Standard Land Price for Tokyo in 2025 – 11% Rise in the Commercial Areas, 5.6% Rise in the Residential Areas
On September 16th, the Ministry of Land, Infrastructure, Transport and Tourism announced the standard land prices for their selected points nationwide. On the same day, the Tokyo Metropolitan Government also announced the land prices of their selected locations in Tokyo. The standard land price (*later explained in more detail) refers to the price of land per 1 square meter for selected locations as of the 1st of July each year.
The average rate of land price fluctuation in 2025 for all land usages in Tokyo has increased by 7.7% (6.0% in 2024), which is the 13th consecutive year of the increase rate. The average land price in the commercial areas rose 11.2% (8.4% in 2024), with Asakusa—a popular destination for foreign visitors to Japan—having the highest increase rate. Having positive impacts by a strong demand for condominium apartments, the same average price in the residential areas also climbed 5.6% (4.6% in 2024).
Commercial Area
The average land price fluctuation in Tokyo has increased by 11.2%, which is an expansion of the previous year’s rise of 8.4%. The same average price fluctuation within the 23 wards of Tokyo is 13.2% from 2024, and the increase rates expanded in all wards. Among the 23 wards, the increase rate exceeded 10% in 18 wards, which is an increase of 7 wards from the number in 2024. The average rate of increase in “5 wards in Central Tokyo” has marked 14.8%, and the increase ranking of the 23 wards has shown that Taito-ku gained the largest increase rate at 18.2% (12.5% in 2024), followed by Chuo-ku (increased by 16.7%) and Bunkyo-ku (increased by 16.4%). The high growth in land prices has spread from central wards to surrounding wards, with Nakano-ku and Suginami-ku also seeing increases exceeding 15%.
Among the 23 wards, the highest rate of increase was gained in Asakusa 1-chome in Taito-ku (increased by 27.4%), followed by the same ward's Nishi-Asakusa 2-chome (increased by 25.2%). The Asakusa area is seeing a wave of hotel construction amid the recovery of foreign visitors to Japan. Chuo-ku accounted for 5 of the top 10 highest price increase locations, possibly due to hotel and condominium construction progressing in surrounding areas like Ginza, Tsukiji, and Shintomicho.
The highest price point in Japan—remaining unchanged for 20 consecutive years—is the Meidi-ya Ginza Building at 2-6-7, Ginza, Chuo-ku. The price, 46,900,000yen per square meter has increased by 11.4%.
Residential Area
The average price increase within Tokyo was 5.6%, which is an expansion of an increase rate from 4.6% in the last year (2024). Looking at the 23 wards, the average fluctuation rate was 8.3%, which is also an expansion of an increase rate from 6.7% in 2024. The highest increase in price for residential areas within 23 wards this year was 13.7% in Minato-ku (9.2% in 2024) and Meguro-ku (9.6% in 2024), followed by 13.4% in Taito-ku. The average fluctuation for the 5 wards in Central Tokyo was 12.9％and the same for other wards was 7.7%, both of which marked an expansion of an increase rate from the rates in 2024.
The location with the highest increase within 23 wards was Ichigaya Funagawaramachi in Shinjuku-ku, near Iidabashi Station and Ichigaya Station, at 15.9%. This was followed by Jingumae 3-chome in Shibuya-ku (15.7%) and Akasaka 1-chome in Minato-ku (15.6%). Ariake 1-chome in Koto-ku (14.9%) and Tsukishima 3-chome in Chuo-ku (14.9%), both in the coastal area, are also ranked in the top 10 increase location.
The highest land price point in Japan was 64,300,000yen per square meter at Akasaka 1-chome, Minato-ku, marking a 15.6% increase from the previous year (6.1% in 2024). This increase rate also ranked 3rd highest in Tokyo.
Land Prices (Nationwide)
Noteworthy points about this year’s standard land prices (as of July 1st) announced by the Ministry of Land, Infrastructure and Transport, is that the national land price fluctuation average for all types of land usage has shown an increase of 1.5% (1.4% in 2024), which is the 4th consecutive year of increase. The national average fluctuation for the residential areas increased by 1.0% from the previous year (0.9% in 2024), while the same of national average for the commercial areas increased by 2.8% (2.4% in 2024), both of which saw the expansion of increase. Amid a moderate recovery in the domestic economy accompanied by inflation, the Tokyo metropolitan area—fueled by inflows of overseas capital—continues to drive a cycle of rising land prices.
The 2025 standard land prices were driven by major cities like Tokyo and Osaka. One factor pushing prices up was investment money flowing in from overseas. Real estate investment from overseas in the first half of 2025 reached a historically high level. Office rents in Japan remain relatively inexpensive compared to the rest of the world. The weak yen and low interest rates also provided a tailwind.
Japan's nominal gross domestic product (GDP) grew 3.7% in fiscal 2024, marking its fourth consecutive year of expansion. The most recent April-June quarter of fiscal 2025 also recorded solid growth, rising 6.6% on an annualized basis. A cycle where land prices rise in tandem with the upward economic trend and price fluctuation is now taking shape.
One expert predicts that land prices will continue to rise, particularly in central Tokyo. However, while this benefits land-owning corporations and individuals, it could lead to higher housing sale prices and rents, making it harder for newcomers to live in the city center. On the other hand, wage increases that outpace inflation have not become established. The same expert points out that “if essential workers cannot afford to live in urban areas, there is a risk that infrastructure maintenance in these areas could become unsustainable,” indicating that measures by the government will be necessary.
Ranking by Top 5 Price Increase points and Decrease points（23 Wards)
Commercial Area saw rises across the board
| Address Points | Price(1000Yen/㎡) | Fluctuation(％) | |
|---|---|---|---|
| ▼Address of Price Rise Points | |||
| Commercial Area | ➀ 1-29-6, Asakusa, Taito-ku | 3,860 | 27.4 |
| ➁ 2-13-10, Nishi-Asakusa, Taito-ku | 1,840 | 25.2 | |
| ➂ 1-2-7, Minato, Chuo-ku | 1,330 | 25.0 | |
| ➃ 22-16, Maruyamacho, Shibuya-ku | 2,890 | 25.0 | |
| ➄ 7-16-7, Ginza, Chuo-ku | 1,700 | 24.9 | |
| ▼Address of Price Rise Points | |||
| Residential Area | ➀ 19-8, Ichigaya Funagawaramachi, Shinjuku-ku | 1,750 | 15.9 |
| 3-13-3, Jingumae, Shibuya-ku | 2,360 | 15.7 | |
| ➂ 1-14-11, Akasaka, Minato-ku | 6,430 | 15.6 | |
| ➃ 15-3, Sarugakucho, Shibuya-ku | 2,000 | 15.6 | |
| ➄ 5-9-28, Kita-Shinagawa, Shinagawa-ku | 1,650 | 15.4 | |
(Source for data: Tokyo Metropolitan Government Bureau of Finance, Nihon Keizai Shimbun *Round off to one decimal place）
What is the Standard Land Price?
The standard land price is the price of land per 1 square meter and is calculated for each selected point of land as of the 1st of July each year. The Prefectural Governments are responsible for its survey and the Ministry of Land, Infrastructure, Transport and Tourism release the nationwide results. It is one of two major pieces of representative data showing the fluctuation of land price, along with the official land price, and its results are announced on the 1st of January of each year.
* Reference source: Nihon Keizai Shimbun dated September 17, 2025
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