A Residential Neighborhood in Chiba Ranks No. 1 in Land Price Growth by Location: The Secret Behind the “Sudden Rise in Land Prices” in a Quiet Suburb of Tokyo

Next to “Chiba’s Futako-Tamagawa”

Did you know that the area around “Hatsuiishi Station” in Nagareyama City, Chiba Prefecture, is currently attracting a lot of attention?

The other day, the nationwide “Route Prices” were announced. Route prices refer to the assessed value per square meter of land facing local roads, and they serve as the basis for calculating property taxes. The highest figure was 53.36 million yen in Ginza 5-chome, Chuo Ward, Tokyo—on Ginza Chuo-dori—representing an 11.0% increase from last year.

Some areas are seeing their highest rates of increase since the bubble economy era, with the highest rate of increase in the top assessed land value recorded in Hakuba Village, Nagano Prefecture, at 32.7%.Hakuba Village, famous as a ski resort, has seen land prices rise due to growing demand from foreign visitors for vacation homes and other properties driven by the inbound tourism boom. However, within the Tokyo metropolitan area—which includes Tokyo and the three neighboring prefectures of Kanagawa, Chiba, and Saitama—the highest average increase in residential land prices was recorded in Nagareyama City, Chiba Prefecture, at 5.0%.

Nagareyama City has become a popular area in recent years due to its good access to Tokyo and comprehensive support for raising children, leading to population growth.The area around Nagareyama-Ootakanomori Station (Tsukuba Express, Tobu Urban Park Line) is particularly popular. The station is home to “Nagareyama-Ootakanomori S.C.,” part of the Takashimaya S.C. chain, and is known as “Chiba’s Futako-Tamagawa.”

“Futako-Tamagawa” refers to the Futako-Tamagawa area in Setagaya Ward; “Futako-Tamagawa Takashimaya S.C.” is famous as a shopping center frequented by the wealthy. Now, the Nagareyama-Ootakanomori area is developing at a pace that rivals it.When we spoke with a housewife in her 30s who lives about a 10-minute walk from the station,

“I’ve lived here for three years. It takes about 15 minutes to get to Kita-Senju Station (Adachi Ward) on the Commuter Rapid line, and it’s less than 30 minutes to Akihabara Station (Chiyoda Ward). There’s everything you need around the station, so I don’t even need to use a car for shopping.There are plenty of daycare centers, and a shuttle bus picks up the children to take them to the station. There’s plenty of nature just a short distance away, and the town has a calm atmosphere, so I think it’s well-suited for dual-income families raising children,”

he explained, outlining the reasons for the area’s popularity.

However, with land prices rising in recent years, housing prices have also skyrocketed. As a result, prospective homebuyers who can no longer afford the Nagareyama Otakanomori area have turned their attention to Hatsuiishi Station—one stop away from Nagareyama Otakanomori Station on the Tobu Urban Park Line.In the latest “Route Price” announcement, the Higashi-Hatsuiishi area around Hatsuiishi Station in Nagareyama City (Editor’s note: The Hatsuiishi district consists of the Higashi-Hatsuiishi and Nishi-Hatsuiishi areas) recorded the highest rate of increase in the Tokyo metropolitan area at 16.1% for residential land prices by location.

“A likely reason for the rise in land prices in the Higashi-Hatsuse area is the impact of a large-scale condominium complex currently under construction by Mitsui Fudosan Residential (hereinafter ‘Mitsui’), which is scheduled for completion in late February 2028,”

So says housing journalist Yumi Fukuoka.

Units Sell Out Immediately When Listed

“This property is a 6-minute walk from Hatsuiishi Station and a 12-minute walk from Nagareyama-Ootakanomori Station. While Hatsuiishi Station is technically the nearest station, Mitsui is marketing it as a ‘Nagareyama-Ootakanomori property.’ As a result, it has attracted interest from a wider area, which is likely why land prices in the Higashi-Hatsuiishi area are also rising.Areas near popular stations are already saturated with development, and as the wave of development gradually spreads to the next station, and the one after that… towns that were once quiet and unremarkable can suddenly see land prices skyrocket. It’s often said that the station right next to a major terminal is the best bet in real estate, and it seems this project has perfectly tapped into that positive cycle.”

