The price of second-hand apartments in Tokyo has dropped for the first time in 37 months.

The long-term increase in prices of second-hand apartments in central Tokyo has come to a halt, as the Japanese government has stepped in to curb the skyrocketing prices. In addition, rising inflation and interest rates have weakened investors' demand for real estate. Data from Tokyo Appraisal Co., Ltd. shows that in February, prices of second-hand apartments in central Tokyo fell by 0.2% compared to the previous month, marking the first monthly decline in 37 months. Data from real estate brokerage firm FJRealty also shows that in January, the average prices of second-hand apartments in popular bay area communities such as Toyosu and Kachidoki dropped compared to December, marking the first decline in five months. Masayuki Takahashi, a senior researcher at Tokyo Appraisal, said, "Buyers are struggling to keep up with the soaring prices, while housing inventory is accumulating and the proportion of properties sold below the listed price is increasing. Selling properties at the aggressive prices seen in the past has become very difficult."