On Septemeber 21, 2023, Mitsui Fudosan Realty Co., Ltd. released an update on property sales trends for the period from April to June 2023 in key downtown areas. The focus of the survey is on what the company has identified as "premium condominiums," which are located in 254 high-quality buildings in prime downtown locations, including neighborhoods such as Azabu, Akasaka, Roppongi, Hiroo, Daikanyama, Ebisu, Aoyama, Shibuya, and others, totaling approximately 34,900 units.
For this quarter, the average closing price index for premium condos rose to 187.7, marking a 3.5-point increase compared to the previous quarter. When it comes to the average closing price per tsubo, it has surged to 8.17 million yen—nearly 1.88 times higher than the figure when tracking began in 2006. This figure is the second-highest since the company started recording this data. Additionally, the number of finalized transactions spiked to 178, an uptick of 40 cases compared to the last quarter, making it the second highest number of transactions since Q1 2021.
In a regional breakdown, the average closing price per tsubo in the Azabu, Roppongi, and Akasaka area has garnered particular attention. Boosted by the influx of large, newly-constructed projects like Mori Building's "Azabudai Hills" and Mitsui Fudosan Residential's "Mita Garden Hills," the average closing price in this region has exceeded 10 million yen for the third consecutive quarter, hitting a new all-time high. In fact, about 47% of all transactions in this area had a closing price per tsubo of over 10 million yen. Despite this, the number of listed properties and finalized transactions dipped compared to the previous quarter.
Commenting on the market trends for downtown premium condos, the company stated, "This quarter witnessed a renewed uptick in the average closing prices, coupled with a significant increase in the number of transactions, energizing the market. Looking ahead, we need to monitor economic and financial trends, as well as the impacts of new large-scale residential projects and the fluctuating demands from inbound travelers."
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