No monitored district recorded a decline
MLIT's Land Price LOOK report, released June 26, covers movements between January 1 and April 1, 2026. All 44 highly utilized districts recorded increases, with no flat or declining locations. Forty-two districts were in the 0%-to-3% increase band and two were in the 3%-to-6% band. Residential districts continued to benefit from demand for condominiums in locations offering strong accessibility and living environments, producing a 16th consecutive period in which every residential location increased. Commercial land also rose across all monitored areas for a ninth consecutive period, supported by redevelopment, hotel and retail demand associated with tourism, and resilient office demand.
Investors still need to distinguish national and local trends
The report suggests that demand in prime urban locations has remained resilient even as Japan operates in a higher interest-rate environment. It should not, however, be interpreted as evidence that every Japanese property market is rising at the same pace. The survey covers 21 locations in the Tokyo area, 11 in Osaka, four in Nagoya and eight in regional cities, and focuses on intensively used urban land. Foreign buyers therefore need to examine station access, tenant demand, redevelopment pipelines and tourism exposure rather than relying on a national headline alone. MLIT has changed the publication schedule to semiannual reporting in fiscal 2026, with the next release covering the second and third quarters expected in late November. The interaction between borrowing costs and asset prices will be a key issue for the remainder of the year.