Why Tokyo’s record property prices are not just another real estate bubble [FT.com - Mergermarket]
MITSUBISHI EST UNSP/ADR (MITEY)
NASDAQ:AMEX Investor Relations:
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Source: FT.com - Mergermarket
Jump to comments sectionUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Japanese equity prices hit a historic record last month. The Nikkei 225 benchmark finally surpassed the 1989 peak, reached during the country’s economic bubble era.It is not just stocks hitting fresh highs, but localpropertyAverage prices for new apartments in Japan’s capital of Tokyo hit a record high last year, with the average price of new apartments surpassing ¥100mn ($665,000) for the first time. Over the past five years, prices are up nearly two-thirds.The office market in Tokyo has also been improving with the central five wards in the city showing lower vacancy rates and higher rent levels in the fourth quarter, according to consultancy Colliers Japan. The return of tourists to Japan has boosted business for the hotel management units of local property groups.Surging property prices in recent years has been a common theme for many m
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