Real Estate Facing Global Structural Changes: Critical Insights from Tokyo and Paris’ Markets

The talk took place online on the 10th of November 2022.

Speakers: SHIMIZU Chihiro (Hitotsubashi Univ.), Arnaud SIMON (Paris Dauphine Univ.)
Discussant: Yasmine ESSAFI (American University In The Emirates)
Moderator: Raphaël LANGUILLLON (FRIJ-MFJ)
Organization: FRIJ-MFJ
Co-organization: Center of Real Estate Management of Paris Dauphine University, Hitotsubashi University

After the Tokyo 2020 Olympic and Paralympic Games, Paris is now planning the Olympics for 2024. The Olympics thus form a veritable common thread between the two global cities and call for questioning their convergence and their dissimilarities. Are Paris and Tokyo experiencing similar real estate dynamics? Are they facing the same challenges? Do they provide the same political responses?
This session thus tends to confront the urban trajectories of Paris and Tokyo from a critical reflection on the real estate dynamics that animate the two capitals. As such, real estate is not simply a matter of the production of buildings: it constitutes the living environment of a predominantly urban population, and partly determines the size of households, the number of children, consumption practices, the dynamics of mobility, lifestyles... In this sense, real estate is the marker of multiple economic and structural transformations, affecting as much the economy as demography, planning, sociology, the environment, or public policy again.
This session aims to reflect on the future of our societies and their horizon of collective desirability based on an analysis of contemporary real estate dynamics in Paris and Tokyo.

SHIMIZU Chihiro, Ph.D., is professor at Hitotsubashi University (Tokyo, Japan), member of the Statistics Commission in Japan and affiliate researcher of the Center of Real Estate at Massachusetts Institute of Technology (USA). His areas of expertise are Index Theory, Real Estate Economics, Applied Econometrics and Machine Learning. He has published numerous articles and books in Japan. The last one is Issues and prospects of real estate appraisal :『不動産鑑定評価の課題と展望 （鑑定評価の社会的意義と面白さがわかる！）』住宅新報出版 、2022年

Arnaud SIMON is an associate professor in finance and management, and co-director of the Center for Real Estate Management of Paris Dauphine University. Specialist of real estate market analysis in Europe, he was the scientific director Meilleurs Agents, and is now the one of CLAMEUR (Connaître les Loyers et Analyser les Marchés sur les Espaces Urbains et Ruraux). He wrote numerous articles in international peer-review journals, and is the co-author of an Introduction to Real Estate Finance and Economics (Introduction à la finance et à l'économie de l'immobilier).

After a PhD in Management Sciences at Paris Dauphine University, Yasmine ESSAFI was an associate professor at ESPI Paris (Ecole Supérieure des Professions Immobilières). She works now at Dubai as an expert of globalized real estate markets.