Ginza reaches ¥53.36 million per square metre
The National Tax Agency published Japan's 2026 road values and valuation multipliers on July 1. Road values are primarily used to calculate land values for inheritance and gift tax. In the Tokyo Regional Taxation Bureau area, Ginza Chuo-dori in Ginza 5-chome was valued at ¥53.36 million per square metre, an increase of 11.0% from ¥48.08 million in 2025. Omotesando in Kita-Aoyama reached ¥22.08 million, up 11.3%, while Kaminarimon-dori in Asakusa rose 27.5% to ¥7.37 million. The variation illustrates how tourism, commercial demand and redevelopment can produce very different valuation changes within Tokyo.
A tax value is not the same as a market price
Road values should not be interpreted as direct transaction prices. They are valuation benchmarks used by the tax authorities for inheritance and gift taxation, while actual property prices depend on location, site shape, road access, ownership rights and many other characteristics. Nevertheless, a higher road value can increase the tax valuation of the same land compared with the previous year. Owners planning succession or gifts should therefore distinguish between the market value of an asset and the value used for tax calculations.
Cross-border owners need to consider succession costs
Foreign nationals and non-residents who own Japanese property can also encounter Japanese inheritance or gift taxation in certain circumstances involving assets located in Japan. The precise tax scope depends on factors including residence, nationality and the status of the donor, deceased person and recipient, so a road value alone does not determine tax liability. For long-term real-estate investment, it is useful to separate expected resale value from tax valuation and to consider ownership and succession costs as part of the overall investment structure.