Condo Sales Drop in Tokyo
Is it time to buy a condo in Tokyo? Prices are dropping and will probably continue downward during the first two quarters of 2009. This in from Japan Economy News and Blog:
Article 1: According to a report released yesterday by the Real Estate Economic Institute, condominium sales in the Tokyo area dropped 14.9% in November, following the 26.0% fall seen in October. At the same time, the number of units sold decreased 16.0% in November, as 11,085 unsold condos remained on the market. The average price of a condo unit in Tokyo increased 7.1% in November, to 50,180,000 yen (about $550,000).The most popular size sold in November was the 3LDK, with 1,987 units being sold in the area including Tokyo, Kanagawa, Saitama and Chiba. The price range seeing the greatest number of sales was from 25 million to 30 million yen, with 333 units. Nine condos priced above 200 million sold in Tokyo in November, while none sold for over 300 million yen.
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