This year, Japan’s nationwide rosenka land values increased for the third year in a row with an annual rate of growth of 0.7%. The rate of growth has increased from 2017 which saw 0.4% and 2016 with 0.2%.
The Tokyo metropolitan area saw a 4.0% increase, up from a 3.2% increase seen in 2017. Kyoto Prefecture saw a 2.2% increase and Osaka saw a 1.4% increase. A total of 18 prefectures saw an overall increase in land values in 2018, up from 13 prefectures in 2017. Total real estate transactions by listed companies in 2017 reached 5 trillion Yen (approx. 45 billion USD), up 20% from 2016 and the third highest annual volume in history.
The strip of road in front of Ginza’s Kyukyodo Building was the highest valued land in Japan for the 33rd year in a row. The rosenka land value in 2018 was 44,320,000 Yen/sqm (approx. 37,100 USD/sq ft), up 9.9% from 2017 and beating a previous record price seen last year.
Niseko in top spot, and Gion in second spot
A roadside land value Hokkaido’s popular ski resort destination of Niseko saw an 88% increase this year, putting it in top spot nationwide in terms of percentage increase. Niseko was also in top spot in 2017 with a 77.1% increase along one of the town’s roads.
In second spot nationwide was Shijo Street in the Gion neighborhood of Kyoto City which saw rosenka land values increase by 25.9% over the past 12 months. The area around Shijo Kawaramachi intersection has had the highest tax value in Kyoto Prefecture for the past 27 years. In 2018 it had a rosenka tax value of 4,750,000 Yen/sqm.
Developers in Kyoto City are having a particularly difficult time obtaining …continue reading