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Results of MLIT’s latest land price survey

reslandprice2016

According to the Ministry of Land, Infrastructure, Transport and Tourism’s annual residential land survey (地価公示), titled 平成29年地価公示 (2017 Land price public announcement) residential land in Tokyo’s most central 23 wards increased by 3% in 2016, and in greater Tokyo area that averaged 0.7% increase. Chiyoda, Chuo and Minato wards all have prices increase by more than 5% in 2016 (see graphic above), while most of the 23 wards experienced growths of between 2 and 5 percent growth YoY. There is great disparity between what is happening in Tokyo (particularly within the 23 wards) and nationwide.

As we have written in the past, growth in condominium prices in central Tokyo have increased substantially over the last few years. However, given the high prices, the total number of transactions decreased last year. As the number of new condo sales has started to decrease, there is also less pressure among property developers to acquire and develop sites, which in turn keep land prices at bay. In terms of commercial real estate, the total for 23-Ward Tokyo increased by 5.5% (4.8% in 2015) and increased by 1.9% (1.8% in 2015) for the greater Tokyo area in 2016.

Visit the main site to download the statistics (in Japanese): http://tochi.mlit.go.jp/chika/kouji/2017/index.html, and here is the summary for Tokyo residential land: http://tochi.mlit.go.jp/chika/kouji/2017/46-1.html

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