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In Japan’s housing market, there has always been one verity: Certain parts of Tokyo will always be popular and, therefore, profitable for developers. However, according to various media reports, that verity may have collapsed, at least when it comes to new condominiums.

In its Sept. 17 issue, the weekly magazine Shukan Gendai ran a long report on real estate in Setagaya, which is probably the most desirable of all the city’s 23 wards. According to the article, the common wisdom is that “whatever is built in Setagaya can be easily sold,” and that in the past, new condominium complexes would sell out as soon as they went on sale, well before construction even started. Developers, in fact, count on selling out since it gives them a financial guarantee to proceed with construction.

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