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Official Average Roadside Land Prices of Tokyo 2015 Japanese of this page

Post: Friday July 10, 2015

On July 1 the National Tax Agency released the average roadside land price in 2015 (as of January 1) and it has risen in 10 Prefectures including Tokyo, Osaka, and Aichi. That is an increase in 2 more prefectures compared to last year and it shows that the recovery of land prices are accelerating around the big cities.

The average price rise in Tokyo compared to last year has marked 2.1% (1.8% last year) resulting in a 2 year consecutive increase in price.

 

路線価 2015

 

The national average in price fluctuation compared with the previous year is -0.4% which is a consecutive 7 year decline, but the rate of decline shrank by 0.3%. Foreign visitors have increased around central Tokyo including Ginza and Shinjuku, and commercial and lodging facilities are experiencing brisk sales. Steady office space demand and on-going large-scale redevelopments have also pushed up land prices.

The highest roadside value in Japan this year is 26,960,000Yen per square meter in front of the store “Kyukyodo” on Ginza Chuo-Dori Street in Chuo ward, Tokyo. This has been the highest priced space in Tokyo for 30 consecutive years. The rate of price increase in Ginza has marked 14.2% which is the highest level in the past seven years and is also the highest rise in Tokyo compared with the previous year. Renovation and redevelopment works are active in Ginza correlating with the increase of foreign visitors. Around the Shinjuku Dori Street where the average roadside land price has risen 10.5%, renovations and newly-opening hotels can be seen one after another because of anticipation for more frequent patronage by foreign visitors.

Office property demand in central Tokyo is high and the trends of rising rent and falling vacancy rates are continuing. According to private company research, the average vacancy rate of the 5 wards in central Tokyo of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya is 3.79% which is a 1.2% drop from last year. Large-scale redevelopment is also a factor pushing up the land price, and for example it has risen 9.3% along Shibuya Station Side Dori Street in Shibuya-ku where there is major redevelopment happening currently.

 

Ginza Kyu-kyodou

Ginza Chuo-Dori Street (Infront of Kyukyodo Building)

 


 

Highest Roadside Value in major Tokyo tax office in 2015

(Per square meter per 1000Yen, the rate rise in % shown in parentheses, in order by tax office)

 

Local tax office

Roadside Name

Roadside Value

 Kyobashi

 5-Chome, Ginza, Chuo-Ward

 Ginza Chuo-Dori Street

26,960

(14.2)

 Kojimachi

 2-Chome, Marunouchi, Chiyoda-Ward Daimyoukouji Street

20,990

(6.6)

 Shinjuku

 3-Chome, Shinjuku, Shinjuku-Ward

 Shinjuku-Dori Street

18,640

(9.4)

 Yotsuya

 3-Chome, Shinjuku, Shinjuku-Ward

 Shinjuku-Dori Street

16,800

(10.5)

 Shibuya

 Udagawa-cho, Shibuya-Ward, Shibuya Station Side Dori  Street

15,920

(9.3)

 Nihonbashi

 1-Chome, Yaesu, Chuo-Ward

 Sotobori-Dori Street

15,040

(6.8)

 Shiba

 2-Chome, Shimbashi, Minato-Ward

 Shimbashi Station West-exit Square Dori Street

8,800

(10.4)

 Azabu

 3-Chome, Kita-Aoyama, Minato-Ward

 Aoyama-Dori Steet

8,320

(11.2)

 Toshima

 1-Chome, Higashi-Ikebukuro, Toshima-Ward
 Green-Odori Steet

7,350

(6.5)

 Ueno

 4-Chome, Ueno, Taito-Ward,

 Chuo-Dori Street

6,000

(4.2)

(July 2, 2015 Nikkei News Paper)

 

 

 

What is Average roadside land price?

Standard price as of January 1 per square meter facing major streets - released by the National Tax Agency. The price is used as a standard for calculating inheritance taxes and gift taxes. The number of locations priced for the Average roadside land price is much more than for the standard land price that is announced by Ministry of Land, Infrastructure, Transport and Tourism, and so the average roadside land price provides a more detailed picture of the real market land prices.
It is at around an 80% price level of the standard land price in general and actual business transactions are calculated in the average roadside land price.

 

 

 

 

 

 

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