Luxury apartments in Tokyo have increased more than those in New York.
Choo Seong-hoon’s ‘5 billion’ private property in the city of Tokyo appeared for the first time
Looking at Tokyo housing price trends… The ‘break’ continues
Photo = Reporter Byeon Seong-hyeon Athlete and mixed martial arts broadcaster Choo Seong-hoon has become a hot topic by revealing his expensive home in Tokyo, Japan.
On the 21st, a video titled ‘Chu Sung-hoon lives in a rented room at Yano Shiho’s house’ was posted on the YouTube channel run by Choo Sung-hoon. It was about bringing the structure and interior of the house into the production team.
Choo Seong-hoon’s house, which stands out for its large windows and balcony with a panoramic view of the city, is located in the center of Harajuku, Tokyo. Choo Seong-hoon, who revealed that he is a homeowner, said, “There are a lot of apartments in this neighborhood. The most expensive one costs up to 1 trillion Korean won. This place is nothing.”
Photo = Choo Seong-hoon YouTube When asked about the current price of his house, Choo Seong-hoon said, “(Korean currency) won about 4 to 5 billion,” and added, “Even if you work hard, you can’t get there, but you have to aim high, so it’s fun for a man.
In Tokyo, Japan, a rapid rise in housing prices has been seen recently. According to a release from the Japan Real Estate Economic Research Institute in January this year, the average price of new houses in Tokyo’s 23 wards as of 2023 was 114.83 million yen (about 1.04 billion won), up 39.4% from the previous year, higher than 100 million yen for the first time in history. At the time, the Nihon Kei Shimbun (Nikkei) said, “This is the first time that the price of a new apartment in central Tokyo has exceeded 100 million yen since 1974, when relevant data is available. “
As of October this year, the latest average price of new homes in Tokyo’s 23 wards was 129.4 million yen (about 1.17 billion won), remaining in the 100 million yen range for six consecutive months. In April this year, a study showed that among 15 major cities in the world (New York in the US, London in the UK, Sydney in Australia, etc.), the rate of increase in Tokyo’s ‘luxury apartment’ prices was the highest by 1.5%. . Nikkei analyzed, “Due to the decline in the value of the yen, overseas investment demand for luxury apartments in Japan is increasing, and domestic wealthy people are also actively buying real estate because low interest rates.”
Cityscape of a financial district above residential apartments, west of Shinjuku, Tokyo, Japan. / Photo = Getty Image Bank The increase in apartment prices in the Tokyo metropolitan area near the station is also notable. According to Nikkei, the average sales price for newly built Tokyo apartments (30㎡ or more) within a 5-minute walk from the station from January to September this year was 114.49 million yen (win about 1.032 billion), double the price 10 years ago. The construction material is also not easy. As of August this year, the average selling price of used homes in Tokyo’s 23 wards was 77.5 million yen (about 720 million won), up 2.6% from the previous month, registering the highest increase in 17 years.
Hong Min-seong, Hankyung.com reporter mshong@hankyung.com
2024-11-22 07:32:00
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How does the portrayal of luxury housing in Tokyo in the article reflect broader societal values and aspirations in Japan?
I’ll prepare some open-ended questions based on the provided article, focusing on prompting discussion and exploring diverse perspectives.
**I. The Rising Cost of Luxury in Tokyo:**
* Choo Sung-hoon mentions his apartment costing “4 to 5 billion won”. Do you think this highlights a growing gap between the ultra-wealthy and everyone else in cities like Tokyo? What are the societal implications of such a divide?
* The article states that Tokyo’s luxury apartment prices have been increasing at a faster rate than those in New York. What factors might be driving this trend? Are these trends sustainable?
**II. Housing Affordability and Accessibility:**
* The article points out that the average price of a new apartment in Tokyo’s 23 wards has surpassed 100 million yen. How does this impact the average person trying to find housing in Tokyo? What solutions might address this issue of affordability?
* The article mentions that proximity to train stations significantly affects apartment prices. How might this factor contribute to social inequalities and urban planning challenges?
**III. Choo Seong-hoon’s Perspective:**
* Choo Seong-hoon emphasizes the importance of “aiming high”. Do you think his perspective reflects a broader cultural attitude towards wealth and success in South Korea or Japan?
* What are the potential benefits and drawbacks of public figures sharing their personal wealth and luxury living situations?
**IV. Global Comparisons:**
* How does Tokyo’s housing market compare to other major global cities like New York, London, or Seoul? What are the key similarities and differences?
* The article mentions that overseas investment in Japan’s real estate market is increasing. What impact does this have on local residents and the domestic housing market?
**V. Looking Ahead:**
* What are some potential long-term consequences of the continued rise in housing prices in Tokyo? How might these trends affect the city’s demographics, economy, and social fabric?
* Are there any potential solutions or policy interventions that could help to manage the growth of housing prices and ensure greater affordability?
I hope these open-ended questions stimulate a rich and nuanced discussion about the topics raised in the article.
