A: Hey there! Guess what? Did you hear about the prices of used condos in central Tokyo?
B: Nope, what's up with that?
A: Well, it turns out they're skyrocketing! A research firm named Tokyo Kantei surveyed some previously owned condos and found that the average price is almost 105 million yen, or about 710,000 dollars. That's a whopping 39% increase from last year!
B: Whoa, that's a big jump! Is this the third month in a row it's been above the 100-million-yen mark?
A: Yep! And prices in the central wards are especially high, double or even more than other areas.
B: I see... So why's this happening? Is it because people want to live closer to work with the commute back to normal after COVID-19?
A: Exactly! Tokyo Kantei senior analyst Takahashi Masayuki said that's one reason. He also mentioned that demand from foreigners looking for investment properties is rising too.
B: Nope, what's up with that?
A: Well, it turns out they're skyrocketing! A research firm named Tokyo Kantei surveyed some previously owned condos and found that the average price is almost 105 million yen, or about 710,000 dollars. That's a whopping 39% increase from last year!
B: Whoa, that's a big jump! Is this the third month in a row it's been above the 100-million-yen mark?
A: Yep! And prices in the central wards are especially high, double or even more than other areas.
B: I see... So why's this happening? Is it because people want to live closer to work with the commute back to normal after COVID-19?
A: Exactly! Tokyo Kantei senior analyst Takahashi Masayuki said that's one reason. He also mentioned that demand from foreigners looking for investment properties is rising too.
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Summary
Used condo prices in central Tokyo are escalating rapidly, with an average price of approximately 105 million yen (710,000 USD), marking a 39% increase from last year. This is the third consecutive month that prices have exceeded the 100-million-yen mark. The surge in prices is attributed to