In fact, when I visited the area, the surroundings of Hatsushiro Station presented a scene typical of a small local-line station. In stark contrast to Nagareyama-Ootakanomori Station, stepping out of the West Exit ticket gate revealed nothing more than a compact shopping district lined with a single supermarket, a convenience store, and a few izakaya.

A man in his 60s, who has lived in the area for over 20 years, commented on the surge in land prices:

“I don’t think it used to be that expensive. Prices started rising after the Tsukuba Express opened, but it’s still the countryside, after all. I was surprised when I saw it on the news. It’s true—there are more people and more children now.The roads have been getting congested lately, too. The Hatsushiro district is a convenient place. You can walk to the neighboring Nagareyama-Ootakanomori Station, and it takes less than 10 minutes by car. It’s a nice, quiet, and laid-back town. It’s a great place for the elderly to live. So honestly, I’m worried that if the population grows, it’ll get too crowded and noisy,”

he said, expressing his confusion over the growing attention the Hatsushiro district is receiving. I spoke with a local real estate agent.

“Two years ago, a property five minutes from the station went for 800,000 yen per tsubo, but last year that price rose to 1 million yen per tsubo.The area east of Hatsushiro Station became more convenient last year when a ticket gate was installed, so land prices have been rising. Currently, even plots 7 to 8 minutes from the station go for 1 million yen per tsubo. It’s by no means cheap, but since properties rarely come on the market, they sell out immediately when they do.

I suppose the Hatsushiro area has become popular because you can buy land there that’s more spacious and relatively affordable compared to Nagareyama-Ootakanomori. Depending on the builder, buying a 40-tsubo lot and building a 30-tsubo house would cost between 80 million and 90 million yen. In Ootakanomori, that would undoubtedly exceed 100 million yen.“Given that you can keep costs down and it’s only about a 20-minute walk to Nagareyama-Ootakanomori Station, I can understand why people would want to live in the Hatsushiro area.”

“There won’t be any dramatic changes.”

If that’s the case, will development in the Hatsuse area proceed rapidly from now on?

“Land is designated under ‘zoning categories.’ These establish the broad framework for land use purposes in urban areas, such as residential, commercial, and industrial. Once a zoning category is designated, the types of buildings that can be constructed are determined and restricted according to each specific purpose. In a sense, this is what defines the ‘face’ of the town.

The Hatsushiro district consists solely of ‘Neighborhood Commercial Zones’ and ‘Type 1 Medium- to High-Rise Residential Zones.’Since the ‘Neighborhood Commercial Zone’ applies only to the existing shopping street in front of the station, the number of stores won’t increase and the shopping street won’t expand. The ‘Type 1 Medium- to High-Rise Residential Zone’ also has specific regulations on the types of buildings that can be constructed, so I don’t expect any dramatic changes. Therefore, I don’t think it will take on the atmosphere of a commercial city like the Nagareyama Otakanomori area,” said the real estate agent mentioned earlier.

It seems the concerns raised by the male resident will not materialize.

“The area expected to see more development than the Hatsuse District is Edogawadai Station (Tobu Urban Park Line), located next to Hatsuse Station. Redevelopment is currently underway in front of that station, so it might change significantly. Also, the area I’m most interested in is around Kashiwanoha Campus Station (Tsukuba Express), which is next to Nagareyama-Otakano-Mori Station.With the university campus, the cancer center, and the Mitsui Shopping Park already in place, the streetscape is already quite attractive, but the land readjustment hasn’t been completed yet. I think it’s going to become incredibly popular in the future,” said the real estate agent mentioned earlier.

Nagareyama has transformed into the hottest spot right now. That momentum looks set to grow even stronger in the future—.