Japan's 2026 Land Prices Post Biggest Rise Since 1992; Tokyo Commercial Land Jumps 12%A · FULL TRANSLATION
- Nationwide all-use land prices rose 2.8% as of Jan 1, 2026 — the largest gain since 1992, fifth straight rise
- Tokyo: all-use +8.4%, commercial +12.2%, residential +6.5%
- Taito Ward led commercial gains at +19.1%, with Asakusa points above 20% on inbound demand
- Top residential point: Konan, Minato Ward, +22.2%
The 2.8% national rise is the largest in 34 years, and Tokyo's commercial +12.2% is a double-digit sprint. The map is the message: Taito Ward — not the traditional financial districts — topped commercial gains, with Asakusa points above 20%. Inbound spending is now literally priced into official land values, which also means this segment is leveraged to visitor numbers; the 57% China drop in JNTO's April report is its stress test.
MLIT's 2026 official land price survey (as of Jan 1, 2026), released March 17: the nationwide all-use average rose 2.8%, a fifth consecutive increase and the largest since 1992.
Tokyo rose 8.4% all-use (7.3% prior year): commercial +12.2%, residential +6.5%.
By ward, commercial gains were led by Taito (+19.1%), Bunkyo (+17.8%), Nakano and Suginami (+17.5%). Around Asakusa, multiple points exceeded 20% on inbound consumption.
The top residential point was Konan 3-7-23, Minato Ward, +22.2%.
Tokyo authorities cited hotel and retail investment driven by inbound demand and central redevelopment as the main commercial drivers.