Japan's Roadside Land Prices Rise for 5th Straight Year
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Tokyo, July 1 (Jiji Press)--Prices of land facing major streets in Japan as of Jan. 1 rose 1.6 pct from a year before on average, marking the fifth straight year of increase, the National Tax Agency said Wednesday.
Land prices in urban areas continued to rise thanks to an increased number of visitors from abroad. High land prices also spread to some local areas.
The prices are used to calculate inheritance and gift taxes.
Of Japan's 47 prefectural capitals, 38 saw increases in their respective highest land prices, up five from a year before.
Naha, the capital of Okinawa, topped the list, posting a 40.8 pct increase, followed by the city of Osaka, at 35.0 pct, and Yokohama, the capital of Kanagawa, at 34.5 pct.
[Copyright The Jiji Press, Ltd.]