Key information about House Prices Growth

• Japan house prices grew 4.3% YoY in Nov 2024, following an increase of 2.0% YoY in the previous month.
• YoY growth data is updated monthly, available from Apr 2009 to Nov 2024, with an average growth rate of 1.9%.
• House price data reached an all-time high of 10.2% in Apr 2022 and a record low of -9.4% in Apr 2009.

CEIC calculates House Prices Growth from monthly Residential Property Price Index. The Ministry of Land, Infrastructure, Transport and Tourism provides Residential Property Price Index with base 2010=100.

Graph and download economic data for Residential Property Prices for Japan (QJPN628BIS) from Q1 1955 to Q3 2024 about Japan, residential, HPI, housing, price index, indexes, and price.

In 2024, the average land price in Tokyo Prefecture stood at about 1.21 million Japanese yen per square meter. The average land price is based on land price surveys conducted by the Ministry of Land, Infrastructure, Transport, and Tourism and prefectural governments in January and July each year.Average land prices in JapanAverage land prices in Japan showed an upward trend in recent years that was interrupted during the coronavirus pandemic. Partly due to the ongoing depopulation of many rural areas, land prices tend to be significantly higher in the more urban areas. Among all the prefectures in Japan, Tokyo had the highest average official land prices, followed by Osaka and Kyoto. The buildings with the highest commercial land prices in Japan were all located in the capital city as of 2024.The situation in TokyoWithin Tokyo, the wards Chiyoda, Chuo, Minato, Shibuya, and Shinjuku form the central business district, which is marked by particularly high rents and low vacancy rates. Among the 23 wards of the city, Chuo had the highest standard land price in 2024. The ward lies to the east of Tokyo Station and encompasses Ginza, which is one of the country’s most expensive shopping areas. Japan’s booming tourism industry, as well as rebuilding and redevelopment projects, have been some of the factors contributing to rising land prices in Tokyo’s commercial areas before the pandemic.

In 2024, the average land price in Kyoto Prefecture was about 293.7 thousand Japanese yen per square meter, up from 274.6 thousand yen in the previous year. Kyoto Prefecture is located in the center of the Kansai region, which also includes the prefectures of Osaka and Hyogo.

In 2024, the average land price in Okinawa Prefecture was about 124.9 thousand Japanese yen per square meter, up from around 118.5 thousand yen per square meter in the previous year. Okinawa recorded the highest growth in official residential land prices in the same year.