Foreigners snatch up Tokyo used condos they see as undervalued

Local middle-income families priced out of red-hot market

20230628N Tokyo condos

Average resale value for condos in greater Tokyo was 132.5% of the new-construction price, according to 2022 data. (Photo by Kai Fujii)

HIROKI MASUDA, Nikkei staff writer

TOKYO -- Existing condominiums in downtown Tokyo are now selling for more than 100 million yen ($695,000) as overseas investors snap them up, seeing the properties as undervalued.

The influx of foreign demand has transformed condos in prime locations from places of residence to investment vehicles for owners with no intent to live there full-time.

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