Key Facts
• On July 1, 2025, Japan’s National Tax Agency released land price data for 2024.
• Kanagawa Prefecture’s average land price increased by 4.4%, marking a fourth consecutive rise.
• Kamakura Station East Exit area saw a 19% increase, up 4.7 points from the previous year.
• Six tax office areas, including Atsugi, recorded over 10% growth for three consecutive years.
• Sagami-Ono Station North Exit area experienced a 9.7-point increase due to redevelopment.
• Yokohama Station West Exit Bus Terminal area retained the highest land price in the prefecture for six years.
• The land price at Yokohama Station recovered to 95.3% of its 1992 peak value.
• “The Yokohama Front” complex completion led to an 8.9% rise in nearby land prices, down from 10%+ in prior years.
• Increased tourism and residential demand, especially along private railway lines, drove the growth.
• Land prices are used as a tax calculation basis for inheritance and gifts.
Summary
Land prices in Kanagawa Prefecture rose by 4.4% in 2024, continuing a four-year upward trend. Key areas like Kamakura Station East Exit saw a 19% increase, driven by post-pandemic tourism recovery and rising demand for commercial spaces. Residential demand along private railway lines also contributed to the growth. Sagami-Ono Station North Exit area experienced a significant boost due to redevelopment projects, while Yokohama Station West Exit maintained its position as the highest-priced area for six consecutive years. However, land price growth near “The Yokohama Front” complex slowed after its completion. Overall, the prefecture’s land price recovery reflects a combination of tourism, redevelopment, and residential demand.
