Prices in Tokyo’s most exclusive neighborhoods are rising, as more buyers want to be near good shopping and dining. Here, Tokyo Tower, a communications and observation tower on the right of the image, dominates the skyline. Jeremie Souteyrat for The Wall Street Journal
Homes

Tokyo’s Growing Yen for High-Rise Apartments

An uptick in demand for high-rise luxury apartments in Japan’s capital city is driven, in part, by younger couples, tech entrepreneurs and foreign buyers want more upscale amenities.

Prices in Tokyo’s most exclusive neighborhoods are rising, as more buyers want to be near good shopping and dining. Here, Tokyo Tower, a communications and observation tower on the right of the image, dominates the skyline. Jeremie Souteyrat for The Wall Street Journal

In Tokyo—both in the old days and today—the closer a home is to the emperor’s Imperial Palace, the higher the status of its owner.

Three of the capital’s most exclusive neighborhoods, Azabu, Aoyama and Akasaka, popularly known as the three As, are located just south of the palace. Here, luxury residential towers that cater to the city’s elite now sit where feudal lords once had their lavish villas.

Among...