The nationwide Assessed Land Values (koji-chika), as issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) saw a year-on-year increase in 2023. This is the second year in a row to see an increase. The growth is apparent not only in urban centers, but is also spreading to regional areas as the country emerges from the pandemic.

The average land value across all uses increased by 1.6%, an improvement from the 0.6% increase seen in 2022. Residential land saw a 1.4% increase after a 0.5% increase last year, while commercial land saw a 1.8% increase following a 0.4% increase in 2022.


For the 17th year running, the most expensive commercial land in Japan is under the Yamano Music Building in Ginza, Tokyo. It was valued at 53.8 million Yen per square meter in 2023, up 1.5% from last year. This land has increased in value by 99% over the past 10 years and 243% over the past 20 years.

Commercial land values in Tokyo’s 23 wards increased by 3.6%, and central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato saw the first increase in 3 years.


The survey point with the highest increase in land values nationwide was in Kitahiroshima City in Hokkaido. It saw residential land values increase by 30% after a 26% increase in 2022. Commercial land values in this city also topped nationwide rankings, recording a 28.4% increase after a 19.6% increase in 2022.


The ski resort destination of Niseko, a former hot spot in land price rankings, saw its luster continue to fade with residential land seeing a 0.4% increase in 2023. Between 2018 and 2020, annual land values were rising by over 30%. The pandemic had a pronounced effect on the holiday destination, with a steep drop in foreign tourists causing some resorts to temporarily close. According to the Nikkei Shimbun, staff shortages have limited the re-opening of local accommodations and have caused a drop in demand for staff housing, while high-priced land transactions by wealthy foreign investors have also dropped.

Source: MLIT, March 22, 2023.