The price of used condominiums in Tokyo’s 23 wards rose about 27 percent in May from a year earlier.
Real estate research firm Tokyo Kantei says the average listing price of a 70-square-meter unit hit 128 million yen, or 795,000 dollars.
Prices are much higher in the six most central wards, including Chuo and Minato, where the average cost rose 14.7 percent in yen terms to 1.16 million dollars.
The average price in six southern and western wards, including Shinagawa and Setagaya, was roughly 660,000 dollars. That’s up 25.9 percent.
The research firm said that used condominium prices continue to rise significantly, but that some properties in central Tokyo are starting to struggle to attract buyers, prompting sellers to lower their prices.
The Bank of Japan raised its interest rate last week. The firm added that attention is turning to how this will affect housing demand going forward.
AloJapan.com