Tokyo Used Condo Prices Drop for First Time in 37 Months

A long ascent in the price of used condominiums in central Tokyo appears to be stalling, as the government takes steps to tame surging housing costs, and inflation and rising interest rates sap investor demand for real estate.

Used condo prices in central Tokyo fell from the previous month for the first time in 37 months in February, inching 0.2% lower, according to real estate research firm Tokyo Kantei Co. That followed data showing that average contract prices for used condos in popular bay-side neighborhoods such as Toyosu and Kachidoki decreased for the first time in five months in January from December, according to real estate broker FJ Realty Inc.