This year’s top spot for real estate investment in Asia-Pacific was claimed by Tokyo following the Japanese government’s economic reforms. Followed by Shanghai and Jakarta, according to the Urban Land Institute and Price Waterhouse Cooper, Tokyo has been described as a “magnet” for investors. Last year, the city was listed as number 13 in the same report.
The economic turn appears to be a result of Prime Minster Shinzo Abe’s efforts to end a significant deflationary spiral. His reforms, or “Abenomics,” have already had a significant impact on the economy. According to the report, 2013 saw Tokyo amass significant transaction volume, and sales of office, warehouse and retail space have climbed 85% during the first half of the year.
The report quotes a source as stating: “We’re very bullish on Tokyo, particularly around refurbishing existing assets- focusing on energy and sustainability and repositioning from a B- to an A- grade.”