Used Condo Prices in Central Tokyo Log 1st Fall in 26 Months

Tokyo, July 23 (Jiji Press)–The average price of used condominiums in Tokyo’s 23 special wards fell 0.8 pct from the previous month in June, marking the first monthly decline in 26 months, real estate research firm Tokyo Kantei Co. said Thursday. The average price sagged to 127.41 million yen per 70 square meters as unsold high-priced properties accumulated, prompting sellers to lower their prices. Still, the June figure was second only to the record high set in May and up 23.3 pct from a year earlier. The central Tokyo condo market could remain in a correction phase until the end of the year, according to Tokyo Kantei. Meanwhile, the average price in the Tokyo metropolitan area, which comprises the whole of Tokyo and the neighboring prefectures of Kanagawa, Saitama and Chiba, rose 1.3 pct from the previous month to a record 74.54 million yen. “Real demand remains firm, and prices are likely to continue rising moderately in reasonably priced areas such as Tokyo outside the central area, as well as in Kanagawa, Saitama, and Chiba,” a Tokyo Kantei official said. END [Copyright The Jiji Press, Ltd.]