The nationwide “Land Price Publication” surveying prices as of January 1, 2024 was released on the 26th. Fukuoka Prefecture led all prefectures with an average 5.7% year-on-year increase across residential, commercial and other land use categories. This far outpaced the national average 2.3% rise. Strong condominium demand drove the increases in Fukuoka. The prefecture’s residential land prices jumped 5.2% (2nd highest nationally) while commercial land rose 6.7% (1st). Industrial land gained 8.1% (4th). In Fukuoka City specifically, commercial land soared 12.6% and residential 9.6% – the highest rises among all prefectural capitals. This reflects economic growth in the region and high future expectations amid redevelopment like Tenjin Big Bang. Recovering restaurant real estate demand post-Covid also contributed. However, the end of the Bank of Japan’s negative interest rate policy could gradually raise real estate firms’ funding costs and housing loan burdens going forward, cautioned appraiser Takumi Takada. While seeing widespread gains across Fukuoka, he warned close monitoring is needed. The national Land Price Publication by the Ministry of Land surveyed around 26,000 locations on January 1st prices per square meter. Source: Fukuoka Prefecture / NHK
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