"This apartment is in the Hiroo neighborhood in the Shibuya ward of Tokyo. Last renovated in April 2008, it has 82.8 square meters (about 890 square feet), with new hardwood floors and wallpaper, and a new kitchen and bath. The windows face southeast, allowing for sunlight all day. The tree-lined views from the master bedroom and living room are of Shoun-ji Temple, a Zen Buddhist center. The apartment is one of 11 units in a five-story 1978 building." According to the New York Times - Great Homes and Destinations.
In Tokyo, this is your typical apartment price. Japans economy has been suffering for years, and real estate buyers have become increasingly scarces due to this fact. Renting has become the norm, and keeps your everyday Japanese citizen up on these risky economic times.
“The Tokyo real estate market has declined since the Lehman shock by 20 to 40 percent,” claims Zoe Ward, an agent in the sales division of Housing Japan, the firm listing the property described above. “However, we think it has hit the bottom.”
Why does all of this matter? Why wouldn’t it matter? Japan is a great and beautiful country and many job opportunities are there for Americans who are interested in overseas work. But if your dream job were to present itself and you are expected to move your family to Japan - given the current American economy how will you ever be able to afford a nice home? You'd most likely to get stuck with less then your moneys worth, or being put into the renting circuit. The economy's of those overseas DO matter to Americans, its just getting Americans to notice.
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