Land Prices Soar in Tourist Areas in Japan
Tokyo, July 1 (Jiji Press)--Land prices have soared in tourist areas in Japan, backed by rising inbound tourism-related demand.
Prices of land facing major roads as of Jan. 1 in the southern Japan prefecture of Okinawa marked the fastest growth among the country's 47 prefectures, the National Tax Agency said Monday.
In fiscal 2018 through March 2019, the number of visitors to the prefecture hit a record 9,999,000. The number of foreign visitors exceeded 3 million for the first time ever.
"We have experienced a rush of construction of hotels and drug stores since cruise ships from Asia started making stops at Naha four or five years ago," said Masanobu Sunagawa, executive of a shopping street association in Naha, Okinawa's capital.
He represents Kokusai Street, a major shopping area popular among tourists. The roadside land price at one location there jumped 39.2 pct from a year before.
[Copyright The Jiji Press, Ltd.]