Commercial standard land prices in Japan’s big cities increase for 4th year in a row

ginza-nagoya
Ginza and Nagoya both saw standard land prices increase between 27 ~ 32% over the past 12 months.

The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced this year’s Standard Land Prices on September 20.

Nationwide, land prices declined for the 25th year in a row with a 0.6% decrease, although the rate of decline is slowing. Meanwhile, commercial land prices stopped their downwards trend for the first time in 9 years.

Land prices in Japan’s urban centres of Tokyo, Osaka and Nagoya continued to benefit from booming foreign tourist numbers, redevelopment and infrastructure projects, shrinking office vacancy rates, and monetary easing.

Commercial land prices in these three cities increased by 2.9%, representing a fastening pace after 2.3% growth in 2015 and 1.7% growth in 2014. In the Tokyo metropolitan area, commercial land prices increased by 4.1% in 2016, after a 3.3% increase in 2015. In Osaka city, they were up 4.7% this year.

Standard land prices increase in major cities in 2015

Omotesando Intersection
The Omotesando Intersection. Land prices at a survey point increased by 20.2% over the past 12 months.

Yesterday the MLIT released the standard land prices (kijun-chika) for Japan’s major cities and regional areas. Nationwide, land prices declined for the 24th year in a row, although the 0.9% decline in 2015 is down from the 1.2% drop seen in 2014.

Buoyed by growing foreign tourist numbers, redevelopment projects, an economic recovery and monetary easing, the three major cities of Tokyo, Osaka and Nagoya, saw commercial land prices rise by 2.3% (up from a 1.7% increase in 2014). Residential land prices in these cities grew by an average of 0.4% (down slightly from the 0.5% increase in 2014).

69.9% of the surveyed commercial locations in the three cities saw an increase in prices (up from 68.0% of locations in 2014), while 44.7% of residential areas saw an increase (compared to a 46.9% share in 2014).

The redevelopment around Nagoya Station in anticipation of the new maglev train, scheduled to start services between Tokyo and Nagoya in 2027, has led to a large increase in land prices. Some locations have increased by between 25 ~ 45%.

Commercial land prices in Omotesando up 20.2%

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