According to the Japan Real Estate Institute’s latest report on global real estate prices, an apartment in the wealthy Motoazabu district in Tokyo is cheaper than one in Beijing, Shanghai, Hong Kong, Taipei, Singapore, New York, and London.
Buying an apartment in Hong Kong would cost 2.182 times as much, and in London would cost 1.813 times as much.
As for the high-end rental market, again using Motoazabu as the base, apartment rents in London were 2.265 times as high, and 2.09 times as high in New York.
The Institute does point out that data has been converted to Yen. With the Yen at a 24-year low, property prices in Tokyo can seem a lot lower than other international cities.
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