CONCIERIA, the property brand of CLEARTH LIFE in Tokyo

“2024 Benchmark land prices ” were announced

On September 18, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the nationwide benchmark land prices for 2024, based on the assessment as of July 1.

■Nationwide Land Price Fluctuation Rate:

The average for all uses has increased by +1.4 %. Residential land has increased by +0.9 %, and commercial land has increased by +2.4 %, both rising for the 3rd consecutive year.

■Land Price Fluctuation Rate in Tokyo:

The average for all uses has increased by +6.0 %. Residential land has increased by +4.6 %, rising for the 12th consecutive year, while commercial land has increased by +8.4 %, rising for the 3rd consecutive year.

◆ Residential Land Trends

Housing demand remains strong due to the ongoing low-interest-rate environment, and land prices have continued to rise. In particular, the momentum of land price increases has been especially notable in the centers of major metropolitan areas. In popular tourist destinations, demand for housing from immigrants, in addition to apartments and vacation homes, has also been increasing, and there are still areas where land prices are rising significantly.

◆ Commercial Land Trends

In city centers, commercial land prices have also shown a significant increase due to ongoing competition with demand for apartment development.
In areas where redevelopment projects are underway, the convenience and regional revitalization are expected to drive further growth, and the trend of rising land prices is projected to continue.
Additionally, especially notable increases in land prices have been observed in tourist destinations where the number of foreign and domestic tourists is recovering.