According to Japan’s National Tax Agency, rosenka land values across Japan in 2016 increased by 0.2% from 2015. This is the first time to see an increase in the nationwide average since pre-global financial crisis in 2008.
Recent monetary easing measures, strong activity in the real estate market in central Tokyo and a surge in the number of foreign tourists are behind the increase in land prices.
Tokyo was in top place with an average increase of 2.9%. Land near the Kyukyodo Building in Ginza remains the most expensive land in Japan for the 31st year in a row. The rosenka land value in 2016 was 32,000,000 Yen/sqm (29,000 USD/sq.ft), up 18.7% from 2015 and has exceeded pre-Lehman Crisis pricing. This land reached a peak of 36,500,000 Yen/sqm in 1992, before dropping to 11,360,000 Yen/sqm in 1997.
Land alongside Omotesando Avenue in Tokyo had a rosenka value of 10,070,000 Yen/sqm in 2016, up 14.2% from 2015.