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Official Land Prices – Tokyo 2014

Post: Friday March 28, 2014

Official Land Prices in 2014 increased in the Three Major City Areas for the First Time in Six Years

 

公示地価 2014

 

The Minister of Land, Infrastructure, Transport and Tourism announced the official land price as of January 1st, 2014, which indicated some increases in all three major cities of Tokyo, Osaka and Nagoya, by 0.7% compared to the previous year, for the first time in the past six years since the Lehman Shock in 2008. While this may suggest that land price deflation has almost come to an end, such increases have been largely affected by the last minute demand for property prior to the consumption tax increase as well as governmental facilitations such as monetary relaxation.

 

The percentage of areas where the price of land increased in the three major cities rose from 11.5% in 2013 to 51.3%. 75% of the properties that increased in value nationwide are concentrated in these areas; which indicates that the recovery of property value is mainly in the major cities. Active property transactions have raised commercial property values in the central Tokyo area as more investments are made particularly in REIT (Real Estate Investment Trust), as a consequence of large-scale monetary relaxation initiated by Japan Bank, which also triggered strong anticipation of increasing land prices and a positive outlook in the economy in general.

 

Statistically, 60.7% of properties for all purposes in the greater Tokyo area have rose. The official land price didn’t drop anywhere within the Tokyo 23 wards. The official land price rose by more than 5%, particularly in Chiyoda-ku, Chuo-ku and Minato-ku.

 

tokyo large

 

The Yamano Music Ginza Main Store in Ginza 4-chome, Chuo-ku marked 29.6 million yen per sqm. space, which is the highest official land price in all commercial properties in Japan. It has increased 9.6% since last year, and getting close to the rate of 100 million yen per “tsubo” (3.31 sqm. space) marked in 2009. Furthermore, the new office property supplies in Marunouchi and Otemachi in Chiyoda-ku have finished completion. The rent seems to have bottomed out and with supply reaching a plateau, the vacancy rate in the area has started to decline.

 

As to the residential properties, “Rokubancho” in Chiyoda-ku, Tokyo has marked the most expensive official land price in Japan, which is 2.96 million yen per sqm. space. All of the top ten most expensive properties are located in central Tokyo; six of which are in Minato-ku and four are in Chiyoda-ku. In addition, the demand for apartments is increasing steadily around the Bay Shore areas in Chuo and Koto-ku due to the anticipation of residential environment improvements along the Circular Route 2 connecting the Bay Shore areas and central Tokyo in preparation for the Olympic in 2020.

 

The nation-wide drop rate marked the smallest since 2009 when the rate dropped after Lehman Shock. By category, the residential properties dropped by 0.6% and commercial properties dropped by 0.5%, which has improved by 1.0% and 1.6% since last year respectively.

 

 

 

Property Fluctuation Ranking of 2014 Official Land Price(Commercial Properties)

 

Address of Standard Site

Market Value of Standard Site

Fluctuation 

(A)   2014 (B) 2013   (A/B-1)x100%
      JPY/sq.m       JPY/sq.m
1  3-30-11, Shinjuku, Shinjuku-ku 19,900,000  18,100,000  9.9 
2  4-5-6, Ginza, Chuo-ku 29,600,000  27,000,000  9.6 
3  3-24-1, Shinjuku, Shinjuku-ku 20,900,000  19,100,000  9.4 
4  5-3-1, Ginza, Chuo-ku 26,100,000  23,900,000  9.2 
5  7-9-19, Ginza, Chuo-ku 21,400,000  19,600,000  9.2 
6  2-6-7, Ginza, Chuo-ku 21,500,000  19,700,000  9.1 
7  4-2-15, Ginza, Chuo-ku 16,100,000  14,800,000  8.8 
8  1-6-1, Kyobashi, Chuo-ku 13,000,000  12,000,000  8.3 
9  2-1-1, Minami-aoyama, Minato-ku 8,280,000  7,660,000  8.1 
10  3-5-4, Shinjuku, Shinjuku-ku  10,700,000  9,940,000  7.6 

