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Central Tokyo Condominium Prices Weaken as Demand Cools Amid High Interest Rates

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Condominium prices in central Tokyo cooled in May amid weakening investor demand due to high interest rates and slower price growth, data from real estate information provider Tokyo Kantei showed.

According to Kantei, the average asking price for existing family-oriented condos in six Tokyo wards, comprising Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya, slipped to 187.5 million yen per 70 square meters in May, down 0.4% from April.

Meanwhile, in central Osaka, existing condominium prices fell 0.3% to 92.92 million yen per 70 square meters, making it a first monthly decline in 29 months, and in central Nagoya, prices slipped 1.4% to 40.96 million yen per 70 square meters, marking the first decline in five months.

The survey data covers properties of 30 square meters or more and excludes office and retail space.

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