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Official Land Prices of Japan in 2018 – Increase of price rise in Tokyo Commercial and Residential Areas Japanese of this page

Post: Wednesday April 11, 2018

On March 27, 2018, the Ministry of Land, Infrastructure, Transport, and Tourism announced the official land prices as of January 1, 2018. The data for 2018 shows a 0.7% nationwide increase in the average price fluctuation for all types of zoned land. The land price has increased for 3 consecutive years for the first time since 1992. The current trend shows that in response to an increase in foreign visitors many new hotels and stores are being opened, in turn continuing a 3-year consecutive rise in commercial areas. Another trend shows a 2-year consecutive rise in residential areas due to actual market demands combined with ongoing government support policies such as monetary easing.

The average land price in Tokyo has seen an increase in its rate of 3.4% for all types of zoning when compared with the previous year. This increase has continued for 5 consecutive years along with an increase in rate from the previous year of 0.6%.


The average fluctuation in the land price of Tokyo's commercial areas has increased by 5.4%. This is a 0.7% increase from last years rate of increase 4.7%. All wards in Tokyo have shown an increase in their land price rate this year, though 18 of the 23 wards have shown increases of more than 5%. 10 wards showed an increase of more than 5% in the previous year. With these rates of increase in the land price rate, it can be observed that the market is becoming increasingly active throughout Tokyo’s 23 wards.

Compared to the previous year, Tokyo’s average land price rate for commercial areas increased by 0.9%, from 5.5% to 6.4%. The highest increase during the previous year was 9.2% in Shibuya-ku, followed by 8.4% in Chuo-ku, and 7.3% in Taito-Ku.

When ranking this year’s price increases in commercial areas, 8 out of 10 of the top price increases were around Shibuya station. In comparison, the previous years top 7 out of 10 top increases were in the Ginza area. Large-scale redevelopment projects taking place around Shibuya Station, are partly responsible for the increase in land price.

While Shibuya holds 8 out of 10 spots for the areas with the highest land price rate increase, Ginza holds the remaining two spots ranking 1st and 3rd. The opening of a newly built large-scale commercial facility in Ginza’s 6-chome is still causing the land price rate to increase though it is starting to plateau. The ranking for this year’s official land price rate increases shows that the 10 highest price increases are all properties in Tokyo. This year Ginza’s Chuo-ku is in possession of 6 out of 10 spots on the top 10 highest land price list, with its Yamano Music Ginza Main Store taking first place.

In residential areas, this year's price increase was 2.4%, a 0.5% increase from 1.9% of the previous year. Tokyo’s 23 wards’ average increase is 3.9%, a 0.9% increase from 3.0% of the previous year making this the 5th consecutive year that the land price rate has increased. The highest increase within the 23 wards from the previous year was recorded as 6.1% in Arakawa-ku, followed by 5.6% in Kita-ku, 5.5% in Bunkyo-ku and Shinagawa-ku. According to the Tokyo Metropolitan Government Bureau of Finance, “the apartment demand in central Tokyo remains steady, but is likely to slow down due to an increase in caution against overvalued price levels". On the outskirts, the same demand is getting strong and the price rise is on more of an upward trend that in the previous year. This is due specifically to the convenience of life and a comfortable price point.

The official land price ranking of residential properties for 2018, below, shows that 5 of the highest land prices in Japan belong to Tokyo. The most expensive place is “1-14-11, Akasaka” in Minato-ku at 4.01 million yen per 1 square meter. As a more affluent populace has started occupying Akasaka the demand for apartments has risen. Originally holding the top spot on the list for 6 consecutive years, “6-1, Rokubancho” in Chiyoda-ku has dropped down to second place.


2018 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.)
55,500,000 9.9
2 5-4-3, Ginza, Chuo-ku
(Taikakukan Building)
47,000,000 9.3
3 2-6-7, Ginza, Chuo-ku
(Meidi-ya Ginza Building)
40,600,000 9.7
4 7-9-19, Ginza, Chuo-ku
40,100,000 9.6
5 2-4-1, Marunouchi, Chiyoda-ku
(Marunouchi Building)
35,700,000 2.3
6 3-807-1, Shinjuku, Shinjuku-ku 34,000,000 12.6
7 3-30-11, Shinjuku, Shinjuku-ku
(Shinjuku Takano Building No.2)
33,200,000 12.5
8 6-8-3, Ginza, Chuo-ku 
(Ginza Owaricho TOWER)
29,100,000 16.9
9 4-2-15, Ginza, Chuo-ku
(Tsukamoto Soyama Building)
28,100,000 8.9
10 3-3-1, Marunouchi, Chiyoda-ku
(Shin-Tokyo Building)
27,500,000 2.6
(Source: 2018/03/28 NIKKEI Newspaper)

2018 Official Land Price Ranking by Property Nationwide

(Residential Properties)
 Address (all 5 are in Tokyo)JPY/sq.mFluctuation
(% from 2017)
1 1-14-11, Akasaka, Minato-ku 4,010,000 9.0
2 6-1, Rokubancho, Chiyoda-ku 3,850,000 2.7
3 3-16-10, Shirokanedai, Minato-ku 3,360,000 8.4
4 4-19-1, Minami-Azabu, Minato-ku 3,010,000 9.5
5 6-25, Sanbancho, Chiyoda-ku 2,970,000 3.1
(Source: 2018/03/28 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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