Tokyo, which is also densely populated, also experienced skyrocketing housing prices due to the Olympics, is also rich in resources, and is also experiencing an influx of people. During Japan's economic crisis in the 1990s, Tokyo was not immune to the collapse of housing prices.

How did the Japanese economy, which had maintained double-digit GDP growth in Tokyo before the nuclear explosion, fall into recession after experiencing the collapse of the "land myth", the bankruptcy of small and medium-sized banks, and the exposure of securities scandals?

How did Tokyo house prices collapse when Tokyo house prices will never fall?

Since the 1960s, Japan has maintained a rapid economic growth of 10% per year, transforming from a small agricultural economy into the world's largest exporter of steel and automobiles in just 20 years.

At the 1964 Tokyo Olympics and the 1966 Osaka World Expo, Japan showed the world the image of a country that had recovered from the shadow of defeat.

In preparation for the Tokyo Olympics, Japan has built a series of transportation infrastructure and built cities.

These large-scale constructions have led to strong development of Japan's real estate industry.

At that time, Tokyo was considered the most dynamic cosmopolitan city in the world.

In 1969, futurist Herman Kahn predicted in his book "The Coming Superpower" that Japan would become the world's largest economic power by the year 2000.

However, before the prediction could be verified, Japan fell from the paradise of prosperity into the abyss of crisis.

In 1990, the bubbles in the Japanese stock market and property market burst one after another, and the Japanese economy has been in slump since then, entering the "lost twenty years".

Today, both ordinary Japanese people and high-ranking officials hope to take advantage of the opportunity to host the 2020 Olympic Games again to boost Japan's economy.

The Japanese government plans to use Tokyo as an economic growth zone and carry out large-scale redevelopment.

Plans such as investment in public facilities, policy relaxation, and tax system reform have all begun.

Foreign capital is also ready to move.

A group of sovereign wealth funds are pouring into Japan's real estate market.

Qatar just bought a series of bowling alleys; Azerbaijan is close to buying the Tiffany Tower in Ginza, while Singapore is preparing to buy the Meguro Gajoen, a wedding venue in southwest Tokyo... After 20 years of sluggishness, Japan's real estate market seems to be reviving

dawn.

At this time, looking back at the real estate bubble crisis that occurred at the end of the 20th century may help Japan not to make the same mistake again.

Olympic Boom The 1964 Tokyo Olympics is considered one of the most successful Olympic Games in history.

Japan has become the first country in the world to use the Olympic Games to drive rapid economic development.

During the preparations for the Tokyo Olympics, the Japanese government is carrying out plans to double income and achieve rapid growth of the national economy.

Taking this opportunity, Tokyo and various parts of Japan have carried out large-scale construction and built a number of transportation infrastructure.

Among them, the Shinkansen high-speed railway system, which the Japanese are quite proud of, was built at this time.

On October 1, 1964, on the eve of the Tokyo Olympics, the Tokaido Shinkansen line connecting Tokyo and Shin-Osaka began operation. This was the world's first high-speed railway system to be put into commercial operation.

Data shows that Japan’s total investment in all related undertakings of the Tokyo Olympics is as high as 1 trillion yen.

According to the exchange rate at that time, it was about 3 billion US dollars.

This created the highest investment record in the history of the Olympic Games at that time.

Among them, the Japanese government invested 16 billion yen in competition facilities and the Olympic Village, 82.5 billion yen in the construction of road transportation facilities, and 6 billion yen in operating expenses.

All investments other than this have been used to complete the construction of urban infrastructure such as Shinkansen lines, expressways, and subways.

This proportion of investment shows that Japan is not investing just to host the Olympics.

Large-scale construction has led to the strong development of real estate, construction, service, transportation, communications and other industries, thereby driving the overall take-off of the Japanese economy.

From 1962 to 1964, Japan experienced a period of "Olympic boom".

The real estate industry is most affected by the Olympic Games.

In addition to the construction of venues, residential buildings around Tokyo are developing at a rapid rate.

In 1964, the total number of private residential buildings in Japan increased by 71% compared with 1951, while the value of construction contracts in 1963 and 1964 increased by 32.9% and 27.8% respectively compared with the previous year.

From 1961 to 1963, Japan's real estate industry ushered in its heyday with both volume and price rising.

At that time, in just two years, 62 apartment buildings with 2,191 units were built in Japan, and prices nearly doubled from before.

In 1964, the average selling price of an apartment in Japan was 9.5 million yen, with the highest price reaching 18.8 million yen.

In the 1980s, Japan's economy entered a dazzling heyday.

Products made in Japan are distributed around the world, and Japanese companies invest heavily in and acquire products around the world.

In 1985, Japan replaced the United States as the world's largest creditor nation.

American banks, supermarkets, and even Hollywood's Columbia Pictures and New York's iconic Rockefeller Building have all become Japanese possessions.

However, when the Japanese are arrogant and think that they are the "king of the world", a crisis is brewing.