New condominiums are costing more than 10 times the average annual salary in Japan, according to data released by Tokyo Kantei, a real estate market research firm.
Wages are not keeping up with rising costs and developers are, as a result, focusing on the higher end of the market.
Foreign buyers are also a factor. The weak yen makes property in Japan relatively cheap for some overseas buyers, and their rush into the market pushes up prices.
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