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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