Used condominium prices in central Tokyo fell for second month in March, stoking concerns that Japan¡¯s property boom may be losing momentum.
Average prices of previously occupied apartments in the six central wards of Tokyo fell 0.2% in March from the previous month to ?187.3 million ($1.2 million), according to data released Thursday by research firm Tokyo Kantei. That was the first back-to-back decline in more than three years.
Weighing on market sentiment are signs that policymakers are growing cautious about rampant spending by investors that may drive away home buyers. The Bank of Japan said last month it will closely monitor real estate loans by regional banks, while local governments have warned against quick reselling of properties. There¡¯s also the risk that the Middle East conflict will further push up the cost of living and weaken consumer demand, a negative for the housing market.
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