Chika-koji land prices in major cities up for first time in 6 years – MLIT

The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the 2014 ‘chika-koji‘ assessed land values on March 18. According to the latest data, both commercial and residential land prices rose in Japan’s three major cities for the first time in six years.

In Greater Tokyo, Nagoya and Osaka, residential land prices were up 0.5% and commercial land prices were up 1.6% over the 12 months to January 1, 2014.

In central Tokyo, residential land prices were up 5.9% in Minato-ku, 8.7% in Chuo-ku and 6.0% in Chiyoda-ku after negligible changes in 2013. In fact, residential and commercial land prices increased in each of Tokyo’s 23 special wards.

Japan Chika Koji Land prices 2014

Nationwide, however, residential land prices are down 0.6% and commercial land prices are down 0.5%. The rate of decline is slowing and a greater percentage of survey locations have recorded an increase in land prices. In 2014, 7,102 locations (30.9% of the total) across Japan saw an increase in land prices and 12,379 (53.8% of the total) saw a decrease. In 2013, only 8.1% of locations reported an increase, while 74.3% saw a decline in land prices. In the three major cities, 51.3% of locations saw an increase in 2014 while 26.5% saw a decrease. In 2013, only 11.5% of locations saw an increase and 58.5% saw a decrease in land prices.

Chika-koji land price movements:

Residential land
201020112012 20132014
Nationwide-4.2%-2.7%-2.3%-1.6%-0.6%
3 Major Cities-4.5%-1.8%-1.3%-0.6%+0.5%
Tokyo-4.9%-1.7%-1.6%-0.7%+0.7%
Osaka-4.8%-2.4%-1.3%-0.9%-0.1%
Nagoya-2.5%-0.6%-0.4%0.0%+1.1%
Regional areas-3.8%-3.6%-3.3%-2.5%-1.5%
Commercial land
20102011201220132014
Nationwide-6.1%-3.8%-3.1%-2.1%-0.5%
3 Major Cities-7.1%-2.5%-1.6%-0.5%+1.6%
Tokyo-7.3%-2.5%-1.9%-0.5%+1.7%
Osaka-7.4%-3.6%-1.7%-0.5%+1.4%
Nagoya-6.1%-1.2%-0.8%-0.3%+1.8%
Regional areas-5.3%-4.8%-4.3%-3.3%-2.1%

The report also focused on land price movements in the disaster-affected areas in Tohoku.

Residential land
201220132014
Iwate-4.8%-2.7%-0.9%
Miyagi-0.7%+1.4%+2.5%
Fukushima-6.2%-1.6%+1.2%
Commercial land
201220132014
Iwate-7.0%-4.8%-3.5%
Miyagi-3.9%0.0%+1.7%
Fukushima-7.2%-3.2%-0.5%

The top 10 increases in Greater Tokyo:

Residential:

  1. Kachidoki 3-4-18, Chuo-ku 954,000 Yen/m² (+10.9%)
  2. Tsukuda 3-3-9, Chuo-ku 1,430,000 Yen/m² (+10.9%)
  3. Tsukishima 3-25-3, Chuo-ku 952,000 Yen/m² (+10.8%)
  4. Tsukuda 2-12-12, Chuo-ku 925,000 Yen/m² (+10.1%)
  5. Akasaka 1-14-11, Minato-ku 2,680,000 Yen/m² (+9.8%)
  6. Jozaiminami 3-33-5, Kisarazu City, Chiba 38,400 Yen/m² (+9.7%)
  7. Minamiazabu 4-9-6, Minato-ku 1,970,000 Yen/m² (+9.4%)
  8. Nihonbashihamacho 3-28-2, Chuo-ku 875,000 Yen/m² (+9.4%)
  9. Hatorino 2-25-4, Kisarazu City, Chiba 25,000 Yen/m² (+8.7%)
  10. Toyosu 4-11-30, Chuo-ku 479,000 Yen/m² (+8.6%)

The man-made islands in Chuo-ku are going through a high-rise apartment boom. This area will also host several events as well as the Athlete’s Village for the 2020 Summer Olympics. There are doubts, however, that the area will experience the same transition that Omotesando and Harajuku did following the 1964 Olympics.

