{"id":23175,"date":"2016-08-17T18:09:52","date_gmt":"2016-08-17T11:09:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/not-even-the-2020-olympics-is-helping-tokyo-condo-prices\/"},"modified":"2016-08-17T18:12:02","modified_gmt":"2016-08-17T11:12:02","slug":"not-even-the-2020-olympics-is-helping-tokyo-condo-prices","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/not-even-the-2020-olympics-is-helping-tokyo-condo-prices\/","title":{"rendered":"Not even the 2020 Olympics is helping Tokyo condo prices"},"content":{"rendered":"


\nJapan\u2019s currency is strengthening at the expense of the Tokyo property market
\nSeveral sporting events will take place around the waterfront of Tokyo, host of the 2020 Summer Olympic Games. Image credit: superidoljp (Flickr)
\nWith foreign buyers put off by an appreciating yen, the average condominium price per unit in Tokyo dropped by about 5 percent to JPY56.56 million (USD563,000), the Nikkei Asia Review reported, citing new data by the Real Estate Economic Institute.
\n\u201cWith the yen strengthening, we\u2019re not seeing the sort of explosive buying we used to,\u201d a source at Sinyi Realty, a Taiwan-based real estate office with operations in Japan, said.
\nCiting a real estate insider, the Nikkei Asia Review reports that condo owners are now selling units around Tokyo\u2019s waterfront, a site of several events in the 2020 Summer Olympics, which the country will be hosting.
\nMore: Why Japan has finally decided to scrap plans for its Olympic Stadium
\nA Chinese buying spree had been reported as late as last month in the Japanese capital. Spurred by the yen\u2019s depreciation to a 22-year low and the fever of the upcoming Olympics, Chinese buyers helped drive Tokyo apartment prices to a peak not seen since the 1990s, the Real Estate Economic Institute claimed.
\nRich locals, on the other hand, are also encountering impediments in buying luxury condos for inheritance tax purposes. \u201cScrutiny of tax avoidance\u201d through condo investment is being ramped up in the city, according to Tomohiro Makino, president of consulting firm Oraga HSC.
\n\u201cThere aren\u2019t any plans for big properties with luxury units to go on the market like there were last year,\u201d Tadashi Matsuda, a researcher at the institute, told the Nikkei Asia Review.
\nRead next: Japanese ski market recovers from some lean times
\n
\nSource : property-report.com
\nRead more…Not even the 2020 Olympics is helping Tokyo condo prices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Japan\u2019s currency is strengthening at the expense of the Tokyo property market Several sporting events...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-23175","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-61N","jetpack-related-posts":[{"id":31702,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-foreign-investors-are-turning-their-back-on-japan\/","url_meta":{"origin":23175,"position":0},"title":"Why foreign investors are turning their back on Japan","date":"October 26, 2016","format":false,"excerpt":"\r Selling much more than they\u2019re buying Tsutenkaku tower in Osaka, Japan. Nattee Chalermtiragool \/ Shutterstock.com Foreign investors are shunning the expensive Japanese property market as real estate prices continue to rise. There were JPY595 billion (USD5.72 billion) more in property sales from foreign investors than purchases in the first\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28919,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-condo-sales-in-tokyo-crashed-to-24-year-low\/","url_meta":{"origin":23175,"position":1},"title":"Why condo sales in Tokyo crashed to 24-year low","date":"October 7, 2016","format":false,"excerpt":"\r Even with fixed mortgage rates at record lows, the Japanese shy away from apartment purchases Minato-ku, Tokyo. 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In 2018, they were in second and third spots, behind Hong Kong.\u201cAfter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27899,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pressed-for-land-singaporean-developers-explore-growing-indian-cities\/","url_meta":{"origin":23175,"position":5},"title":"Pressed for land, Singaporean developers explore growing Indian cities","date":"September 30, 2016","format":false,"excerpt":"\r From Millennium City to mountain towns, India\u2019s cities are piquing interest \u2018Cyberhub\u2019 in Gurgaon. Amlan Mathur\/Shutterstock With India urbanising fast, Singaporean developers are taking their projects away from the land-scarce city-state and into the subcontinent\u2019s ever-multiplying cities. 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