Tokyo KanteiPrivate▼ Negative
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Tokyo Kantei's data shows used condo prices in central Tokyo fell for the first time in 26 months, indicating weakening demand and price correction.
Tokyo Kantei announced on the 23rd that the average price of used condominiums in Tokyo's 23 wards in June fell 0.8 percent from the previous month to 127.41 million yen, marking the first month-on-month decline in 26 months. The drop was driven by unsold properties that had been priced high due to an influx of speculative money, prompting sellers to cut prices. The price correction in central Tokyo could continue through the end of the year. Meanwhile, prices in the greater Tokyo area rose 1.3 percent from the previous month to 74.54 million yen, hitting a record high, as the growing number of unsold high-end properties in the city center increased their share of the overall market and pushed up the average price.
Tokyo Kantei's data shows used condo prices in central Tokyo fell for the first time in 26 months, indicating weakening demand and price correction.