¥455,000,000 JPY | Tokyo, Japan | List Sotheby’s International Realty
“Since Tokyo was announced to host the 2020 Summer Olympics, the real estate market has been rising in Tokyo, especially in the bay area, where most of the competition venues will be located,” said Yutaka Kobayashi, sales director List Sotheby’s International Realty in Tokyo.
“According to the Japan Association of Real Estate Appraisers, condominium prices in the Tokyo Bay area will increase between 10 to 20 percent in two years’ time,” continues Kobayashi. “The upbeat forecasts come as infrastructure development in the lead up to the Games is expected to boost the convenience of the Bay area, hence increasing property values. Most of the major sports venues are scheduled to be located in or near the Bay area, and the Tokyo metropolitan government plans to spend 400 billion yen. Also, given Japan’s rapidly aging population- people aged 65 or older already account for more than 25 percent- the infrastructure for the Olympic Games is expected to be developed in a manner that is friendly to the elderly. Furthermore, ‘washoku,’ or Japanese food, which is globally popular and well known as healthy food, was registered on UNESCO’s list of intangible cultural heritage assets in December 2013, which would help Japan to attract international interest and raise its profile.”