Photo/Illutration An artist’s rendition of the exterior of the Mita Garden Hills residential complex in Tokyo, where the first batch of units put on sale included one priced at 4.5 billion yen (Provided by Mitsui Fudosan Co.)

A total of 17,412 new condominiums priced at 100 million yen ($654,000) and up were sold during the five-year period from 2019 through 2023 across Japan, figures show.

The findings of real estate assessment firm Tokyo Kantei Co. show that sales of super costly condo units were 1.2 times higher than the five-year window between 1988 and 1992 during the asset-inflated economy. 

The results suggest developers will continue to offer increasingly expensive apartments.

The findings, released Oct. 31, showed that Tokyo accounted for the highest number of sales at 13,429 units, or 2.4 times that for the period of the past “bubble” economic boom.

The figures for 17 prefectures outside Tokyo also surpassed the levels for that high-flying window.

Sales in Okayama and Okinawa rose more than 10-fold as 100-million-yen apartments were a novelty in the prefectures.

Tokyo Kantei releases a price-to-income ratio for new apartments each year. The indicator represents how many times the average annual income of residents equates to the value per 70 square meters of condos marketed each year.

The apartment-income index exceeded 10 in 2023 for the first time since the current form of measurement started in 2006. The average annual income was 4.51 million yen nationwide, with the condo-income indicator reaching 10.09.

The average income and the apartment index for the capital were 5.92 million yen and 17.78, respectively.

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