Official Land Prices of Japan in 2019 – Increase of price rise in Tokyo Commercial and Residential Areas

Poste date: Monday, March 25, 2019

On March 19, 2019, the Ministry of Land, Infrastructure, Transport, and Tourism announced the official land prices as of January 1, 2019. The data for 2019 shows a 1.2% nationwide increase in the fluctuation of the average prices for all types of land zoning. The prices have risen back up to 40% of the peak price from 1991, and the price’s fluctuation has resulted in 4 year consecutive increase. The current trend shows that, in response to an increase in foreign visitors, many new hotels and stores are being opened. This is in turn contributing to a 2.8% rise from 2018 (1.9% rise in 2018 from 2017) and is the 4th consecutive year that the national average land price for “commercial areas” has risen. Another trend shows that the 0.6% rise from 2018 (0.3% rise in 2018 from 2017) and the 3-year consecutive rise in the national average land price for “residential areas”, can be attributed to actual market demands combined with ongoing government support policies such as monetary easing.

The 2019 average land price for Tokyo has seen a 4.2% price increase from 2018 for all types of zoning. The 2018 price increase from 2017 was 3.4%. The land price, along with the rate of increase, has continued to grow for 6 consecutive years.

The average fluctuation in the land price for Tokyo's commercial areas has increased by 6.8%. This is an increase of 1.4% more than 2018’s increase from the previous year of 5.4%. All wards in Tokyo have shown an increase in their land price rates in 2019. It should be noted that of Tokyo's 23 wards, 22 ( Ota-ku excluded ) have shown increases of more than 5%. With these increases in the land price rate, it can be observed that the market is becoming increasingly active throughout Tokyo’s 23 wards.

When ranking this year’s land price increases for commercial areas, 4 out of 10 top price increase points were in the Asakusa area including the 1st (34.7% increase) to 3rd highest increase point. This is thought to have a direct correlation to the recent increase in foreign visitors and their growing diversification, such as the increase of visitors from South-east Asian countries. Most of the recent foreign tourists in Japan are first-time visitors and likely to visit Asakusa as the first choice for their sightseeing spot as it is a well-known location where one can experience traditional Japanese culture within Tokyo’s city limits. It is observed that this trend is causing an increase in the demand for goods and lodgings as well as an increase in the land prices of the Asakusa area. Besides Asakusa, on the top 10 ranking list of commercial locations that have experienced the greatest land price increases in 2019 are Shinjuku-ku (Nishi-Shinjuku) in 4th place at (19.6%), Koto-ku (Toyosu) in 5th place at (15.3%), and Shibuya-ku (Dogenzaka) in 6th place at (15.2%). These top rankings are heavily influenced by redevelopment projects taking place in the neighboring areas.

The recent data for the land price rise shows a visible change. Land prices rose around the 3 wards in Central Tokyo (Chiyoda-ku, Chuo-ku, and Minato-ku) in recent years, but the rising of land price is gradually spreading out towards the suburban wards. Although popular areas such as Ginza and Shibuya are still in high demand, due to the land prices continuously soaring and vacancies being hard to come by, the price rise rate is topping out. The highest rate of increase within the 23 wards–when compared with the previous year–was 11.0% in Taito-ku, followed by 9.7% in Koto-ku, and 9.4% in Arakawa-ku.

This year’s official land price ranking for commercial properties (shown below) shows that all the top 10 highest price points in Japan are all properties located within Tokyo. This year Ginza, in Chuo-ku, is in possession of 4 out of the top 10 spots on the highest land price list, with its Yamano Music Ginza Main Store taking first place.

The 2019 price increase for residential areas was 2.9% which is a 0.5% increase over the 2.4% increase in price from the previous year (2017-2018). Tokyo’s 2019 average land price increase in its 23 wards was 4.8%, which is a 0.9% increase over the 3.9% increase in 2018. Furthermore, when compared to 2018, there are more wards in 2019 that have had increases of more than 5.0%. This marks 2019 as the 6th consecutive year that the average land price rate in Tokyo's 23 wards has increased. The top 10 spots on the rankings for the highest price increase from the year 2018 include new entries for 2 land points in Akabane, Kita-ku, and also 1 land point in Kitasenju, Adachi-ku. The highest rate of average increase within the 23 wards–when compared with the previous year (2018)–was 8.6% in Arakawa-ku, followed by 7.2% in Taito-ku, and 7.1% in Kita-ku, each are showing an increase higher than in 2018. This result takes into consideration that housing in the suburban wards are less expensive than in Central Tokyo but the areas are becoming more convenient for transportation than in they were in the past.

The 2019 official land price ranking for residential properties (shown below) shows that 5 of the highest land prices in Japan are within Tokyo’s borders. The most expensive place is “1-14-11, Akasaka” in Minato-ku at 4.34 million yen per 1 square meter, making it the highest land price point–for the 2nd consecutive year–with its high increase rate of 8.2% from 2018. In Akasaka area various redevelopment projects have been carried out one after another to meet the increasing demands for apartments from a more affluent populace that like to live there, such as IT company owners and people working in the entertainment business. Minato-ku occupies 3 spots on the 2019 top 5 highest land price ranking in Japan.

2019 Official Land Price Ranking by Property Nationwide

(Commercial Properties)
Ranking (all 10 are in Tokyo) JPY/sq.m Fluctuation
(% from 2018)
1 4-5-6, Ginza, Chuo-ku
(Main store of Yamano Music Co.)
57,200,000 3.1
2 5-4-3, Ginza, Chuo-ku
(Taikakukan Building)
49,100,000 4.5
3 2-6-7, Ginza, Chuo-ku
(Meidi-ya Ginza Building)
42,600,000 4.9
4 7-9-19, Ginza, Chuo-ku
(ZARA)
42,000,000 4.7
5 2-4-1, Marunouchi, Chiyoda-ku
(Marunouchi Building)
36,800,000 3.1
6 3-24-1, Shinjuku, Shinjuku-ku
(Shinjuku M-Square)
36.000,000 5.9
7 3-30-11, Shinjuku, Shinjuku-ku
(Shinjuku Takano Building No.2)
32,200,000 6.0
8 6-8-3, Ginza, Chuo-ku
(Ginza Owaricho TOWER)
31,200,000 7.2
9 4-2-15, Ginza, Chuo-ku
(Tsukamoto Soyama Building)
29,500,000 5.0
10 2-2-1, Otemachi, Chiyoda-ku
(Shin-Otemachi Building)
2,850 3.6



2019 Official Land Price Ranking by Property Nationwide

(Residential Properties)
Ranking (all 5 are in Tokyo) JPY/sq.m Fluctuation
(%from2017)
1 1-14-11, Akasaka, Minato-ku 4,340,000 8.2
2 6-1, Rokubancho, Chiyoda-ku 3,930,000 2.1
3 3-16-10, Shirokanedai, Minato-ku 3,560,000 6.0
4 4-9-34, Minami-Azabu, Minato-ku 3,230,000  -
5 6-25, Sanbancho, Chiyoda-ku 3,050,000 2.7

(Source: 2019/03/20 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 2019 are 2,602 points; the number of points per each purpose are 1,705 points for residential areas, 850 points for commercial areas, and 39 points for industrial areas, 8 points for forest lands, respectively.

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Sale Property tag

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Sale Property tag
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Sale Property tag

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