Official Average Roadside Land Prices of Tokyo 2025 – 8.1% increase, 3 times the national average

On July 1st, the National Tax Agency released its average roadside land prices for 2025 (calculated as of January 1st). The national average for the prefectural average roadside land prices has increased by 2.7%, which resulted in an increase for the 4th consecutive year, and was the largest increase since the year 2010, for which comparable data is available. The rise in land prices spread nationwide, due to soaring real estate prices in the city center and active redevelopment both in the city centers and the suburbs of major metropolitan areas, while the boom in foreign visitors to Japan contributed to the boom in economic activities in the downtown areas and tourist spots pushing up the land prices in those areas.

Tokyo has seen an 8.1% increase for its prefectural average land price, which is a significant increased fluctuation of +2.8% from +5.3% in 2024. The price rises were conspicuous in the Asakusa area of Taito-ku, which is popular among foreign visitors to Japan, in other areas where redevelopment, such as the construction of tower condominiums, is progressing, and in areas with convenient access to transportation as well.

Looking at the nationwide fluctuation of the prefectural land price average, the largest increase from the year 2024 has marked a 32.4% increase in Hakuba Village in Nagano Prefecture, followed by Furano City in Hokkaido (+30.2%), Asakusa in Tokyo (+29.0%), and Takayama City in Gifu Prefecture (+28.3%), which were some of Japan’s leading resort areas and tourist destinations.

In terms of the highest land price fluctuation within the jurisdiction of each tax office in Tokyo, Kaminarimon-dori in Asakusa has marked a 29% increase, which is the highest increase rate (+12.3%) from 2024. The increase rate in Kaminarimon-dori used to be growing by more than 30% before the Covid -19 pandemic, but it is now coming back to the same level. Due to the recovery of foreign visitors to Japan, the surrounding area was bustling even on weekdays, which was a factor in pushing up land prices. The 2nd highest increase rate was 26% in Kitasenju Station West Exit Square Street, and the 3rd highest one was 24.7% in Nakano Station North Exit Square, both of which increased by more than 10% from 2024. In contrast to central Tokyo, where the real estate prices have risen excessively, demand for condominium apartments is growing in the more convenient suburbs, with high increase in land price rates seen in front of Koenji Station and Ogikubo Station in Suginami-ku.

The highest land price per local tax office location in Tokyo saw increased fluctuation in all the total of the 48 locations, seeing 27 locations with “more than 10% increased” (8 locations in 2024) and no location with flat fluctuation and decline. For the past 40 consecutive years, the land in front of “Kyukyodo” on Ginza Chuo-Dori Street in Chuo-ku has had the highest roadside land price in Japan. It was priced at 48,080,000Yen per square meter, which is an 8.7% increase over the previous year. The land in front of “QFRONT” in Shibuya (34,400,000Yen), which was ranked 2nd highest land price in Japan for the first time last year due to large-scale redevelopment in the vicinity, was also ranked 2nd highest in 2025.
Land prices in Tokyo are in a dominant position in Japan. The average increase rate in standard residential land in Tokyo was 8.1%, which was the highest in Japan and three times higher than the national average increase rate of 2.7%. The demand for condominium apartments continues to expand with the influx of population from rural areas, and investment money from overseas is also spurring land price increases.

One of the main reasons was the rise in condominium apartment prices in Tokyo, and the average price of newly built condominium apartments in Tokyo’s 23 wards in 2024 was 116.32 million yen, which was 11% higher than the same average price in 2023. While the number of apartment units for sale is decreasing due to a shortage of land for development, the demand for housing is expanding due to the increase in population.

Purchases by foreigners also boosted the price of condominium apartments in Tokyo. The reason for its popularity among foreigners is that Tokyo is well known city internationally, and newly built apartment units in Tokyo are less expensive than those in other major overseas cities such as Hong Kong and New York. While the purchasing power of Japanese people has not been able to keep up with the excessive rise in housing property prices in Central Tokyo, the purchase of wealthy foreigners has become conspicuous in the Tokyo real estate market.

(Per square meter per 10000Yen, the rate rises in % shown in parentheses, in order by tax office location)

(References: July 2, 2025, Nikkei News Paper, Tokyo Shimbun Digital)

＊What is Average roadside land price?

Standard price as of January 1 per square meter facing major streets - released by the National Tax Agency. The price is used as a standard for calculating inheritance taxes and gift taxes. The number of locations priced for the Average roadside land price is much more than for the standard land price that is announced by Ministry of Land, Infrastructure, Transport and Tourism, and so the average roadside land price provides a more detailed picture of the real market land prices. It is at around 80% price level of the standard land price in general, and actual business transactions are calculated based on the average roadside land price.

Real estate pricing in Japan - 6 different land prices

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