The updated price comparison of condominiums and offices in Asian countries.

Poste date: Thursday, April 23, 2015

The price of condominiums and offices in Japan is looking comparatively cheap in the international market.

According to a private research organization, the price of a newly-built condominium in Tokyo as of April 1, 2015 is less than half price of the same in Hong Kong when converted into Japanese Yen. Influenced by the weakening Yen, Japan market is looking quite attractive internationally, and this is resulting to an increase in inflow of overseas investment funds to Japan.



The Japan Real Estate Institute (Minato-ku, Tokyo) announced on May 28th that as of April 1st, the price index of newly-built condominiums in Hong Kong are equivalent to 234.9 when Tokyo is considered 100. This outcome shows an approximate 20% increase in difference between the two cities as compared to the figure recorded 6 months ago, on October 1st, 2014. The luxurious condominiums in Tokyo are also cheaper than those in Shanghai, Taipei, and Singapore.

The number of investments from Hong Kong and Taiwan has increased by twenty times since 2010 based on a figure disclosed by a private company. They believe it is due to the weakening yen as well as expectations influenced by the 2020 Tokyo Olympic Games. 

 

 Source : Japan Real Estate Institute  

 

Office rents in Tokyo are also looking quite affordable in the international market. The price index as of April 1st for office rent in Hong Kong and London are equivalent to 185.2 and 151.5 respectively while the same in Tokyo is 100.
 

Office rents in Tokyo, London, New York, and Hong Kong all declined after the Lehman shock. They have all begun to recover upwards, except for Japan, where the upturn trend of recovery is quite slow.

 

Exterior of Park Court Azabujuban the Tower
Sale Property tag

It is one of the Park Court branded luxury condominium apartments sold by Mitsui Fudosan Residential Co.,Ltd. Completed by Taisei Corporation. It is surrounded by busy and active Roppongi area, urban constructions such as Tokyo Tower and Tokyo Midtown, and rich nature of Arisugawa-no-miya Memorial Park within a walking distance. Hotel-like front desk services and common facilities such as guest rooms and various lounges are attractive. The dwelling units are mostly from 1LDK to 3LDK having 440 units in total. There are many embassies in the neighborhood giving very international atmosphere to the area. Azabujuban Shopping Street, where many old and modern stores are coexisting along sophisticated townscape, is within a living area. Supermarkets are close and support everyday life in the area. The refined locality and nicely designed facility give it the impression of Mansion House beyond the ordinary condo image making high quality urban life possible.

JPY 236,000,000

Exterior of LEFOND libre Hamamatsucho canal marks
Sale Property tag

The property is conveniently located in the Hamamatsucho area, which is currently undergoing a large-scale redevelopment project as of 2023. In addition to offices and commercial facilities, the property is within walking distance of the Kyu-Shibarikyu Onshi Park and the Tokyo Metropolitan Takeshiba Futo Park, offering a rich natural living environment in the heart of the city, as well as a waterfront lifestyle with a view of the canal and Tokyo Bay. The building is conveniently located with access to 6 stations and 7 train lines, including Hamamatsucho Station on the JR Yamanote Line, Hamamatsucho, Monorail Hamamatsucho, Daimon, Tamachi, Hinode and Mita Stations. The Ginza and Roppongi areas are also within living distance at approximately 3 km. The building, built in January 2016, is a 14-story reinforced concrete building with a total of 52 units, designed with hotel-like interior corridors.

JPY 60,000,000 - 99,500,000

Exterior of Green Park Harajuku
Sale Property tag

Green Park Harajuku is a 5-story reinforced concrete building with 2 basement floors, built in June 1977, with a total of 8 units, located in Sendagaya 3-chome, Shibuya-ku, Tokyo. It is a 7-minute walk from Harajuku Station on the JR Yamanote Line, a 4-minute walk from Kitasando Station on the Tokyo Metro Fukutoshin Line, and an 8-minute walk from Meijijingumae Station on the Tokyo Metro Chiyoda Line, making it an attractive property with good transportation access. This low-rise vintage apartment is located in a quiet residential area while being within walking distance of the cutting edge of fashion in Harajuku and Omotesando. Seven-Eleven Harajuku Gaien Store is about 210m away, Sendaya Nakayoshien Kindergarten is about 270m away, Shibuya Ward Sendaya Elementary School is about 300m away, Meiji Jingu Shrine is about 1.2km away, and many other convenience stores and coffee shops are scattered throughout the area.

JPY 110,000,000

Exterior of Roi Vert Omotesando
Sale Property tag

Roi Vert Omotesand is 5 storied condominium with 17 units in total, built in November 1997, developed by Tokyo Tatemono Co, and bult by Toda Corporation. Located in a quiet residential area in Jingumae 3-chome, it is about an 8-minute walk from Omotesando Station on the Tokyo Metro Ginza, Chiyoda and Hanzomon Lines, and about an 11-minute walk from Harajuku Station on the JR Yamanote Line. The unit has separate storage room for exclusive usage right, parking spaces are available. It is allowed to keep pets. As part of the building's repair history, major repair work has been carried out in February 2016, and home delivery lockers replaced in March 2019.

JPY 228,800,000

Exterior of THE KITA
Sale Property tag

THE KITA, designed by Kengo Kuma, who also designed the Olympic National Stadium, or Park Court Akasaka Hinokicho Tower, and many other architectures in the world, and developed by Canadian developer, Westbank, was built in July 2020. This middle-sized condominium with 5 stories above ground and 2 basement levels, total unit number of 12, is the one and only, refined, and protect privacy for the affluent class. Located in a quiet area away from the busiest area of Harajuku commercial district, the building blends in with nature and the cityscape, and the metal louvered facade has a modern, and sophisticated, yet feeling of Japanese atmosphere. The concierge is trilingual (Japanese, English, and Chinese) and provides attentive services to international owners. Flat parking spaces and a trunk room are available for the total number of units. Up to 2 pets are allowed. (Size restrictions apply).

JPY 780,000,000

Exterior of Brillia Daikanyama Prestige
Sale Property tag

Brillia Daikanyama Prestige” is a 128-unit condominium with 10 floors above ground and 2 floors below, completed in 2007. The building has a concierge service, a fitness room, and a lounge. Pets are allowed (subject to pet-ownership rules).

JPY 288,000,000