Japan Regional Land Prices Post 1st Rise in 28 Years

Economy Politics

Tokyo, March 18 (Jiji Press)--Land prices in Japan's regional areas, excluding the four core cities of Sapporo, Sendai, Hiroshima and Fukuoka, as of Jan. 1 rose for the first time in 28 years, a land ministry survey showed Wednesday.

The average posted land price for residential and commercial districts in the regional areas at the beginning of this year rose 0.1 pct from a year earlier, according to the survey.

The rise, coupled with continued land price growth in the four core regional cities and in the three metropolitan areas of Tokyo, Osaka and Nagoya, attested to the nationwide recovery trend for land prices.

In the survey, a relevant ministry panel calculates the prices of one-square-meter plots of land at about 26,000 locations across the country as of Jan. 1 every year, based on the assessments by certified real estate appraisers. The land prices set by the ministry and so-called standard land prices, surveyed by prefectural governments as of July 1, are utilized as benchmarks for land transactions.

The average posted price of all residential and commercial land plots surveyed by the land ministry climbed 1.4 pct, up for the fifth straight year, with residential land prices going up by 0.8 pct and commercial land prices by 3.1 pct.

[Copyright The Jiji Press, Ltd.]

Jiji Press