In 2024, a couple in their 30s bought a nearly 40-year-old condo in central Tokyo. Their motivation? The skyrocketing prices of used condos. Even with a mortgage exceeding 100 million yen, they remained confident it was a good investment.
But the seller quietly confided, “The location is perfect, but the building has a lot of plumbing problems due to aging.” While this was explained, it didn’t seem to sink in with the buyers.
According to Tokyo Kantei, the average asking price for condos in Tokyo’s six central wards reached a record high of 163.41 million yen (about 70 sqm) as of May 2025 — nearly a 40% jump in just one year.
Toshirou Nakayama, chief analyst at LIFULL HOMES, advises buyers to carefully check the building’s financial situation and repair plans. But in a hot market, people are often swayed by rising prices and overlook critical issues.
One growing concern is “leaseback” deals, where elderly homeowners sell their condos but continue living in them by paying rent. Unfortunately, many don’t fully understand the contracts and end up facing problems.
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For example, a 90-year-old woman in the Kanto region was visited by two real estate agents who stayed for hours and convinced her to sign a contract. When she tried to cancel, they demanded a 6 million yen penalty.
In FY2024, Japan’s consumer centers received 239 complaints about leasebacks — a tenfold increase over five years. Many of these involve non-renewable lease terms, which can leave seniors homeless. Experts are calling for legal protections to prevent more victims.
Lawyer Hiroki Katsuyama, who joined a support group launched in April 2024, warns: “Used condos in big cities are highly liquid, and shady operators won’t stop. We need legal safeguards now.”
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