On March 27th, the Ministry of Land, Infrastructure and Transport announced the nationwide public land price (land price per square meter), an index of reasonable prices for land transactions.
Residential areas in the three major cities of Tokyo, Osaka and Nagoya, increased by 0.7%, each, and even in other regional cities, commercial land prices rose for the first time in 26 years. In particular, prices in the four regional cities of Sapporo in Hokkaido, Sendai, Hiroshima, and Fukuoka rose sharply by 7.9%.
Recovering residential areas as a result of improvement in the employment and wage environments due to good corporate results, and inbound demand because of an increase in foreign tourists boosting the land price of commercial areas with stores and hotels, was behind the increase.
Apartment prices in Tokyo have continued to increase since 2012, and in the top five, most popular wards of Chiyoda-ku, Minato-ku, Shibuya-ku, Chuo-ku and Meguro-ku, the average sales price of all transactions exceeded 55 million yen.
japan-property.jp have summarized market information on prices of pre-existing apartments as a reference for those considering a apartment purchase or real estate investment in Tokyo in the future.
Market prices of existing apartments in Tokyo
by floor plan
In millions of Yen
by floor space area
In millions of Yen
