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Luxury condos spreading around Japanese cities and selling fast

Low interest rates, rising costs, rich retirees fueling trend in smaller cities

Fukui Tower Sky Residence, left, is a 28-story, 118-unit condominium being constructed near JR Fukui Station. (Illustration courtesy of Haseko Real Estate Development)

TOKYO -- Luxurious condominium units worth 100 million yen ($735,000) or more, known as "okushon," have been multiplying in parts of Japan where such properties, generally viewed as suited to megacities, have been rare.

In 2022, a total of 452 such condo units were sold outside the three biggest metropolitan areas -- Tokyo, Osaka and Aichi Prefectures -- nearly seven times the number a decade ago.

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