The price premium for a Tokyo Tower view: evidence from quantile difference-in-differences analysis during COVID-19 pandemic

Abstract This study investigates whether Tokyo Tower’s visibility premium persisted around the coronavirus disease 2019 shock. By measuring Tower views using three-dimensional geographic analysis in ArcGIS Pro, this hedonic study applies a quantile difference-in-differences model using online condominium sales (2017–22) in seven Tokyo wards to compare pandemic-era price appreciation for residential units with and without a Tower view. This study finds that most fundamental variables exhibit consistent effects on property values, while Japan-oriented features (e.g. south-facing and corner units) show nonlinear impacts across price ranges. Scenic access to Tokyo Tower enhances appeal across all price quantiles, reflecting its historical significance and the increasing scarcity of unobstructed Tower views in Tokyo’s densifying skyline. During the pandemic, condominiums with a Tokyo Tower view appreciated more than those without, particularly in the upper-end market, suggesting that landmark visibility remains a valued amenity with stronger post-pandemic salience. Higher-priced properties with scenic views reflect broader market adjustments; developers may prioritize premium sites with view-related advantages, while higher-end buyers place greater value on scarce view amenities, thereby reinforcing price differentials across neighbourhoods. Overall, these findings clarify spatial and distributional variation in housing demand and illustrate how skyline change, view governance, and landmark-view valuation shape housing-market differentiation in high-density cities.