Monday, June 13, 2005

Japan's property market changing

Japan's property market is "currently undergoing extensive restructuring", reports the Taipei Times.

As a dramatic deterioration in real estate prices that lasted for 14 years has now stopped, land prices in the country's six largest cities have started to rise once again.
Against the backdrop of recovery in the world's second largest economy, Japan's real estate market is becoming more attractive to foreign investors as a result.

The story gives some interesting facts:

  1. The sheer size of the portfolio indicates the importance of the Japanese market. Greater Tokyo generates as much GDP as the whole of Germany.
  2. Each square kilometer of Tokyo generates US$53 million dollars of annual GDP, 10 times what Germany generates per square kilometer.
  3. The three main business districts of Minato, Chiyoda and Chuo alone accommodate 40 million m2 of office floor space, which is more than in New York and about twice as much as London.
  4. Annual rents collected in these three Tokyo districts amounted to US$47 billion dollars, which was more than in Manhattan and London combined.

Full Story - Taipei Times

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