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Standard Land Prices in Tokyo for 2015 Japanese of this page

Post: Wednesday September 30, 2015

Standard Land Price for Tokyo in 2015 sees a 3 year consecutive increase; commercial facilities and hotels are playing leading roles in the increasing prices in central Tokyo

On Sept.16 the Ministry of Land, Infrastructure, Transport and Tourism announced the standard land prices for the designated points nationwide. On the same day Tokyo Metropolitan Government also announced the land prices in Tokyo.
The standard land price (*later explained in more detail) is the price of land per 1 square meter for each selected point as of July 1st every year.

The average increase in price for land (for all usage) in Tokyo is +2.0% from last year. This is a 3 year consecutive increase and compared to last year’s increase of 1.8%, is 0.2 points higher. In addition to brisk demand of commercial facilities and hotels due to increasing foreign tourists in central Tokyo such as in Chuo-ku and Minato-ku, new business opportunities are growing around various redevelopment projects in Tokyo in preparation for Olympic Games in 2020.


Standard Land Prices Tokyo 2015




Commercial Area

There has been an increase in land prices in commercial areas of a little over three-fourths of all the evaluated spots. The average price rise in Tokyo is +2.3% which is a 3 year consecutive increase and is higher than last year’s increase of 1.9%. The average price rise in the 23 wards of Tokyo is +4.0% which is also higher than last year’s 3.2% increase from the previous year.

The highest price increase has been marked at 20.2% at 5-chome 1-27, Minami-Aoyama, Minato-ku. The area is close to Omotesando Crossing where many overseas luxury brand shops are lined along the streets. It is reported that Omotesando Hills had three times more tax-free sales compared to last year due to the increase of foreign customers. The average price rise in Minato-ku has marked a high 7.8% due to the redevelopment projects planned around the new subway station of Tokyo Metro Hibiya Line.

The highest price point is Meijiya Ginza Building at 2-6-7, Ginza, Chuo-ku which was the same as last year. The price, 26,400,000Yen per square meter is a 16.8% increase from last year. The increase of foreign visitors is observed as the major factor of land price increase in Ginza. For example, in the "Millennium Mitsui Garden Hotel Tokyo" which Mitsui Fudosan Co., Ltd. built in Higashi-Ginza last December, approximately 80% of the users are foreigners and it consistently maintains a high occupancy rate.



Residential Area

The average price increase in Tokyo is +0.5% which is a 2 years consecutive increase although the land points that have increased slightly decreased to 50% of all points and the increase rate is 0.1% which is also a decrease from last year. Within the 23 wards of Tokyo, there is no point that decreased; the average price is +2.1% which is a 0.2 point increase from last year.

As it is getting harder to secure land suitable for condominiums to be built in central Tokyo, a large expansion of price increases from last year has been observed in many wards.

The average price rise of the “Central Tokyo 5 Wards” consisting of Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, and Shibuya-ku is +4.2, which is a 0.1 point increase from last year. For example, the Tomihisa Cross high rise residence in Shinjuku Gyoenmae built by 4 companies including Nomura Real Estate Development Co., Ltd. has started move-in from this September. 992 units which went up for sale with a high price, about 3,300,000 Yen per Tsubo ((Tsubo=3.3M2); =1,000,000Yen per M2) had been all sold out within the first day the sales started.

The land prices are going up in the residential areas such as Shinagawa-ku where transportation access to central Tokyo is relatively good. In Shinagawa-ku, where the average land price increased 5.8% from last year, it is said that the "Brillia Towers Meguro" which will be built in front of Meguro Station had more than 20,000 inquiries for 661 units for sale. These units are all super high class residential units with the most expensive property exceeding 400 million yen, but the 495 units on sale for the first sales term this July were all sold out within the first day.

It has also been observed that the price of used condominiums, which is closely related to the fluctuation of the land price, is going up in Tokyo. According to research results by a private corporation, the average price of used condominiums (calculated per 70M2) in Tokyo as of this July is 42,670,000 yen which is a 12.7% increase from last year. The same average price within 23 wards is 47,640,000 yen – this price has seen consecutive growth for the last 13 months. Used condominium sales in central Tokyo are booming due to the high convenience for living they offer while prices being relatively lower than the newly built ones. The average price of 6 wards which consists of “Central Tokyo 5 Wards” plus Bunkyo-ku shows 66,950,000 yen with an increase of 15.4% from last year, and currently the booming state of the market seems to be continuing although the price rise is continuing.



Ranking by Amount of Price IncreaseTop 5 points(23 Wards)

Minato-ku and Chuo-ku are playing the leading role for price increases. Shinagawa-ku is ranked within the top 5 for the first time.


Address of Price Point   Commercial Area




① 5-1-27, Minami-Aoyama, Minato-ku



② 6-8-3, Ginza, Chuo-ku



③ 1-3-2, Toranomon, Minato-ku



④ 2-6-7, Ginza, Chuo-ku



⑤ 1-18-16, Shinbashi, Minato-ku




Address of Price Point   Residential Area




① 3-25-3, Tsukishima, Chuo-ku



② 5-9-28, Kita-Shinagawa, Shinagawa-ku



③ 5-1-9, Harumi, Chuo-ku



④ 4-26-18, Minami-Aoyama, Minato-ku



⑤ 3-4-17, Yutakacho, Shinagawa-ku




(Source: Nihon Keizai Shimbun *Round off to one decimal place)




Ranking by PriceTop 5 points(23 Wards)

Most of the highest price points are around Tokyo Station.

Address of Price Point   Commercial Area




① 2-6-7, Ginza, Chuo-ku



② 3-3-1, Marunouchi, Chiyoda-ku



③ 1-8-1, Otemachi, Chiyoda-ku


④ 6-8-3, Ginza, Chuo-ku



⑤ 1-18-2, Nishi-Shinjuku, Shinjuku-ku



(Source: Nihon Keizai Shimbun *Round off to one decimal place. (-) shows no comparison data last year)


* Reference source: Nihon Keizai Shimbun



*What is Standard Land Price?

The standard land price is the price of land per 1 square meter that is evaluated for each selected point of land as of July 1st every year. The Prefectural Governments are responsible for its survey and Ministry of Land, Infrastructure, Transport and Tourism releases the nationwide results. It is one of the two major representative data that shows the fluctuation of land price along with the official land price that is announced on Jan.1 every year.

The official land price is mostly intended within city planning area whereas the standard land price is intended also for residential area, commercial area, industrial area, and forest land outside of city planning area.






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