The MLIT announced the nationwide standard land prices (kijun-chika) on September 19. These land price surveys are carried out by the prefectural governments each year on July 1.

This year, commercial land prices increased in Tokyo, Osaka and Nagoya for the first time in five years.

Nationwide, the overall land prices were down 1.9%. This is the 22nd year of decline, although the rate has reduced from a 2.7% decline in 2012. The decline is being pulled down by rural or regional area suffering from depopulation, which saw prices drop 2.6% this year. Overall land prices in Japan’s three largest cities, however, were up 0.1% after a 1% drop in 2012.

14% of the nationwide survey locations saw an increase in prices. In the three major cities, 36.9% of the survey locations saw an increase in overall prices (in 2011 only 1.1% saw an increase). In regional areas, 87.1% of locations saw a decrease in overall prices.

RESIDENTIAL 2009 2010 2011 2012 2013
Nationwide -4.0% -3.4% -3.2% -2.5% -1.8%
3 Major Cities -5.6% -2.9% -1.7% -0.9% -0.1%
Greater Tokyo -6.5% -3.0% -1.9% -1.0% -0.1%
Greater Osaka -4.5% -3.6% -1.8% -1.0% -0.4%
Greater Nagoya -4.2% -1.3% -0.7% -0.2% +0.7%
Regional -3.4% -3.6% -3.7% -3.2% -2.5%
COMMERCIAL 2009 2010 2011 2012 2013
Nationwide -5.9% -4.6% -4.0% -3.1% -2.1%
3 Major Cities -8.2% -4.2% -2.2% -0.8% +0.6%
Greater Tokyo -8.9% -4.1% -2.3% -0.9% +0.6%
Greater Osaka -7.1% -5.3% -2.6% -1.0% +0.4%
Greater Nagoya -7.3% -2.9% -1.1% -0.5% +0.7%
Regional -4.9% -4.8% -4.8% -4.1% -3.1%

TOKYO 

In Tokyo’s 23-ku, residential land prices were up 0.5% and commercial land prices were up 0.8%. All areas saw either an increase or no change in commercial land prices, and only one of the 23 wards saw a decrease in residential land prices. That area was Katsushika-ku which borders Chiba Prefecture. Residential land prices dropped by 0.1% in this area.

Chiyoda-ku saw the highest increase in residential land prices with prices up 3.1% this year, with Minato-ku in second place at 2.7%. In 2012, residential land prices were down 0.2% in both areas.

Land price changes in Tokyo:

RESIDENTIAL COMMERCIAL
Minato +2.7% +1.6%
Shibuya +1.2% +1.3%
Shinjuku +1.2% +1.0%
Chiyoda +3.1% +1.2%
Shinagawa +1.7% +1.1%
Chuo +2.3% +1.1%
Meguro +0.9% +1.4%
Koto +0.8% +1.2%
Setagaya +0.4% +0.6%

Average residential land prices in Tokyo per square meter:

  • Chiyoda-ku: 2,150,000 Yen
  • Minato-ku: 1,200,000 Yen
  • Shibuya-ku: 911,200 Yen
  • Chuo-ku: 782,500 Yen
  • Meguro-ku: 639,900 Yen
  • Shinagawa-ku: 611,100 Yen
  • Shinjuku-ku: 552,800 Yen
  • Setagaya-ku: 512,200 Yen

Land prices in sample survey locations and price increases:

Land price movements at a survey site in Ginza. This is the most expensive survey site in Japan.
Otemachi Land Prices
Land price movements at Japan’s 3rd most expensive survey location.

Source: MLIT, September 20, 2013.

Loading