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

Poste date: Tuesday, April 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)

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
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.

Exterior of Park Court Aoyama The Tower
Sale Property tag

Located in Minami-Aoyama 2-chome, Minato-ku, Tokyo, Park Court Aoyama the Tower, formerly sold by Mitsui Fudosan Residential and Iconique Special Purpose Company and constructed by Obayashi Corporation, was completed in March 2018. It is a large-scale tower condominium with a total of 163 units and 26 floors above ground and one basement floor. The stylish and modern form with graceful curves is eye-catching. Park Court Aoyama the Tower offers a wide range of common facilities and amenities, including an infinity pool, jet bath, fitness gym, sky lounge, club lounge, guest rooms, etc. A private garden surrounded by greenery on the second floor and a concierge who will support your comfortable living and provide attentive services. The 24-hour manned management system and auto-lock system at the entrance linked to the intercom with TV monitor support the security of your residence. The nearest station to Park Court Aoyama The Tower is Aoyama-itchome Station on the Tokyo Metro Ginza Line. It is a 3-minute walk from the station to the apartment. Aoyama-itchome Station on the Tokyo Metro Hanzomon Line and Toei Oedo Line is also a 3-minute walk away, and Nogizaka Station on the Tokyo Metro Chiyoda Line is a 7-minute walk away, providing convenient access to transportation. In preparation for disasters The latest technology employed for maximum safety of the building. Emergency generators placed available for 72hours Stockpile warehouse place on all the floors for storage of disaster stockpile.

JPY 698,000,000

Exterior of Parkcourt Shibuya The Tower
Sale Property tag

This 39 story tower condominium is a new landmark in Tokyo Shibuya. Common facilities: Various lounges (golf lounge, co-working lounge, creative lounge, media lounge, library lounge) besides the atrium view lounge. Screening room, party room, guest room, meeting room, study room, fitness room. *Fixed-term land sub-leasehold with the lease period: Approx. 70 years until September 30, 2093. Land rent: No payment of land rent due to lump-sum payment is done at the time of purchase of newly built lots.

JPY 183,000,000

Exterior of Brillia Ariake SkyTower
Sale Property tag

Brillia Ariake Sky Tower is a 33-story reinforced concrete built condominium apartment located in Ariake 1-chome, Koto-ku, a continuously developing town. It features various shared facilities that enrich daily life of the residents such as a bar lounge, library, swimming pool and fitness gym. There is Bunkado supermarket on the 1st floor, so everyday shopping is so easy for the residents. On the 2nd floor there is a licensed nursery school “Himawari Kids Garden Ariake no Mori”, which is providing the residents having small children with convenience and a sense of security.

JPY 80,800,000

Exterior of Grand Maison Shirokane Sankozaka
Sale Property tag

11 story luxurious condominium apartment is located on the gentle hilly landscape in the area of Shirokane Takanawa. The outside design gives an air of dignity and building design impressively takes advantage of the landscape. The spatial design used for the entrance approach, the entrance hall, and the common use corridor is also attractive. 5 min walk from Shirokane Takanawa Station and within walk access to Shirokanedai and Hiroo Station. The area is quiet living environment one block away from busy Sakurada Dori Street and around the stations has supermarkets, drugstores, and many restaurants making the area convenient for living. The dwelling units range from 1LDK to 4LDK available for various needs from single to family with children. With updated room equipment and security systems you can enjoy rich and varied urban life having a nice view of cityscape and the neighborhood with lush greenery.

JPY 120,500,000 - 149,900,000

Exterior of Minami-aoyama Park Mansion
Sale Property tag

Minamiaoyama Park Mansion is one of Park Mansion branded apartments, which was built in 1981 and sold by Mitsui Fudosan Co., Ltd. It is located in "7 Chome, Minami-Aoyama" which belongs to the school district of "Seinan Elementary Schoo" and "Seinan Junior High School". It is close to the area’s shopping streets of "Omotesando" and Kotto-dori Avenue, and within walking distance of the major areas in Shibuya-ku such as "Hiroo" and "Ebisu" as well as the area under redevelopment around "Shibuya" Station and "Roppongi Hills". The seismic reinforcement work was completed in the end of August 2021, therefore, it is possible to issue a certificate of compliance with the seismic standards (called Taishin kijun tekigou shoumeisho), which is necessary for tax reductions such as mortgage loan deduction, registration and acquisition tax (separate issuance fee is required).

JPY 64,800,000