“2023 Benchmark land prices” were announced
- Japanese real estate expertise
“2023 Benchmark land prices” were announced
On September 19, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the nationwide benchmark land prices for 2023, based on the assessment as of July 1.
■Nationwide Land Price Fluctuation Rate:
The average for all uses has increased by +1.0% . Residential land has increased by +0.7% , and commercial land has increased by +1.5% , both rising for the second consecutive year.
■Land Price Fluctuation Rate in Tokyo:
The average for all uses has increased by +3.6% . Residential land has increased by +3.0% , rising for the 11th consecutive year, while commercial land has increased by +4.5% , rising for the second consecutive year.
Following the nationwide recovery from the Covid-19 pandemic and a surge in inbound demand, land prices have experienced significant increases, particularly in major cities and popular tourist destinations. Since the relaxation of entry restrictions in October 2022, the number of foreign visitors to Japan has rebounded to 85% of the 2019 levels as of August 2023.
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