Used condo prices in Tokyo continue to rise

Prices of used condominiums in Tokyo's 23 wards continue to surge with the average topping 119 million yen in December.

Real estate research firm Tokyo Kantei says the average listing price of a 70-square-meter unit was roughly 755,000 dollars last month. That is up 37.1 percent in yen terms from a year earlier.

In Tokyo's six central wards, including Chuo, Minato and Shibuya, the average price surged by 29.7 percent in yen terms to about 1.17 million dollars.

Prices in six southern and western wards of the capital, including Shinagawa and Setagaya, rose by 26.2 percent to roughly 613,000 dollars.

The average price for all of Tokyo also jumped 37.1 percent to more than 102 million yen, or almost 647,000 dollars. It is the first time that the figure has exceeded 100 million yen.

Tokyo Kantei says it has become difficult for people to buy condos as homes rather than as investments.

The firm says the focus now is how long the bullish prices set by sellers will continue.

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