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Japan property deals poised for first drop in 3 years

Fewer listings and high prices drive foreign investors away

People cross a street in Tokyo's Shinjuku district.   © Reuters

TOKYO -- Real estate transactions in Japan are on track to fall for the first time in three years, as overseas buyers shy away from a property market that is showing signs of overheating.

Property deals totaled 3.26 trillion yen ($29.3 billion) from April 2018 to last month, down more than 30% from a year earlier, according to the Urban Research Institute, a Mizuho Trust & Banking group company.

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