Japan's Roadside Land Prices Fall for 1st Time in 6 Yrs

Society Economy

Tokyo, July 1 (Jiji Press)--Prices of land facing major streets in Japan as of Jan. 1 fell 0.5 pct from a year before on average, marking the first drop in six years, the National Tax Agency said Thursday.

Land prices, mainly in commercial areas, turned lower in many regions due to the impact of the spread of novel coronavirus infections.

Roadside land prices are used to calculate inheritance and gift taxes.

Of the country's 47 prefectures, 39 suffered decreases in land prices. They included Tokyo, where land prices fell back after seven straight years of increase, and Osaka and Aichi.

Prices rose in six prefectures, including Hokkaido, Miyagi and Fukuoka. The biggest growth was 1.8 pct logged in Fukuoka.

[Copyright The Jiji Press, Ltd.]

Jiji Press