Existing Condo Prices in Tokyo Log 1st Fall in 28 Months in Aug.

Tokyo, Sept. 24 (Jiji Press)--The average price of existing condominiums in Tokyo in August dropped 0.2 pct from the previous month to 112.74 million yen per 70 square meters, down for the first time in 28 months, real estate research firm Tokyo Kantei Co. said Thursday.

The average price fell 0.7 pct to 180.68 million yen in six central wards--Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya--and 0.4 pct to 126.67 million yen in all 23 wards of the Japanese capital.

While the rates of declines were modest, some condos were marked down after soaring prices resulted in an increase in inventories.

Some investors have started to sell condos in anticipation of stricter regulations on short-term transactions, according to the company.

Condo prices "may enter a full-scale downtrend," a Tokyo Kantei official said.

[Copyright The Jiji Press, Ltd.]