Photographer: Kiyoshi Ota/Bloomberg Chinese Investor Buys Tokyo’s Most Expensive House Since 2004

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A Chinese investor paid the highest price for a newly built Tokyo house in more than a decade as residential property values in the Japanese capital accelerate.

The unidentified investor in August bought two adjacent houses for about 690 million yen ($5.8 million) and 680 million yen each, said Mitsuo Hashimoto, the president of Housing Japan K.K., which developed and sold them. That is the most expensive price for a new house in Tokyo since at least 2004, according to data from the Tokyo-based Real Estate Economic Institute Co.

Residential properties prices in Tokyo have climbed for the past three years as Prime Minister Shinzo Abe seeks to defeat deflation through monetary and fiscal stimulus. With wealthy Chinese snapping up luxury homes from Sydney to Vancouver, real estate agencies have also been bringing property buyers to Japan as the yen has declined against the yuan.

“If you compare Japan to the world’s other major capitals, ownership of property by foreigners in Tokyo is tiny,” said Hashimoto in an interview Tuesday. The recent downturn in China’s stocks is prompting wealthy mainland investors to put money into less volatile property assets, he said.

Visitors from mainland China to Japan more than doubled to 3.35 million in the first eight months of 2015 from the same period a year earlier, making them the single largest group, according to data from the Japan Tourism Agency. An additional 2.47 million visitors came from Taiwan and 991,800 from Hong Kong.

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