How much is all the real estate in Japan worth?

Total value of Japan's real estate (end of 2024: land + dwellings + other buildings and structures)

¥3,398.9 trillion

≈ $21.6T at ¥157.25 = $1 · +3.7% from end of 2023 (¥3,278.8 trillion)

Source: Cabinet Office, Government of Japan — Annual Report on National Accounts for FY2024 (stock), published 2026-01-20.

Breakdown

Land

¥1,510.5 trillion

Dwellings

¥527.6 trillion

Other buildings and structures

¥1,360.8 trillion

Item	End of 2024	≈ USD	End of 2023	Change	Share
Land	¥1,510.5 trillion	$9.6T	¥1,446.8 trillion	+4.4%	44.4%
Dwellings	¥527.6 trillion	$3.4T	¥513.6 trillion	+2.7%	15.5%
Other buildings and structures	¥1,360.8 trillion	$8.7T	¥1,318.4 trillion	+3.2%	40.0%
(of which land owned by households)	¥785.9 trillion	$5.0T	—	—	23.1%

In the National Accounts, “other buildings and structures” includes offices, shops and factories as well as public structures such as roads, bridges and dams. Land plus dwellings alone comes to ¥2,038.1 trillion.

Total real estate value by prefecture land and buildings · estimated from FY2025 assessed values for fixed-asset tax

All 47 prefectures (market estimate)

¥1,391.1 trillion

≈ $8.8T · land ¥1,066.5 trillion

Assessed value (fixed-asset tax)