Commercial:

  1. Omiyacho 14-5, Saiwai-ku, Kawasaki City 942,000 Yen/m² (+11.5%)
  2. Kosugimachi 3-441-29, Nakahara-ku, Kawasaki City 1,170,000 Yen/m² (+11.4%)
  3. Ekimae Honcho 11-1, Kawasaki-ku, Kawasaki City 2,920,000 Yen/m² (+10.6%)
  4. Shinjuku 3-30-11, Shinjuku-ku 19,900,000 Yen/m² (+9.9%)
  5. Ginza 4-5-6, Chuo-ku 29,600,000 Yen/m² (+9.6%)
  6. Shinjuku 3-24-1, Shinjuku-ku 20,900,000 Yen/m² (+9.4%)
  7. Ginza 5-3-1, Chuo-ku 26,100,000 Yen/m² (+9.2%)
  8. Ginza 7-9-19, Chuo-ku 21,400,000 Yen/m² (+9.2%)
  9. Ginza 2-6-7, Chuo-ku 21,500,000 Yen/m² (+9.1%)
  10. Ginza 4-2-15, Chuo-ku 16,100,000 Yen/m² (+8.8%)

The worst performers nationwide:

  1. Motomachi 4-4-9, Oshima Island* 14,100 Yen/m² (-24.2%)
  2. Motomachi 1-9-4, Oshima Island* 48,300 Yen/m² (-14.8%)
  3. Minamiginza 2-17, Shunan City, Yamaguchi 89,500 Yen/m² (-12.3%)
  4. Mizusawaku Nakamachi 1-15, Oshu City, Iwate 55,700 Yen/m² (-10.6%)
  5. Arayatorikimachi 1-35, Akita City, Akita 12,400 Yen/m² (-10.1%)

*This part of Oshima Island suffered from devastating typhoon-triggered landslides in 2013.

The most expensive residential land in Japan: 

  1. Rokubancho 6-1, Chiyoda-ku, Tokyo 2,960,000 Yen/m² (+6.5%)
  2. Akasaka 1-14-11, Minato-ku, Tokyo 2,680,000 Yen/m² (+9.8%)
  3. Sanbancho 6-25, Chiyoda-ku, Tokyo 2,280,000 Yen/m² (+6.0%)
  4. Kudankita 2-3-25, Chiyoda-ku, Tokyo 2,140,000 Yen/m² (+6.5%)
  5. Minamiazabu 4-9-6, Minato-ku, Tokyo 1,970,000 Yen/m² (+9.4%)
  6. Hirakawacho 2-4-13, Chiyoda-ku, Tokyo 1,950,000 Yen/m² (+4.8%)
  7. Motoazabu 2-3-24, Minato-ku, Tokyo 1,950,000 Yen/m² (+7.6%)
  8. Minamiaoyama 4-20-4, Minato-ku, Tokyo 1,770,000 Yen/m² (+8.6%)
  9. Akasaka 6-19-23, Minato-ku, Tokyo 1,740,000 Yen/m² (+8.1%)
  10. Roppongi 5-13-1, Minato-ku, Tokyo 1,680,000 Yen/m² (+8.4%)

The most expensive commercial land in Japan:

  1. Ginza 4-5-6, Chuo-ku, Tokyo 29,600,000 Yen/m² (+9.6%)
  2. Marunouchi 2-4-1, Chiyoda-ku, Tokyo 28,700,000 Yen/m² (+6.3%)
  3. Ginza 5-3-1, Chuo-ku, Tokyo 26,100,000 Yen/m² (+9.2%)
  4. Otemachi 2-2-1, Chiyoda-ku, Tokyo 22,000,000 Yen/m² (+5.8%)
  5. Ginza 2-6-7, Chuo-ku, Tokyo 21,500,000 Yen/m² (+9.1%)
  6. Ginza 7-9-19, Chuo-ku, Tokyo 21,400,000 Yen/m² (+9.2%)
  7. Shinjuku 3-24-1, Shinjuku-ku, Tokyo 20,900,000 Yen/m² (+9.4%)
  8. Marunouchi 3-3-1, Chiyoda-ku, Tokyo 20,600,000 Yen/m²
  9. Otemachi 1-7-2, Chiyoda-ku, Tokyo 20,600,000 Yen/m² (+5.6%)
  10. Shinjuku 3-30-11, Shinjuku-ku, Tokyo 19,900,000 Yen/m² (+9.9%)

Sources:
MLIT, March 18, 2014.
The Nikkei Shimbun, March 18, 2014.

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