TOKYO –
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.
According to real estate research company Tokyo Kantei, the average asking price of a 70-square-meter used condominium in Tokyo declined 0.2% from the previous month to 112.74 million yen in August.
The decline marked the first monthly drop in Tokyo in 28 months, with prices in the capital’s 23 wards falling for the third consecutive month.
In contrast, prices in neighboring Chiba Prefecture rose 2.3% from July, while Kanagawa Prefecture recorded a 0.7% increase. Both prefectures saw prices rise for the fourth consecutive month.
Tokyo Kantei said the decline in central Tokyo reflects a correction following several years of sharp price increases driven partly by investment demand.
The company warned that neighboring prefectures could also face downward pressure on housing demand from 2027 onward as rising interest rates and other factors potentially weigh on the property market.
Source: FNN
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