¥1,088.3 trillion

land ¥763.7 trillion · buildings ¥324.6 trillion

Tokyo's 23 wards

¥274.2 trillion

19.7% of Japan · all 23 wards together

Buildings

58.8 million

8,947.7 km² floor area

¥333.3 trillion

¥121.1 trillion

¥105.1 trillion

¥99.2 trillion

¥77.5 trillion

¥61.2 trillion

¥54.8 trillion

¥52.5 trillion

¥38.1 trillion

¥35.7 trillion

Rank	Prefecture	Total value	≈ USD	Land	Buildings	Share of Japan
1	Tokyo	¥333.3 trillion	$2.1T	¥285.8 trillion	¥47.5 trillion	24.0%
2	Kanagawa	¥121.1 trillion	$770.0B	¥97.2 trillion	¥23.9 trillion	8.7%
3	Osaka	¥105.1 trillion	$668.6B	¥80.0 trillion	¥25.2 trillion	7.6%
4	Aichi	¥99.2 trillion	$631.0B	¥77.5 trillion	¥21.7 trillion	7.1%
5	Saitama	¥77.5 trillion	$492.6B	¥60.9 trillion	¥16.6 trillion	5.6%
6	Chiba	¥61.2 trillion	$389.2B	¥45.9 trillion	¥15.3 trillion	4.4%
7	Hyogo	¥54.8 trillion	$348.3B	¥40.7 trillion	¥14.0 trillion	3.9%
8	Fukuoka	¥52.5 trillion	$334.0B	¥39.4 trillion	¥13.1 trillion	3.8%
9	Hokkaido	¥38.1 trillion	$242.4B	¥24.9 trillion	¥13.2 trillion	2.7%
10	Shizuoka	¥35.7 trillion	$227.1B	¥26.1 trillion	¥9.6 trillion	2.6%
11	Kyoto	¥32.1 trillion	$204.2B	¥25.9 trillion	¥6.2 trillion	2.3%
12	Hiroshima	¥26.1 trillion	$165.8B	¥19.4 trillion	¥6.7 trillion	1.9%
13	Miyagi	¥22.3 trillion	$141.6B	¥16.6 trillion	¥5.7 trillion	1.6%
14	Ibaraki	¥21.2 trillion	$134.9B	¥13.9 trillion	¥7.3 trillion	1.5%
15	Tochigi	¥15.6 trillion	$99.2B	¥10.7 trillion	¥4.9 trillion	1.1%
16	Gifu	¥15.6 trillion	$98.9B	¥10.8 trillion	¥4.7 trillion	1.1%
17	Gunma	¥15.5 trillion	$98.8B	¥10.7 trillion	¥4.8 trillion	1.1%
18	Niigata	¥15.5 trillion	$98.6B	¥10.3 trillion	¥5.2 trillion	1.1%
19	Okinawa	¥15.4 trillion	$98.1B	¥11.6 trillion	¥3.9 trillion	1.1%
20	Okayama	¥15.1 trillion	$96.1B	¥10.8 trillion	¥4.3 trillion	1.1%
21	Nagano	¥15.0 trillion	$95.6B	¥10.2 trillion	¥4.9 trillion	1.1%
22	Fukushima	¥13.5 trillion	$86.1B	¥9.4 trillion	¥4.1 trillion	1.0%
23	Mie	¥13.0 trillion	$82.6B	¥8.7 trillion	¥4.3 trillion	0.9%
24	Kumamoto	¥12.4 trillion	$79.1B	¥8.4 trillion	¥4.0 trillion	0.9%
25	Shiga	¥11.9 trillion	$75.4B	¥8.2 trillion	¥3.7 trillion	0.9%
26	Ehime	¥10.7 trillion	$67.8B	¥7.6 trillion	¥3.1 trillion	0.8%
27	Nara	¥10.5 trillion	$66.9B	¥8.1 trillion	¥2.4 trillion	0.8%
28	Kagoshima	¥10.3 trillion	$65.5B	¥6.8 trillion	¥3.5 trillion	0.7%
29	Ishikawa	¥9.4 trillion	$59.6B	¥6.6 trillion	¥2.8 trillion	0.7%
30	Yamaguchi	¥8.9 trillion	$56.6B	¥5.9 trillion	¥3.0 trillion	0.6%
31	Toyama	¥7.7 trillion	$48.7B	¥5.0 trillion	¥2.6 trillion	0.6%
32	Nagasaki	¥7.6 trillion	$48.5B	¥4.9 trillion	¥2.7 trillion	0.5%
33	Iwate	¥7.6 trillion	$48.4B	¥5.0 trillion	¥2.6 trillion	0.5%
34	Oita	¥7.5 trillion	$47.9B	¥4.9 trillion	¥2.6 trillion	0.5%
35	Kagawa	¥6.8 trillion	$43.4B	¥4.4 trillion	¥2.4 trillion	0.5%
36	Yamagata	¥6.7 trillion	$42.4B	¥4.4 trillion	¥2.2 trillion	0.5%
37	Miyazaki	¥6.6 trillion	$42.0B	¥4.4 trillion	¥2.3 trillion	0.5%
38	Aomori	¥6.5 trillion	$41.5B	¥4.0 trillion	¥2.5 trillion	0.5%
39	Wakayama	¥6.3 trillion	$40.1B	¥4.4 trillion	¥1.9 trillion	0.5%
40	Yamanashi	¥6.2 trillion	$39.2B	¥4.2 trillion	¥2.0 trillion	0.4%
41	Fukui	¥5.7 trillion	$36.5B	¥3.7 trillion	¥2.0 trillion	0.4%
42	Saga	¥5.4 trillion	$34.1B	¥3.5 trillion	¥1.8 trillion	0.4%
43	Tokushima	¥5.2 trillion	$33.4B	¥3.6 trillion	¥1.7 trillion	0.4%
44	Akita	¥4.8 trillion	$30.7B	¥2.9 trillion	¥1.9 trillion	0.3%
45	Kochi	¥4.6 trillion	$29.2B	¥3.2 trillion	¥1.3 trillion	0.3%
46	Shimane	¥4.0 trillion	$25.4B	¥2.6 trillion	¥1.4 trillion	0.3%
47	Tottori	¥3.3 trillion	$20.9B	¥2.2 trillion	¥1.1 trillion	0.2%

Based on assessed values of taxable land and buildings (Ministry of Internal Affairs and Communications, survey of fixed-asset values, FY2025, summed by municipality). Residential land is assessed at about 70% of official land prices, so its assessed value is divided by 0.7; other land and buildings are shown at assessed value. Tax-exempt land (roads, parks), structures and many public facilities are not included, so these figures do not add up to the National Accounts total above.

