Olympic Success for Japan

Ray Withers, Chief Executive, Property Frontiers, talks about what the Olympic Games will mean for Japan, a country close to his heart.

I was thrilled to hear that Tokyo has won the race to host the 2020 Olympic and Paralympic Games, making it the first Asian city to ever host the Games for a second time. Though I commiserate with Madrid and Istanbul for losing the competition, being half Japanese I had to celebrate Tokyo’s victory, particularly in light of the economic and social boost that the Games will bring to the capital city.

London’s Olympic Legacy
London’s 2012 Olympic legacy was captured recently in the Visit Britain review of the impact of the Games on perceptions of Britain overseas. Press across the world praised Britain for its hosting of the Olympics and for the vibrancy and diversity that our country displayed.

The economic benefits of the 2012 Games to London have been even more far reaching. After just one of the four year programme designed to capitalise on the success of the Olympics, the British government announced an impressive and much welcomed trade and investment boost of £9.9bn.

Planning for 2020
Once the celebrations in Tokyo have finished, the city will be braced for the hard work to begin. Japan faces years of planning, construction and preparation, with thousands of jobs being generated in the run up to 2020. Ten new sports venues are to be built, including some striking developments such as the $1.5bn Kasumigaoka Stadium and the transformation of Tokyo Bay.

Investment Hotspot
There is no doubt that Japan will be an investment hotspot during the coming years. The property market in Tokyo and the surrounding areas is naturally tipped to boom, which will be welcome news following a slump that has lasted for nearly a quarter of a century. Property prices in some areas are down some 80-85% compared with 24 years ago, which is going to create some incredible investment opportunities between now and 2020.

The Sourcing team and I will naturally be keeping a close eye on the situation, looking for solid, long-term investment opportunities to offer our clients.