If it wasn't already official, it is now — Tokyo is the one to watch in 2019.
Japan's capital topped Christie's International Real Estate's Luxury Defined list of the top six cities to watch this year, coming in ahead of Hong Kong, Paris, Sante Fe, Sao Paulo, and Atlanta.
There's plenty on the horizon for the world's most populous metropolis, with the 2019 Rugby World Cup followed closely by the 2020 Olympics.
Sonny Saito, CEO of JCR Christie's said the city was regenerating to meet the renewed real estate demand.
Luxury Defined's top 6 cities to watch in 2019:
- Tokyo, Japan
- Hong Kong
- Sante Fe, New Mexico, United States
- Paris, France
- Sao Paulo, Brazil
- Atlanta, Georgia, United States
“In anticipation of the 2020 Olympics, this city is seeing vibrant transformation and growth,” he said.
"There are more developers building high-end properties for the growing number of domestic billionaires in Tokyo, as well as international high-net-worth buyers attracted by the Comprehensive Special Zone program’s tax incentives."
The Wall Street Journal recently noted that Japan was experiencing increased demand from foreign buyers who want upscale amenities and a safe place to invest.
This has been coupled with stability from the Japanese Yen, which has remained strong in recent times.
Mr Saito said there was plenty of activity across the market.
“The second-hand residential market is also showing an increase in real estate values due to significant demand in anticipation of the 2019 Rugby World Cup and casino resort developments," he said.
"Land scarcity is also pushing up prices."
Source: Christie's International Real Estate
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