[1/3] Tokyo Tower is seen from the 52nd floor of 'Azabudai Hills Mori JP Tower', developed by Mori Building Co., during press preview of the complex in Tokyo, Japan, in this photo taken by Kyodo on August 8, 2023.
"Housing prices and rents have risen a lot compared to the past, but in the end, salaries haven't gone up that much."
After weathering decades of deflation and stagnant growth, Japan is seeing an investment boom that has made apartments in central Tokyo unaffordable for young Japanese professionals.
For locals, the surge in prices has made Tokyo the second most unaffordable city worldwide, only behind Hong Kong, according to a UBS global real estate report.
Average condo prices in central Tokyo were bumped up in the past year by a large supply of high-end residences hitting the market.
Persons:
Kawamata, she'd, I'm, haven't, Cushman, Mari Kumagai, Kumagai, Wang Mao San, Wang, Mari Mochizuki, who's, Mariko Katsumura, Rocky Swift, Sonali Paul
Organizations:
Mori, Kyodo, REUTERS Acquire, Rights, Real Estate Economic, UBS, Reuters, Cushman & Wakefield, Wakefield, Shingi, fusaya Realty Inc, Super, Japan Real Estate Institute, Thomson
Locations:
Tokyo, Japan, Hong Kong, London, Singapore, New York, China, Asia, Asia Pacific, Australia, Taiwan, Taiwanese, Osaka, Tokyo's