Population: 13 million.Tokyo residential real estate is perhaps one of the most different of the World City markets in that it is the land that is valued, not the building. Think if it like buying a new car; the value will depreciate almost as soon as it's built. Housing is assumed to have a limited lifespan and generally replaced after 20 to 40 years. The recent earthquake cooled demand for housing property, particularly the luxury market, although the mid-market seems to be stable.
The types of properties rented are very different to the types of those for sale. Rental properties are purpose-built, located in and around the central business districts, targeted at employees of those areas, and command the higher prices. For purchase, inhabitants are more likely to choose detached houses in the suburbs.
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