The most expensive land price in Japan is about 7 billion VND per m2

The land frontage in front of the Kyukyodo building in Ginza (Tokyo) costs 296,000 per square meter, equivalent to nearly 7 billion VND, the most expensive in Japan.

For the 38th consecutive year, the highest land price in Japan is located in front of the Kyukyodo stationery retail building, in the Ginza shopping district. The price per square meter here is 42.72 million yen ($296,000), 1.1% higher than the previous year and the first increase in three years, according to newly released data from the National Tax Agency of Japan. .

Ginza is known for its upscale shops and restaurants, which are always a favorite among tourists. Kyukyodo has set up shop at the site next to the lot since 1663, specializing in incense, calligraphy supplies and traditional Japanese paper.

On a national scale, the average land frontage price increased 1.5% in 2023 from a year earlier, marking the second consecutive year of increase.

The facade of the Kyukyodo stationery store in Tokyo's Ginza shopping district. Photo: Kyodo

The agency's survey of land prices this year covers about 320,000 standard parcels of land, is based on data compiled by the Ministry of Land, Infrastructure, Transport and Tourism and reflects transactions. The results are used to base inheritance and gift taxes.

25 out of 47 provinces in the country have higher average land prices. Despite having a plot of land measured by square meter with a national record price, Tokyo is not the locality with the largest increase in land prices this year. According to the survey, the price of frontage land in Tokyo 2023 only increased by 3.2%, ranking 4th after Hokkaido, Fukuoka and Miyagi.

Hokkaido saw land prices increase by 6.8% due to demand for residential land in Sapporo and its suburbs. At the same time, commercial land has also increased significantly with the anticipation of the expansion of the Hokkaido Shinkansen line by the end of 2030.

According to Nikkei , land frontage prices in Japan improved thanks to the waning impact of the pandemic, the return of economic activity, especially in tourist areas and city centers. In addition to land prices in the Ginza area inching up, Kyoto - which was hit hard by the pandemic - also prospered.

In 2021, land prices at the Gion-Shijo Station area of ​​the Keihan line dropped 8.7%, but have increased by 6% this year thanks to the return of domestic tourists.

"Besides domestic customers, visitors from Europe, America and Asia have returned. The empty shops have been filled with ice cream stalls. I expect the number of visitors to increase further in the fall." , said a woman in her 20s who works at a nearby confectionery store.