Cities with the largest total real estate value top 20 · designated cities as a whole, Tokyo's 23 wards together

Rank	Municipality	Total value	≈ USD	Land	Buildings
1	Tokyo 23 wards Tokyo	¥274.2 trillion	$1.7T	¥236.3 trillion	¥37.9 trillion
2	Yokohama City Kanagawa	¥52.4 trillion	$333.0B	¥42.2 trillion	¥10.1 trillion
3	Osaka City Osaka	¥46.2 trillion	$293.9B	¥34.6 trillion	¥11.6 trillion
4	Nagoya City Aichi	¥39.7 trillion	$252.5B	¥31.6 trillion	¥8.1 trillion
5	Fukuoka City Fukuoka	¥26.0 trillion	$165.3B	¥20.8 trillion	¥5.2 trillion
6	Kyoto City Kyoto	¥22.4 trillion	$142.5B	¥18.5 trillion	¥3.9 trillion
7	Kawasaki City Kanagawa	¥22.1 trillion	$140.8B	¥17.8 trillion	¥4.4 trillion
8	Sapporo City Hokkaido	¥21.2 trillion	$134.8B	¥15.3 trillion	¥5.9 trillion
9	Kobe City Hyogo	¥17.1 trillion	$108.7B	¥12.5 trillion	¥4.6 trillion
10	Saitama City Saitama	¥16.7 trillion	$106.2B	¥13.5 trillion	¥3.2 trillion
11	Sendai City Miyagi	¥14.1 trillion	$89.5B	¥11.0 trillion	¥3.1 trillion
12	Hiroshima City Hiroshima	¥13.6 trillion	$86.5B	¥10.4 trillion	¥3.2 trillion
13	Chiba City Chiba	¥9.7 trillion	$61.9B	¥7.0 trillion	¥2.7 trillion
14	Sakai City Osaka	¥8.7 trillion	$55.1B	¥6.7 trillion	¥1.9 trillion
15	Sagamihara City Kanagawa	¥8.0 trillion	$51.2B	¥6.4 trillion	¥1.6 trillion
16	Kitakyushu City Fukuoka	¥7.9 trillion	$50.5B	¥5.4 trillion	¥2.5 trillion
17	Shizuoka City Shizuoka	¥7.9 trillion	$50.2B	¥6.1 trillion	¥1.7 trillion
18	Kawaguchi City Saitama	¥7.6 trillion	$48.1B	¥6.3 trillion	¥1.3 trillion
19	Hamamatsu City Shizuoka	¥7.2 trillion	$45.6B	¥5.2 trillion	¥2.0 trillion
20	Kumamoto City Kumamoto	¥6.7 trillion	$42.9B	¥4.9 trillion	¥1.8 trillion

See the full city ranking → · Prefecture ranking →

FAQ

What is the total value of real estate in Japan?

According to Japan's National Accounts, land in Japan was worth ¥1,510.5 trillion at the end of 2024. Including dwellings and other buildings and structures, the total is ¥3,398.9 trillion (about $21.6T).

How much land do households own?

¥785.9 trillion at the end of 2024 (National Accounts, households' land).

Which prefecture has the largest total real estate value?

Tokyo-to leads with about ¥333.3 trillion (land and buildings, estimated from FY2025 assessed values for fixed-asset tax).

What is the total real estate value of Tokyo's 23 wards?

About ¥274.2 trillion (land ¥236.3 trillion, buildings ¥37.9 trillion), 19.7% of Japan's total on the same basis. Ward-by-ward assessed values are not published.

Source: Cabinet Office, Government of Japan, Annual Report on National Accounts (year-end stock, nominal); Ministry of Internal Affairs and Communications, survey of fixed-asset values (FY2025). Publication (Japanese). Tabulated by Fudosan Zukan. Past values can change when the National Accounts are revised.