Selling the Tokyo Sky: Urban Regeneration and Luxury Housing

Abstract

In response to the intensification of international intercity competition, the Japanese government has energetically implemented urban regeneration as a key policy. This has led to a noticeable increase in super-high-rise condominium blocks in the central and waterfront areas of Tokyo with expensive luxury housing on the top floors. Nevertheless, the policy of expanding booms in the housing market in Tokyo cannot necessarily be seen as sustainable but rather appears to be fragile. Transnational housing investment by the wealthy is particularly capricious and subject to relentless changes in economic climates. Moreover, within the context of Japan’s prolonged stagnation, residential properties in the suburbs have continuously been devaluated while housing investment has been intensified in the city centre, increasingly leading to spatial fragmentation. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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