Where Do You Check Prices? Land Price Indexes Compared: Kōji Chika, Kijun Chika and Rosenka
Written by：SUMIMOTO Inc.Editorial Policy
Once you start looking at property in Japan, terms such as kōji chika (published land price), kijun chika (prefectural benchmark price) and rosenka (roadside land price) come up again and again. All three are official land price indicators, but their purpose, reference date and release timing differ, and mixing them up can lead to misreading the market.
This article explains the differences between the three indicators and how to use public data to check actual transaction prices, from the perspective of an overseas buyer.
How do the three land price figures differ?
The published land price (kōji chika) is assessed by the Ministry of Land, Infrastructure, Transport and Tourism for standard sites as of January 1 each year and is generally released in late March. It serves as a guide for ordinary land transactions and for setting acquisition prices of public-project land.
The prefectural benchmark price (kijun chika) is surveyed by each prefecture as of July 1 and generally released in late September. Because survey points for the published price tend to concentrate in urban areas, the benchmark price is generally seen as complementing it, including rural areas. The roadside land price (rosenka) is set by the National Tax Agency for inheritance and gift tax valuation, is based on January 1, and is generally released in early July.
Reference dates and rules of thumb
- Reference date of published price and rosenka
- Jan 1
- Reference date of the benchmark price
- Jul 1
- Typical rosenka level
- 80%
- Official land price indicators to know
- 3types
Published around March and around July respectively
Released around September
Generally said to be set at roughly 80% of the published price
Purposes differ, so avoid comparing directly
What is each one used for, and is it the same as the actual price?
All three measure land only. They do not reflect the value of a building or the conditions of an individual property, and they usually do not match actual contract prices. The table below summarizes how each is used.
Comparison of land price indicators (overview)
| Indicator | Reference date | Main publisher | Main use |
|---|---|---|---|
| Published land price | Jan 1 each year | MLIT | Guide for ordinary land deals and public land acquisition |
| Benchmark price | Jul 1 each year | Prefectures | Land deal guide that complements the published price |
| Rosenka (roadside price) | Jan 1 each year | National Tax Agency | Land valuation for inheritance and gift tax |
| Actual transaction price | Per transaction | MLIT (transaction data released) | Checking a market level close to contract prices |
To understand the real market, buyers commonly look at transaction-based data as well, such as the transaction price information released by MLIT and closed-deal statistics published by real estate distribution organizations. A useful way to think of it: land price indicators are a marker of the land level, while transaction prices are a guide to what is actually moving now.
Relevant laws
- Land Price Publication Act, Article 2
- Provides that the Land Appraisal Committee assesses and publishes the normal price of standard sites in the designated area once a year.
- Enforcement Order of the National Land Use Planning Act, Article 9
- Generally regarded as the basis for the system in which prefectural governors assess benchmark site prices each year.
- Real Estate Transaction Business Act, Article 35
- Requires a licensed real estate transaction agent to explain important matters before contract. In practice, the basis of the price is also confirmed here.
What steps help you check the market?
First, find the survey points for published and benchmark prices in your target area on a map and look at several years of trends to see the direction. Then check closed transactions for similar properties in the same area, of similar size and age, in the transaction price information.
The asking price reflects the seller's hopes and may leave room for negotiation. Looking at the gap between closed transactions and asking prices helps you gauge how much room there may be.
What should you watch out for when researching from overseas?
From abroad, exchange rates can make Japanese prices look cheap. But even if the yen price is unchanged, a move in the exchange rate changes the amount in your home currency. It helps to consider the yen-denominated market level and the exchange rate separately.
Public data is also mainly published in Japanese. To avoid misunderstanding terms or survey conditions, do not rely only on machine translation; confirm with a brokerage or a qualified professional.
Common pitfalls and fixes
✕Assumed a property would rise just because the published land price rose.
→Understand that land indicators and property prices are different, and check transactions and individual conditions too.
✕Treated rosenka as an actual transaction price and concluded it was cheap.
→Remember rosenka is a basis for inheritance tax valuation and serves a different purpose from deal prices.
✕Took the asking price as the market price.
→Check the gap between closed deals and asking prices, and allow for negotiation.
✕Decided to buy only because of a weak yen, without checking the local market.
→Analyze the exchange rate and market separately, and check local deals and future holding costs.
Market research checklist
- I confirmed the reference dates and purposes of the three indicators
- I looked at several years of land price trends in the target area
- I checked closed transactions for similar properties in public data
- I confirmed the gap between asking prices and closed deals
- I considered the exchange rate separately from the yen market level
- I consulted a qualified professional before the final decision
Frequently asked questions
- Q. Which should I look at, the published or the benchmark price?
- A. Both are guides to land prices. Where survey points overlap, compare them, keeping their different reference dates and surveyors in mind.
- Q. Can anyone view rosenka?
- A. The National Tax Agency publishes it and anyone can view it. However, it is a valuation for inheritance tax and similar purposes, not a sale price.
- Q. Where can I check transaction prices?
- A. MLIT publishes transaction price information. Note that it is provided in a form that does not identify individuals.
- Q. How can I avoid paying above the market?
- A. It is common to compare several closed transactions and have a professional check individual conditions. Do not rely on any single indicator.
In the SUMIMOTO Hub app, AI valuation, area information and a 24-hour AI advisor help you read the market in multiple languages. For price judgments on a specific property, please also consult a qualified professional.
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References & Sources
This article provides general information as of its publication date and is not individual legal, tax or investment advice. It was written with the help of generative AI.Editorial Policy
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