Nationwide rosenka land values increase for 2nd year in a row
In 2017, Japan’s rosenka land values increased for the second year in a row with an average growth of 0.4% nationwide. In 2016, rosenka land values increased by 0.2%, ending an 8 year decline.
In Tokyo’s Ginza district, an uptick in retail demand due to record-high foreign tourist numbers has helped to push land values to a historical high, exceeding those seen during Japan’s bubble economy. The land value alongside Ginza Chuo Dori in Ginza 5 Chome (in front of the Kyukyodo Building) reached 40,320,000 Yen per square meter (approximately 33,100 USD/sq ft) this year, up 26% from 2016 and exceeding the previous record of 36,500,000 Yen last seen in 1992. This particular location has been the most expensive land in Japan for the past 32 years.Read more