Municipalities ranked by the estimated market value of all land and buildings. Designated cities are counted as a whole and Tokyo's 23 wards as one (ward-level assessed values are not published).
Data last updated: November 2026 (Land Price Publication 2026, Prefectural Survey 2026, transactions through Q2 2026)
| Rank | Area | Total value | ≈ USD | Land | Buildings | Share of Japan | Avg. residential |
|---|---|---|---|---|---|---|---|
| 1 | Matsue City Shimane |
¥1.5 trillion | $9.5B | ¥1.0 trillion | ¥463.6 billion | 0.11% | ¥45K/m² |
| 2 | Izumo City Shimane |
¥1.1 trillion | $7.2B | ¥738.4 billion | ¥387.1 billion | 0.08% | ¥25K/m² |
| 3 | Hamada City Shimane |
¥291.5 billion | $1.9B | ¥178.3 billion | ¥113.2 billion | 0.02% | ¥21K/m² |
| 4 | Masuda City Shimane |
¥229.6 billion | $1.5B | ¥148.9 billion | ¥80.7 billion | 0.02% | ¥19K/m² |
| 5 | Yasugi City Shimane |
¥208.9 billion | $1.3B | ¥143.7 billion | ¥65.2 billion | 0.01% | ¥19K/m² |
| 6 | Unnan City Shimane |
¥157.6 billion | $1.0B | ¥96.1 billion | ¥61.6 billion | 0.01% | ¥15K/m² |
| 7 | Oda City Shimane |
¥150.2 billion | $955.32M | ¥93.3 billion | ¥56.9 billion | 0.01% | ¥17K/m² |
| 8 | Gotsu City Shimane |
¥116.1 billion | $738.29M | ¥73.6 billion | ¥42.5 billion | 0.01% | ¥16K/m² |
| 9 | Okinoshima Town Shimane |
¥56.9 billion | $362.02M | ¥36.8 billion | ¥20.1 billion | 0.00% | ¥14K/m² |
| 10 | Okuizumo Town Shimane |
¥38.0 billion | $241.74M | ¥20.6 billion | ¥17.5 billion | 0.00% | ¥12K/m² |
| 11 | Onan Town Shimane |
¥30.9 billion | $196.25M | ¥13.4 billion | ¥17.5 billion | 0.00% | ¥4,200/m² |
| 12 | Tsuwano Town Shimane |
¥27.7 billion | $176.39M | ¥18.8 billion | ¥8.9 billion | 0.00% | ¥16K/m² |
| 13 | Yoshika Town Shimane |
¥18.2 billion | $115.79M | ¥10.2 billion | ¥8.0 billion | 0.00% | ¥8,150/m² |
| 14 | Iinan Town Shimane |
¥12.6 billion | $80.15M | ¥6.4 billion | ¥6.2 billion | 0.00% | ¥5,620/m² |
| 15 | Misato Town Shimane |
¥12.3 billion | $78.13M | ¥6.4 billion | ¥5.9 billion | 0.00% | ¥5,070/m² |
| 16 | Kawamoto Town Shimane |
¥11.3 billion | $71.88M | ¥6.4 billion | ¥4.9 billion | 0.00% | ¥9,954/m² |
| 17 | Nishinoshima Town Shimane |
¥10.4 billion | $66.43M | ¥7.2 billion | ¥3.2 billion | 0.00% | ¥13K/m² |
| 18 | Ama Town Shimane |
¥6.9 billion | $44.10M | ¥4.5 billion | ¥2.4 billion | — | ¥5,983/m² |
| 19 | Chibu Village Shimane |
¥1.7 billion | $10.69M | ¥933.7M | ¥748.0M | — | ¥3,900/m² |
19 areas · calculated Nov 2, 2026. Total value is estimated from assessed values for fixed-asset tax (MIC survey), with residential land brought to the level of official land prices; tax-exempt land and buildings are not included. Designated cities are counted as a whole and Tokyo's 23 wards as one.
Based on Japan's official land price surveys and MLIT transaction data, aggregated by Fudosan Zukan. Forecasts and the index are Fudosan Zukan indicators. Prices in Japanese yen.