According to the National Tax Agency, rosenka land values across Japan in 2015 fell for the 7th year in a row, although the decline appears to be bottoming out. This year nationwide land values dropped by 0.4%, which is an improvement from 2014 which saw values drop by 0.7%. In Tokyo, rosenka values increased by 2.1%, after seeing a 1.8% rise in 2014. In Osaka, values increased by 0.5%.
A rapid increase in foreign tourists and a boost in investment in central Tokyo from foreign funds has helped to pull up property values and retail rents.
Midosuji Boulevard in front of Osaka’s Hankyu Department Store saw rosenka land values rise by 10.1% from last year to 8,320,000 Yen/sqm, while Meieki Dori Avenue in front of Nagoya Station saw values increase by 11.5% to 7,360,000 Yen/sqm.