Land Price Trend Index Remains Positive for 20 Consecutive Quarters: Zennichiren Survey

According to the latest survey by Zennichiren (Japan Association of Real Estate Agents), Japan’s land price trend index (DI) has remained positive nationwide for the 20th consecutive quarter, indicating that land prices are still perceived as rising overall. However, the pace of growth has slowed compared with the previous survey.

Regional differences are becoming more pronounced. Major urban areas such as Kanto (Tokyo area), Kansai (Osaka area), and Kyushu/Okinawa (including Fukuoka) continue to show relatively strong price momentum, while many regional areas report declining sentiment.

Looking ahead three months, the nationwide outlook weakens significantly. Many respondents expect land prices to soften or stagnate, reflecting growing concerns over high construction costs, rising interest rates, and reduced buyer affordability. Real estate professionals also report signs of slower transaction volumes, as buyers become more cautious amid higher financing costs.

For overseas individual investors, the survey suggests that Japan’s land prices are not in a broad downturn, but the market appears to be entering a cooling or adjustment phase, particularly outside major cities. Selective investment in prime urban locations may remain attractive, while careful attention should be paid to interest rate trends, transaction liquidity, and pricing sustainability.

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