Tokyo Land Prices Rise for Fourth Consecutive Year
Land prices in Tokyo continued their upward trend in 2024, marking the fourth consecutive year of increases. The average price increase across the capital was 7.3%, with prices rising at 97% of locations. This increase surpasses the previous year's rate and reflects the continued demand for condominiums, particularly in central Tokyo.
The 23 wards in central Tokyo saw the most significant price increases, with an average rise of 9.6%. Chuo Ward experienced the sharpest increase at 13.9%, followed by Minato Ward at 12.7% and Meguro Ward at 12.5%.
Residential land prices in Tokyo increased by 5.7%, with the 23 wards experiencing a 7.9% increase and the Tama area seeing a 3.4% increase. Areas with high-rise condominium construction and easy access to the city center saw particularly sharp increases.
Commercial land prices also saw a double-digit increase for the first time since 2008, rising 10.4%. This increase was driven by strong demand from foreign tourists and for residential properties in commercial areas like Asakusa and Ueno.
The Tama area also experienced significant increases in commercial land prices, with Fuchu seeing a 9.2% increase, Chofu seeing an 8.2% increase, and Musashino seeing a 7.9% increase. Retail demand around redeveloped areas near stations on the JR Chuo Line and Keio Line contributed to these increases.
The continued rise in land prices reflects the strong demand for housing and commercial space in Tokyo. This trend is likely to continue in the coming years, driven by factors such as population growth and economic development.