After the bursting of the “Bubble Years” in Japan it took property prices a long time to stabilize. Some parts of Tokyo were more resilient than others, like Omotesando 表参道 and Aoyama 青山.
I was passing by this place in Daikanyama 代官山 advertised as an open inspection on the weekend and was surprised to see the sign saying “reduced by US 70,000” (７００万円値下げました). The sign also shows that the monthly repayments on this place are about US 1,270. YEN 127,473, with no deposit required.
The apartment shown here is 55.86 metres square with 2 rooms and a kitchen. The building is really old (about 30 years) and whilst the apartment has been reformed very nicely, the price of US400,000 (JPY 4,180万円) still seems very high.