Olympic Games bid boosts Tokyo’s property market | 8 May 2014
Tokyo’s successful bid to host the Olympic Games in 2020 has driven significant growth in the city’s commercial property market, wsj.com reports.
According to new figures from US real estate firm Jones Lang LaSalle, a wave of fresh international interest saw property transactions reach $10.1 billion for the first quarter of 2014, marking a rise of 71 per cent from the same period of 2013.
The growth comes as the Japanese capital looks to recover from a series of price drops which began in the early 1990s. After securing itself as the host city for the 2020 Olympic Games, though, Prime Minister Shinzo Abe vowed to focus on growth and the commercial property market is beginning to reap the rewards.
One of the city’s hotel managers, Malcolm Thompson, spoke highly of ‘Abenomics’, the term given to the forward-thinking policies adopted by the prime minister. He was quoted by cei.asia as saying: “Corporate activity has never been stronger and hotels are benefiting from this as well as the spotlight that the awarding of the 2020 Summer Olympics has had on the country.
“The right to stage the Summer Olympics was a firm vote of confidence in Japan and its people, which has given everyone here a renewed sense of purpose and confidence. Optimism abounds – which is a very powerful force.”
The latest growth means that Tokyo’s property market was more valuable in the first three months of the year than those of both London and New York.
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