Surging Tokyo property prices squeeze out young professionals
TOKYO - Mie Kawamata dreamed of owning a home where she could tend a small garden and her 1-year-old daughter could play outside, yet still be close enough to commute to central Tokyo.
"I'm not sure ordinary people can buy a house anymore," Kawamata, 31, said."Housing prices and rents have risen a lot compared to the past, but in the end, salaries haven't gone up that much." The flood of investment drove the average price for a new condominium in central Tokyo up 60% to a record 129.6 million yen in the first half of this year, according to the Real Estate Economic Institute.
A 60 sq m apartment in Tokyo now costs 15 times a skilled worker's salary, up from 10 times a decade ago and well above London, Singapore and New York, the UBS report showed.
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