Majority of surveyed land showing price growth for first time since start of pandemic: 2021 Q4 LOOK Report

Land prices rose in 55 locations out of 100 surveyed by Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) in its 2021 Q4 (October 1 to January 1) LOOK Report.

The LOOK report tracks land price trends for intensively used commercial and residential land in major cities throughout Japan.

The 2021 fourth quarter results were a positive sign that land prices are continuing to recover from pandemic lows and the first time since the start of the pandemic that a majority of nationally surveyed land plots were assessed as having positive growth.

The quarterly LOOK report assesses 100 plots of intensively used land across the country, 43 plots in the Tokyo metropolitan region, 25 in the Osaka metropolitan region, 9 in the Nagoya metropolitan region, and 23 in regional areas. Thirty two (32) surveyed plots are residential land and 68 are commercial (retail and office).

The plots are evaluated on whether the value of the land has been rising, falling or staying flat. As can be seen in the chart above, the start of the pandemic in March 2020 caused the assessment of land values to crater in the second and third quarters of 2020.

Land values have steadily climbed since the 2020 Q4 report, with the 2021 Q4 report being the first time that the majority (55) of surveyed plots were seen as having positive growth. However, this is still far below the 2019 Q4 number when business sentiment was riding high on anticipation of tourism and investment effects from the then not-yet-postponed Tokyo 2020 Olympics.

All 55 plots showing price growth were evaluated as growing at less than 3%.

Residential land showing strong recovery, commercial land also on a growth trend

Of 32 residential plots of land surveyed, 30 were evaluated as increasing in value (up from 26 in the 2021 Q2 survey), 6 were evaluated as not growing (flat), up from 2 in the 2021 Q2 survey, and none were evaluated as falling in value. The LOOK report noted that strong condominium sales have provided a tailwind to support residential land values.

For more on record breaking condominium price growth in 2021, please see this article: Average apartment price in Tokyo area hits record high in 2021, exceeding bubble era.

Of 68 commercial land plots surveyed, 25 were seen as increasing in value (up from 14 in the 2021 Q2 survey), 26 were seen as falling in value (up from 24), and 17 as flat in value (down from 30). Although about 38% of plots were seen to be falling in value due to the ongoing effect of the pandemic, retail stores in many districts are on trend to recover profitability. Corporate investors have also been active in conducting transactions in urban centers. These factors have helped to pull the majority of surveyed plots into flat or positive

By region

Of 43 plots surveyed in Tokyo, 23 showed positive growth (up from 17 in the 2021 Q3 survey), 13 were flat (versus 14), and 7 were falling in value (down from 12).

Of 25 plots surveyed in Osaka, 12 were assessed as having positive growth (up from 8 in the previous survey), 8 were flat (up from 6), and 5 were falling in value (down from 11).

Of 9 plots surveyed in Nagoya, 9 showed positive price growth (up from 6), none were flat in value (down from 3), and none were falling in value (same as in the previous survey).

In regional (outside the three major metro areas), 23 plots were surveyed, with 11 showing price growth (up from 9), 7 were flat (same as in the previous survey), and 5 were falling in value (down from 7).


2021 Q4 LOOK Report (PDF in Japanese)

2020 Q4 LOOK Report (PDF in Japanese)

2019 Q4 LOOK Report (PDF in Japanese)

Lead image: Kumano city, Mie prefecture at Atashika waterfront via iStock 1126692937

Bilingual Agents

All of the agents who list properties on are bilingual in Japanese and English. Some agents can also handle inquiries in Traditional Chinese, Simplified Chinese, and other languages. Please click on the links below to see their listings:

All For Sale Property Listings

Investment Property Listings

You may also be interested in

FAQs About Buying Property in Japan

Can a foreigner buy property in Japan?

Yes. You can buy property in Japan regardless of your nationality or country of origin. There are also no residency requirements for buying real estate in Japan. Securing financing as a resident foreigner is more complicated. For info on financing, please see Basic Requirements for Getting a Mortgage as a Foreigner in Japan

Webinars on Buying Property in Japan

Please see our seminar page for a current list of webinars on: how to buy a home in Japaninvesting in Japanese real estate for beginnershow to apply for permanent residency in Japanhow to sell property in Japan, and much more.

How do I get a property loan as a foreigner in Japan?

Please see this article for information on: Getting a property loan as a foreigner in Japan

What is the process for buying a property in Japan?

Please see our step-by-step guide: Guide to Buying Property in Japan

See how much you can borrow and your monthly payments in yen: Yen Mortgage Loan Calculator

For information about purchase and brokerage fees: Breakdown of real estate purchase fees and taxes in Japan

Need to Know

Homeowners insurance in Japan

Leasehold rights in Japan: Advantages and disadvantages

Earthquake building codes and technology in Japan

Can I legally rent out my home in Japan on AirBnB?

Repair reserve fund fees explained

Parking spaces in Japanese condominium buildings explained

Building your own home in Japan

Bilingual Real Estate Agent in Tokyo Answers Your FAQs on Buying and Managing an Investment Property

How much is my property worth?

Real Estate Japan is pleased to offer free, no obligation appraisals for owners of property in Japan. Please click here and fill out the form: How much is my property worth?

7 situations when you should consider selling your investment property in Japan

What are the main factors affecting home sale prices in Japan in 2019?

Akiya Banks in Japan

Tokyo Apartment Market Forecast: Trends to watch for in 2022

Kansai Apartment Market Forecast: Supply and price trends to watch for in 2022