New Patterns of Property Investment in " Post-Bubble " Tokyo

Les nouvelles formes de l'investissement immobilier dans l'après-bulle à Tokyo

Natacha Aveline-Dubach (1)

1 GC (UMR_8504) - Géographie-cités

This chapter focuses on the change in the status of land in Tokyo’s real estate economy under the influence of real estate securitization. The main argument is that the development of REITs, against a background of demographic shrinkage and sluggish land prices, has put an end to the use of land as a “quasi-financial” asset that characterized the golden age of the developmental state. With the (re)embedment of land in the economy of urban development, investment strategies in the Japanese property industry are shifting from an exclusive focus on land to a more conventional conception of real estate.

Mots clés: real estate; property; Japan; Tokyo; securitization; urban; land development

Domaines: Géographie; Economies et finances

Natacha Aveline-Dubach. New Patterns of Property Investment in " Post-Bubble " Tokyo: The Shift from Land to Real Estate as a Financial Asset. National Taiwan University Press. Globalization and new intra-urban dynamics in Asian cities, National Taiwan University Press, pp.265-294, 2014, Globalization and new intra-urban dynamics in Asian cities, 9789863500216. ⟨halshs-01242564⟩