CONCIERIA, the property brand of CLEARTH LIFE in Tokyo

Trends in “2026 Roadside Land Prices” — Understanding the Value of Tokyo Real Estate

The National Tax Agency (NTA) has announced the nationwide roadside land prices for 2026. The national average of roadside land values increased by 2.9% year-on-year, marking the fifth consecutive year of growth. Notably, Tokyo recorded a 9.4% increase—the highest growth rate in the country—demonstrating that the Tokyo real estate market continues to be supported by strong demand.

"Roadside land values" are official land value indicators published annually by the National Tax Agency (NTA) for the purpose of calculating inheritance and gift taxes. Although they differ from actual market prices, they are widely used as a key indicator of market trends and land demand.

Rising roadside land values often reflect positive expectations for an area's future, driven by factors such as population growth, urban redevelopment, improved transportation access, and increasing demand for residential and commercial properties. As such, they are an important factor to consider when evaluating real estate investments.

■ National Increase Rate

■ Highest Increases in Land Price (Top 3 Locations)

1st Place: Hokujo, Hakuba Village, Nagano Prefecture (+32.7%)
2nd Place: Nozawa Onsen Village, Nagano Prefecture (+31.3%)
3rd Place: Kitanomine-cho, Furano City, Hokkaido (+28.0%)

In these areas, rising roadside land values have been driven primarily by factors such as the increase in inbound tourism and resort development. However, from a real estate investment perspective, it is important to distinguish these markets from major urban areas, where stable residential demand provides a more sustainable foundation for property values. Tourist destinations are generally more susceptible to fluctuations in tourism demand.

■ Highest Land Prices in Tokyo

[Price – Top 3 Most Expensive Locations]

1st Place: Ginza 5-chome, Chuo-ku (Ginza Chuo-dori Street, in front of Kyukodo)
JPY 53.36 million/m² (+11.0%)
*Highest land price in Japan for 41 consecutive years; sets a new record.

2nd Place: Udagawacho, Shibuya-ku (Shibuya Station Side Street)
JPY 36.40 million/m² (+5.8%)

3rd Place: Shinjuku 3-chome, Shinjuku-ku (Shinjuku Street)
JPY 34.24 million/m² (+5.2%)

[Price Change Rate – Top 3 Locations with Largest Increases]

1st Place: Asakusa 1-chome, Taito-ku (Kaminarimon Street)
JPY 7.37 million/m² (+27.5%)

2nd Place: Senju 3-chome, Adachi-ku (Kita-Senju Station West Exit Station Square Street)
JPY 8.72 million/m² (+24.2%)

3rd Place: Nakano 5-chome, Nakano-ku (Nakano Station North Exit Station Square)
JPY 8.40 million/m² (+22.4%)

In Asakusa, the recovery of inbound tourism demand has driven up land values, while in Kita-Senju and Nakano, expectations for station-area redevelopment and improved transportation access have had a similar effect. A notable trend is that the increase in land values is spreading beyond high-priced central city areas to neighborhoods that offer strong everyday convenience and robust housing demand.

■ Why Is Investment in Tokyo's 23 Wards Attracting Attention?

The key factors driving the increase in land values across Tokyo are:

・Ongoing large-scale redevelopment projects
・Continued population growth
・Strong demand for rental housing
・Recovery in demand driven by the growth of inbound tourism
・Growing interest in Tokyo real estate among overseas investors

However, land price trends vary significantly by region across Japan. Going forward, success will depend not simply on investing in "Japanese real estate," but on carefully selecting the right location.
Tokyo's 23 wards are one of the few markets in Japan where the population continues to grow, supporting stable demand for rental housing. As a result, the area continues to be highly regarded by both domestic and international investors for its strong potential to preserve and enhance asset value.

At CLEARTH LIFE, we develop and offer investment apartments primarily in Tokyo's 23 wards and other highly convenient urban areas, with a focus on excellent transportation access, long-term growth potential, and stable rental demand. We remain committed to anticipating market trends and supporting our clients in building long-term wealth through real estate investment.