station on the Odakyu Enoshima Line ranked 4th with 168.9% (2.25 million yen /tsubo when built and 3.8 million yen / tsubo in 2021 respectively), and Sakuragi-cho Station on the JR Negishi Line ranked 26th with 149.9% (2.571 million yen / tsubo when built and 3.853 million yen / tsubo in 2021 respectively).

Further Reading

Tokyo Kantei Survey on Resale Value (RV) of 10-Year-Old Existing Condominiums in the Greater Tokyo Area for 2021 (Japanese only; May, 2022)

Tokyo Kantei Nationwide 10 year Average Resale Value (RV) data (Japanese only; May, 2022)