Average Price of New Residential Units in Tokyo

Data showed today, Tuesday, that the average selling price of newly constructed residential units in the Tokyo area jumped to 143.6 million yen (1.07 million dollars) in March, surpassing 100 million yen for the first time. The Japan Real Estate Economic Institute noted that "average prices increased by more than two-thirds compared to the same month last year, reaching the highest level since surveys began in 1973." This was driven by sales of luxury residential units in central Tokyo. The institute's data indicated that "2,439 units were put up for sale in the market in March, with 9.1 percent of them sold on the same day they were listed."