Japan land prices increase in 97% of locations, setting new record

On February 15, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) published their quarterly LOOK Report for land prices in Japan’s major cities in the fourth quarter of 2018. 

According to the report, land prices increased in 97 of the 100 surveyed locations. This is the highest share in the history of reporting, beating previous records set in recent quarters. It is also the fourth consecutive quarter to see increases in over 90% of locations. 

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Japan land prices increase in 91% of locations – highest share in history

According to the quarterly LOOK report issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) in the first quarter of 2018, land prices have increased in 91% of the surveyed locations. This is the first time the percentage has exceeded 90% in the history of reporting.

The main factors behind the rising land prices include positive conditions for the office market in central Tokyo, Osaka and Nagoya, major redevelopment projects, surging tourism numbers and expenditure, and strong demand for apartments that are close to transport. These factors are also encouraging investment into the office, retail, hotel and residential sector.

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Standard land prices in Tokyo increase for 5th year in a row, while nationwide commercial prices increase for first time in 10 years

The Ministry of Land, Infrastructure, Transport and Tourism (MLIT), announced the Standard Land Prices on September 19th. In the Tokyo metropolitan area, land prices across all uses increased by 3.0% from last year, recording the fifth consecutive increase in land prices. Commercial land prices in Tokyo’s 23 wards increased by an average of 5.9%, after recording a 4.9% increase in 2015. Shibuya Ward was in top place with 8.6% growth (6.6% in 2016).

The survey site under the Ginza Owaricho Tower in Ginza 6 Chome saw a 21.8% increase in land prices over the past 12 months.

Nationwide, standard land prices were down 0.6% for residential land, but up 0.5% for commercial land. This is the first time in 10 years to see an increase in commercial land prices.

Kyoto’s tourism boom drives commercial land price growth

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