Tokyo Used Condominium Prices Fall for First Time in 28 Months
Prices of used condominiums in Tokyo fell for the first time in two years and four months in August, ending a 28-month streak of increases, while neighboring Chiba and Kanagawa prefectures recorded their fourth consecutive month of gains. (News On Japan)
Tokyo condominium resale prices declined for the first time in 28 months in August, marking a shift from a 28-month period of increases. The average price of a 70-square-meter used condominium dropped 0.2% to 112.74 million yen in August, with a decline across 23 wards. Neighboring Chiba and Kanagawa prefectures, however, saw a 2.3% and 0.7% rise in prices, respectively.
Tokyo Kantei, a real estate research company, attributed the decline to a correction following years of price surges driven by investment demand. The company warned that neighboring prefectures could face downward pressure on housing demand by 2027 due to rising interest rates and other factors.
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