TOKYO, Oct 05 (Japan Times) - 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.
The flood of investment drove the average price for a new condominium in central Tokyo up 60% to a record ¥129.6 million ($865,000) in the first half of this year, according to the Real Estate Economic Institute.
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.
A 60 square meter apartment in Tokyo now costs 15 times a skilled worker's salary, up from 10 times a decade ago and well above prices in London, Singapore and New York, the UBS report showed. ...continue reading