Official Land Prices of Japan in 2025 – Tokyo’s prices see increase for 4th Consecutive year both in Commercial Areas and Residential Areas

Poste date: Monday, March 24, 2025

On March 18, 2025, the Ministry of Land, Infrastructure, Transport, and Tourism announced the official land prices as of January 1, 2025. The data for 2025 shows a 2.7% increase nationwide (2.3% in 2024) in the fluctuation of the average prices for all types of land zoning, and the rate of increase has become the highest since 1992 after the bubble economy burst and the 4^th consecutive year of increase. In “Commercial areas”, the national average land price fluctuation rose by 3.9% (3.1% in 2024), and in “Residential areas” the same price fluctuation rose by 2.1% (2.0% in 2024).

The 2024 average land price for Tokyo has seen an increase fluctuation from 2024 in all areas of zoning for the 4^th consecutive year, which includes an increase of 10.4% (6.3% in 2024) in Commercial areas, 5.7% (4.1% in 2024) in Residential areas, and 7.3% (4.8% in 2024) in the average fluctuation of all the areas of zoning.

The average fluctuation in the land price for Tokyo's Commercial areas has seen a rise of 10.4% (6.3% in 2024). The average rate of increase across the 23 wards was 11.8% (7.0% in 2024), including the highest increase in Nakano-ku (16.3%), where redevelopment in front of Nakano Station is proceeding, followed by Suginami-ku (15.1%), and Taito-ku (14.8%). In Suginami-ku, demand for condominiums with stores increased along the JR Chuo Line, while in Taito-ku, the Asakusa district, which is crowded with inbound travelers to Japan, drove the increase.

The point with the highest rate of increase was 32.7％ in "14-6 Sakuragaoka-cho, Shibuya-ku" near the large-scale complex "Shibuya Sakura Stage". In 2^nd place was 29.0% in "1-1-2 Asakusa, Taito-ku", and this year the Asakusa district is in possession of 4 of the top 10 land points. The 2 land points near Nakano Station in Nakano-ku were ranked 6th and 7th places.

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 (6,050,000JPY/sqm) taking first place.

The average fluctuation in the land price for Tokyo's Residential areas sees rise by 5.7% (4.1% in 2024). In all Tokyo’s 23 wards the average price fluctuation rose by 7.9 (5.4% in 2024), including the highest increase shown in Chuo-ku (13.9%), followed by Minato-ku (12.7%) and Meguro-ku (12.5%). The price rise was notable, especially in the wards in central Tokyo where convenience and living environment are excellent, due to the need for spacious housing as teleworking takes root. In the 5 wards in Central Tokyo (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya) the average price fluctuation rose by 12.0% (6.8% in 2024) while other 18 wards rose 7.4% (5.2% in 2024).

The land point with the highest rate of increase was 18.9% in "4-6-9 Aobadai, Meguro-ku". It may be greatly affected by the growing demand for condominium apartments, especially in the area with high-priced condominium apartments near Shibuya Station. "3-7-23 Konan, Minato-ku" in the Tokyo Bay area, which also has strong demand for condominiums, ranked second with 18.6%, and "1-32-3 Ayase, Adachi-ku", which has good access to central Tokyo, ranked third with 16.6%.

The 2025 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 5,900,000 yen per 1 square meter, making it the highest land price point for the 8^th consecutive year, and its increase was 10.3% from 2024.

(Reference: 2025/03/19 NIKKEI Newspaper, Tokyo Metropolitan Government Bureau of Finance Outline of Official Land Prices (for Tokyo) )

2025 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.）	60,500,000	8.6
2	5-4-3, Ginza, Chuo-ku (Taikakukan Building)	51,700,000	8.6
3	2-6-7, Ginza, Chuo-ku (Meidi-ya Ginza Building）	44,400,000	8.6
4	7-9-19, Ginza, Chuo-ku (ZARA)	43,100,000	8.0
5	3-24-1, Shinjuku, Shinjuku-ku (Shinjuku M-SQUARE)	40,000,000	5.3
6	3-30-11, Shinjuku, Shinjuku-ku (Shinjuku Takano Building No.2)	38,600,000	4.6
7	2-4-1, Marunouchi, Chiyoda-ku (Marunouchi Building)	37,100,000	0.8
8	23-3, 23-3, Udagawa-cho, Shibuya-ku (Shibuya Dai-ichi Kangin Kyodo Building)	33,500,000	7.0
9	4-2-15, Ginza, Chuo-ku (Tsukamoto Soyama Building)	32,100,000	8.4
10	6-8-3, Ginza, Chuo-ku (Ginza Owaricho TOWER)	30,800,000	5.1

2025 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	5,900,000	10.3
2	6-1, Rokubancho, Chiyoda-ku	4,830,000	10.0
3	3-16-10, Shirokanedai, Minato-ku	4,700,000	10.3
4	4-9-34, Minami-Azabu, Minato-ku	4,320,000	10.2
5	1-5-11, Minami-Azabu, Minato-ku	4,070,000	10.0

(Source: 2025/03/18 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 announces it as a benchmark price for land transactions. The total selected points of land in Tokyo as of the year 2025 are 2,560 points; the number of points per purpose is 1,661 points for residential areas, 851 points for commercial areas, 40 points for industrial areas, 8 points for forest lands, respectively.