Official Land Prices of Japan in 2024 – Tokyo’s prices see increase for 3rd Consecutive year both in Commercial Areas and Residential Areas

Post date: 4/2/2024

On March 26, 2024, the Ministry of Land, Infrastructure, Transport, and Tourism announced the official land prices as of January 1, 2024. The data for 2024 shows a 2.3% increase nationwide (1.6% in 2023) in the fluctuation of the average prices for all types of land zoning, and the rate of increase has become the highest in 33 years since the bubble economy period. In “Commercial areas”, the national average land price fluctuation rose by 3.1% (1.8% in 2023), and in “Residential areas” the same price fluctuation rose by 2.0% (1.4% in 2023).

The 2024 average land price for Tokyo has seen an increase fluctuation from 2023 in all areas of zoning for the 3rd consecutive year, which include increase of 6.3% (3.3% in 2023) in Commercial areas, 4.1% (2.6% in 2023) in Residential areas, and 4.8% (2.8% in 2023) in the average fluctuation of all the areas of zoning.

The average fluctuation in the land price for Tokyo's Commercial areas has seen rise of 6.3% (3.3% in 2023). The average rate of increase across the 23 wards was 7.0% (3.6% in 2023), including the highest increase in Taito-ku (9.1%), followed by Arakawa-ku (8.3%), and Nakano-ku (8.2%). In Taito-ku, the increase in inbound travelers (foreign visitors) to Japan and domestic tourists was boosted as the result of the convergent movement of the COVID-19 disaster, while Arakawa-ku is in a location having good access to Narita Airport, and in Nakano-ku the land price is driven by the ongoing redevelopment in front of the station.

The 5 wards of central Tokyo also saw an increase across the board, with an average increase of 6.8%. The highest increase of 7.5% in Chiyoda-ku was 5.4% higher than last year. The decline in the office vacancy rate is likely to be the reason for this. Looking at the top 10 Commercial areas with the highest rate of increase, the 5 land points in the Asakusa area were ranked in, including the land point of Asakusa 2-chome, Taito-ku which marked the highest increase rate by 17.8%.

This year’s official land price ranking for commercial properties (shown below) shows that all the top 10 highest price points in Japan are properties located within Tokyo. This year Ginza, in Chuo-ku, is in possession of 6 of the top 10 land points, including the top 4 points on the highest land price list, with its Yamano Music Ginza Main Store (5,570,000JPY/sqm) taking first place.

The average fluctuation in the land price for Tokyo's Residential areas sees rise by 4.1% (2.6% in 2023). In all Tokyo’s 23 wards the average price fluctuation rose by 5.4 (3.4% in 2023), including the highest increase shown in Toshima-ku (7.8%), followed by in Chuo-ku (7.5%) and Bunkyo-ku (7.4%). In the 5 wards in Central Tokyo (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya) the average price fluctuation rose by 6.9% (3.8% in 2023) while other wards rose 5.2% (3.4% in 2023).

The land point with the highest rate of increase was "2-3-27 Shibaura, Minato-ku", where many condominiums are located, followed by "Konan 3-7-23" in Minato-ku. The land prices have risen in a wide range of areas, including the bay area in Minato-ku and the area in Meguro-ku where many high-priced condominiums are being supplied, and it seems to reflect the rapid increase in demand for condominiums.

The 2024 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 5,350,000 yen per 1 square meter, making it the highest land price point for the 7th consecutive year, and its increase was 4.5% from 2023.

(Reference: 2024/03/27 NIKKEI Newspaper, Tokyo Shimbun)

　　　　　　　　　　　　　　　　Data source：Ministry of Land, Infrastructure, Transport and Tourism

Official Land Price Ranking by Property Nationwide

(Commercial Properties)

Ranking	All 10 are in Tokyo	JPY/sq.m	Fluctuation (% from 2022)
1	4-5-6, Ginza, Chuo-ku (Main store of Yamano Music Co.）	55,700,000	3.5
2	5-4-3, Ginza, Chuo-ku (Taikakukan Building)	47,600,000	3.5
3	2-6-7, Ginza, Chuo-ku (Meidi-ya Ginza Building）	40,900,000	3.5
4	7-9-19, Ginza, Chuo-ku (ZARA)	39,900,000	3.4
5	3-24-1, Shinjuku, Shinjuku-ku (Shinjuku M-SQUARE)	38,800,000	3.8
6	3-30-11, Shinjuku, Shinjuku-ku (Shinjuku Takano Building No.2)	36,900,000	5.4
7	2-4-1, Marunouchi, Chiyoda-ku (Marunouchi Building)	36,800,000	0.3
8	23-3, 23-3, Udagawa-cho, Shibuya-ku (Shibuya Dai-ichi Kangin Kyodo Building)	31,300,000	9.8
9	4-2-15, Ginza, Chuo-ku (Tsukamoto Soyama Building)	29,600,000	3.5
10	6-8-3, Ginza, Chuo-ku (Ginza Owaricho TOWER)	29,300,000	2.8

Official Land Price Ranking by Property Nationwide

(Residential Properties)

Ranking	All 5 are in Tokyo	JPY/sq.m	Fluctuation (% from 2022)
1	1-14-11, Akasaka, Minato-ku	5,350,000	4.5
2	6-1, Rokubancho, Chiyoda-ku	4,390,000	2.6
3	3-16-10, Shirokanedai, Minato-ku	4,260,000	6.8
4	4-9-34, Minami-Azabu, Minato-ku	3,920,000	4.5
5	1-5-11, Minami-Azabu, Minato-ku	3,700,000	9.1

(Source: 2024/03/27 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 2024 are 2,602 points; the number of points per each purpose are 1,697 points for residential areas, 857 points for commercial areas, and 40 points for industrial areas, 8 points for forest lands, respectively.