Rich buyers taking advantage of record low borrowing costs have pushed prices in Tokyo beyond the reach of many ordinary buyers, taking the wind out of property sales.

While the average sales price of an apartment in greater Tokyo rose 9.1 percent to a 24-year high of ¥55.2 million ($467,000) in 2015, offerings dropped by almost 10 percent, according to data by the Real Estate Economic Institute Co.

Deals of properties with a price tag of ¥100 million or more climbed 86 percent, while those of cheaper homes under ¥50 million fell by 18 percent. The nation's biggest banks, including Mitsubishi UFJ Financial Group Inc., lowered variable mortgage interest rates to a record low of 0.625 percent this month.