Osaka Downtown Area Land Prices Dive amid Virus Crisis

Society

Tokyo, Jan. 26 (Jiji Press)--Land prices in the Dotonbori and two nearby downtown districts in the western Japan city of Osaka plunged by up to some 23 pct in January-September last year, a National Tax Agency survey showed Tuesday.

The land prices were apparently affected by a tumble in the number of inbound tourists amid the new coronavirus crisis.

The agency said the same day that it will revise down the 2020 roadside land prices of the three districts in the capital of Osaka Prefecture for people who were subject to inheritance tax and other related payments in July-September last year.

This will be the first time for the agency to make revisions to roadside land prices in the middle of a year.

Located with convenient access to Kansai International Airport, the city of Osaka attracted many tourists from other Asian economies in recent years. The land prices in the city fell steeply after they kept rising through 2019, an official of the agency said.

[Copyright The Jiji Press, Ltd.]

Jiji Press