 

 

Property Fluctuation Ranking of 2014 Official Land Price(Residential Properties)

  Address of Standard Site Market Value of Standard Site Fluctuation
(A) 2014 (B) 2013  (A/B-1)x100%
      JPY/sq.m       JPY/sq.m
1  3-4-18, Kachidoki, Chuo-ku 954,000  860,000  10.9 
2  3-3-9, Tsukuda, Chuo-ku 1,430,000  1,290,000  10.9 
3  1-14-11, Akasaka, Minato-ku 952,000  859,000  10.8 
4  2-12-12, Tsukuda, Chuo-ku 925,000  840,000  10.1 
5  1-14-11, Akasaka, Minato-ku 2,680,000  2,440,000  9.8 
6  4-9-6, Minami-azabu, Minato-ku 1,970,000  1,800,000  9.4 
7  3-28-2, Nihonbashi-hamacho, Chuo-ku      875,000  800,000  9.4 
8  4-11-30, Toyosu, Chuo-ku 479,000  441,000  8.6 
9  4-20-4, Minami-aoyama, Minato-ku 1,770,000  1,630,000  8.6 
10  5-13-1, Roppongi, Minato-ku 1,680,000  1,550,000  8.4 

 

 

2014 Official Land Price Ranking by Property (Commercial Properties)

  Address of Standard Site Market Value of Standard Site Fluctuation
(A)   2014 (B) 2013 (A/B-1)x100%
JPY/sq.m JPY/sq.m
1  4-5-6, Ginza, Chuo-ku 29,600,000  27,000,000  9.6 
2  2-4-1, Marunouchi, Chiyoda-ku 28,700,000  27,000,000  6.3 
3  5-3-1, Ginza, Chuo-ku 26,100,000  23,900,000  9.2 
4  2-2-1, Otemachi, Chiyoda-ku 22,000,000  20,800,000  5.8 
5  2-6-7, Ginza, Chuo-ku 21,500,000  19,700,000  9.1 
6  7-9-19, Ginza, Chuo-ku 21,400,000  19,600,000  9.2 
7  3-24-1, Shinjuku, Shinjuku-ku 20,900,000  19,100,000  9.4 
8  3-3-1, Marunouchi, Chiyoda-ku 20,600,000  ‐  ‐ 
8  1-7-2, Otemachi, Chiyoda-ku 20,600,000  19,500,000  5.6 
10  3-30-11, Shinjuku, Shinjuku-ku 19,900,000  18,100,000  9.9 

 

 

2014 Official Land Price Ranking by Property (Residential Properties)

  Address of Standard Site Market Value of Standard Site Fluctuation
(A) 2014 (B) 2013 (A/B-1)x100%
JPY/sq.m JPY/sq.m
1  6-1, Rokubancho, Chiyoda-ku 2,960,000  2,780,000  6.5 
2  1-14-11, Akasaka, Minato-ku 2,680,000  2,440,000  9.8 
3  6-25, Sanbancho, Chiyoda-ku 2,280,000  2,150,000  6.0 
4  2-3-25, Kudan-kita, Chiyoda-ku 2,140,000  2,010,000  6.5 
5  4-9-6, Minami-azabu, Minato-ku 1,970,000  1,800,000  9.4 
6  2-4-13, Hirakawacho, Chiyoda-ku 1,950,000  1,860,000  4.8 
7  2-3-24, Motoazabu, Minato-ku 1,840,000  1,710,000  7.6 
8  4-20-4, Minami-aoyama, Minatoku 1,770,000  1,630,000  8.6 
9  6-19-23, Akasaka, Minato-ku 1,740,000  1,610,000  8.1 
10  5-13-1, Roppongi, Minato-ku 1,680,000  1,550,000  8.4 

 

Source: Tokyo Metropolitan Government Bureau of Finance


> Real estate pricing in Japan - 6 different land prices
 

 

Article Roadside Land Prices Edited 1のコピー  Lease Office Market Trends in Tokyo the first half of 2014

 

 

 

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