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Official Land Prices of Japan in 2017 – Increase of price rise in Tokyo Commercial and Residential Areas Japanese of this page

Post: Monday March 27, 2017

On March 21th the Ministry of Land, Infrastructure, Transport and Tourism announced the official land prices as of January 1st, 2017. The data points 0.4% increase of nationwide price fluctuation average (for all land usage) which has resulted in 2 year consecutive increase. The trend shows that openings of new hotels and stores are active in response to the increase of incoming foreign visitors and it has brought to result in 2 consecutive years rise in the commercial areas. Another trend shows that the residential areas has turned to show a flat fluctuation escaping from nine years consecutive falls thanks to the government support policy such as tax reduction for home loans.

In Tokyo, the rate of the rising prices has increased for 4 consecutive years in the residential, commercial, and industrial areas and the same result has been also made for the average of all areas. The commercial areas in Tokyo have shown the 2nd largest price increase by prefectural comparison, followed by the same areas in Osaka, and prices of residential areas also have continued a steady increase.

公示地価 2017

The commercial areas in Tokyo have had an increase of 4.7% which is the 2nd largest increase by prefectural comparison, followed by the increase of 5.0% in Osaka, and is higher by 0.6% from the 4.1% rise last year.

In the 23 wards of Tokyo, all wards have shown an increase and 10 wards have shown the increase of more than 5%; the average rise of 23 wards in the same areas has shown 5.5% which is 0.7% increase from 4.8% in last year. The highest increase from the last year within the 23 wards is a 9.8% (9.6% last year) increase in Chuo-ku, followed by 8.7% (7.6%) in Shibuya-ku and 7.1% (7.4%) in Chiyoda-ku. This year’s official land price ranking of commercial properties below shows that all of the 10 highest prices have resulted in properties in Tokyo. Among them in the list, Chuo-ku has occupied top 4 highest land price points in Japan placing Yamano Music Ginza Main Store as the 1st in the ranking.

The background of the trends are 1) In the advanced commercial areas in Central Tokyo, overall consumer demands are steady while foreign visitors' purchase demands have calmed down; demands for opening new stores are continuously strong due to area revitalization and commercial clusters integration by the redevelopment; all of those result in maintaining the store rent in a high level, 2) Office relocation demand is continuously active and it is pushing up the rent price especially among luxury and popular properties although new supply is continuously produced by the redevelopment, 3) large scale redevelopment projects and infrastructure improvement works are active in the central Tokyo areas, and the land prices are going up in those areas.

In the residential areas, the price increase is a little slow to 1.9% this year from 1.6% last year, while Tokyo 23 wards average of 3.0%, is 0.2% increase from 2.8% the last year, resulting in 4 year consecutive increase. The highest increase from the last year within the 23 wards has been marked as 7.5% (9.4% last year) in Chiyoda-ku, followed by 6.2% (9.7%) in Chuo-ku and 5.2% (6.3%) in Minato-ku. This year’s official land price ranking of residential properties below shows that all of the 5 highest prices have resulted in properties in Tokyo. The highest price point in Japan is at “6-1, Rokubancho” in Chiyoda-ku which is the same as the past 6 years and marked for 3.75 million yen per 1 sqm.

The background of the trends are 1) continuous strong demand for luxury condominiums in central Tokyo by investors and wealthy class people due to low interest rate; while up-coming intense competition among developer companies to acquire the desirable land due to potential scarce opportunity for building such luxury condominiums, 2) steady housing demand in Central Tokyo due to tax reduction for home loans, house acquisition support policy and a system the Japanese government introduced, including Tax-free measures of the gift tax for funds such as of the house acquisition, 3) demand are also moving into used housing properties with affordable price level due to reflection of fear for uncertain future economy and hitting to the highest market price, and it causes the overall land price rise.


2017 Official Land Price Ranking by Property Nationwide

(Commercial Properties)
 Address (all 10are in Tokyo)JPY/sq.mFluctuation
(% from 2016)
1 4-5-6, Ginza, Chuo-ku
(Main store of Yamano Music Co.)
50,500,000 25.9
2 5-4-3, Ginza, Chuo-ku
(Taikakukan Building)
3 2-6-7, Ginza, Chuo-ku
(Meidi-ya Ginza Building)
37,000,000 28.9
4 7-9-19, Ginza, Chuo-ku
36,600,000 27.1
5 2-4-1, Marunouchi, Chiyoda-ku
(Marunouchi Building)
34,900,000 6.4
6 3-807-1, Shinjuku, Shinjuku-ku 30.200,000 14.8
7 3-30-11, Shinjuku, Shinjuku-ku
(Shinjuku Takano Building No.2)
29,500,000 15.7
8 2-2-1, Otemachi, Chiyoda-ku
(Shin Otemachi Building)
26.800,000 6.8
9 4-2-15, Ginza, Chuo-ku
(Tsukamoto Soyama Building)
25,800,000 22.3
10 3-3-1, Marunouchi, Chiyoda-ku
(Shin-Tokyo Building)
25,100,000 6.8
10 1-7-2, Otemachi, Chiyoda-ku
(Tokyo Sankei Building)
25,100,000 6.8
(Source: 2017/03/22 NIKKEI Newspaper)

2017 Official Land Price Ranking by Property Nationwide

(Residential Properties)
 Address (all 5 are in Tokyo)JPY/sq.mFluctuation
(% from 2016)
1 6-1, Rokubancho, Chiyoda-ku 3,750,000 7.8
2 1-14-11, Akasaka, Minato-ku 3,680,000 9.9
3 3-16-10, Shirokanedai, Minato-ku 3,100,000 -
4 6-25, Sanbancho, Chiyoda-ku 2,880,000 7.9
5 216-3, Ichibancho, Chiyoda-ku 2,810,000 7.7
(Source: 2017/03/22 NIKKEI Newspaper)
What is Official Land Price?

Based on the Public Notice of Land Prices Act, the Land Appraisal Committee of the Ministry of Land, Infrastructure, Transport and Tourism selects the points of land, evaluates the price of each point of land as of January 1st every year, and announce it as a benchmark price for land transactions. The total selected points of land in Tokyo as of year 2016 are 2,531 points (369 points increase from last year's); the number of points per each purpose are 1,673 points for residential areas, 823 points for commercial areas, and 35 points for industrial areas respectively.



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