Tokyo condo prices fall two months in row in sign boom may fade

Tokyo's central condo market sees second consecutive monthly price drop, signaling a potential end to the long-running property boom. | Contesto: cronaca

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• Tokyo condo prices fall two months in row in sign boom may fade

Contesto

Average prices for previously occupied apartments in Tokyo's six central wards declined for a second consecutive month in March, falling 0.2% from February to ¥187.3 million ($1.2 million), according to data released this week. The dip follows a 0.1% decrease in February, marking the first back-to-back monthly declines in over two years and raising questions about the durability of the capital's historic property surge. The cooling trend in the city's most prestigious and expensive residential districts—Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya—contrasts sharply with the relentless growth that defined the market for much of the past decade. Analysts point to a confluence of factors behind the shift, including a recent rise in mortgage rates following the Bank of Japan's historic policy shift away from negative interest rates. This has increased borrowing costs for prospective buyers, dampening demand at the market's peak. Furthermore, the sheer altitude of prices themselves appears to be hitting a natural ceiling. After years of double-digit annual percentage gains, the cost of entry into central Tokyo has stretched beyond the reach of all but the most affluent households and investors. Real estate agents report a growing inventory of high-priced units sitting on the market for longer periods, suggesting a mismatch between seller expectations and buyer willingness to pay at current valuations. The broader national context adds another layer of complexity. While central Tokyo shows early signs of fatigue, property prices in other major urban areas and for new construction in Tokyo have not yet exhibited the same pattern of decline. This divergence indicates the slowdown may initially be confined to the top tier of the secondhand market, where speculation and investment activity have been most concentrated. Economists are watching closely to see if this is a localized correction or the leading edge of a broader market turn. The sustained boom was fueled by years of ultra-loose monetary policy, strong corporate investment, and Tokyo's enduring appeal as a safe-haven global city. The market's resilience even through the pandemic, supported by a demand...

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Categoria: cronaca