Falling land prices in central Tokyo’s Chiyoda, Chuo and Minato wards encouraged more people to live in the heart of the capital this year, the land ministry said in a report released Tuesday.
This marks the fifth straight year that the figure has risen, according to the report, which was approved during a Cabinet meeting.
The findings contained in the report show that 57 percent of new residents living in condominiums in the three wards cited convenience in terms of traveling to work or school as reasons for living in central Tokyo.
Some 36 percent said they like the local shopping and leisure facilities.
According to the survey, conducted by the Land, Infrastructure and Transport Ministry, the ratio of new residents spending less than 45 minutes to get to work increased to 78 percent from about 50 percent before they moved into the three wards.
Many of the new buyers of condominiums were in their 50s or older, and a significant proportion of the younger owners were single women, the survey shows.
The number of newly built condos in Tokyo, Saitama, Chiba and Kanagawa prefectures that went on sale in 2000 reached a record high of more than 95,000.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.