Tokyo may soon see a shortage of new apartments
In July, the number of unsold new apartments across greater Tokyo fell to 4,247 units - the lowest level seen since 1990.
In the first half of the 2000s, land prices started to rise as a surge in activity by real estate funds started an investment boom. In addition, strong demand for steel from emerging economies pushed up construction costs in Japan. As a result, developers repeatedly pushed up apartment prices. The sudden drop in demand from buyers when the global financial crisis hit in 2008 left a growing inventory of unsold apartments.Read more