Average land price in Tokyo Prefecture 2015-2024

In 2024, the average land price in Tokyo Prefecture stood at about 1.21 million Japanese yen per square meter. The average land price is based on land price surveys conducted by the Ministry of Land, Infrastructure, Transport, and Tourism and prefectural governments in January and July each year.

Average land prices in Japan

Average land prices in Japan showed an upward trend in recent years that was interrupted during the coronavirus pandemic. Partly due to the ongoing depopulation of many rural areas, land prices tend to be significantly higher in the more urban areas. Among all the prefectures in Japan, Tokyo had the highest average official land prices, followed by Osaka and Kyoto. The buildings with the highest commercial land prices in Japan were all located in the capital city as of 2024.

The situation in Tokyo

Within Tokyo, the wards Chiyoda, Chuo, Minato, Shibuya, and Shinjuku form the central business district, which is marked by particularly high rents and low vacancy rates. Among the 23 wards of the city, Chuo had the highest standard land price in 2024. The ward lies to the east of Tokyo Station and encompasses Ginza, which is one of the country’s most expensive shopping areas. Japan’s booming tourism industry, as well as rebuilding and redevelopment projects, have been some of the factors contributing to rising land prices in Tokyo’s commercial areas before the pandemic.