According to data released on Tuesday by the Real Estate Economic Institute, the average sales price of newly-built apartments in Tokyo’s metropolitan area surged to ¥143.6 million ($1.07 million) in March, surpassing the 100 million yen threshold for the first time.
The steep increase, which represents a more than twofold rise from the same period last year, was driven by sales of luxury apartments located in central Tokyo. The report also revealed that out of 2,439 units put up for sale in March, 9.1% were sold on the very same day. These figures mark the highest recorded average sales price since the institute began tracking data in 1973.
