The average price of existing condominiums in Tokyo in August dropped 0.2% from the previous month to ¥112.74 million per 70 square meters, down for the first time in 28 months, real estate research firm Tokyo Kantei said Thursday. The average price fell 0.7% to ¥180.68 million in six central wards — Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya — and 0.4% to ¥126.67 million in all 23 wards of the Japanese capital. While the rates of declines were modest, some condos were marked down after soaring prices resulted in an increase in inventories.
Some investors have started to sell condos in anticipation of stricter regulations on short-term transactions, according to the company. Condo prices “may enter a full-scale downtrend,” a Tokyo Kantei official said. Still, the average price of secondhand condos was up 24.1% year on year in the whole of Tokyo and 18.2% in the 23 wards.
Extract — continue reading at the source.
