Posted Land Prices in Japan Rise 0.6 Pct

Economy

Tokyo, March 22 (Jiji Press)--Posted land prices in Japan as of Jan. 1 rose 0.6 pct from a year before on average, marking their first rise in two years and showing signs of recovery from the impact of the COVID-19 pandemic, land ministry data showed Tuesday.

Land prices continued to drop in some tourist spots and entertainment districts. Land prices "have not recovered to the level before the pandemic, but are gradually picking up," a ministry official said.

Residential land prices increased 0.5 pct on average as there is high demand for areas in which the transport is convenient, amid ultralow interest rates and public support for housing acquisitions.

Commercial land prices went up 0.4 pct. Industrial land prices grew 2.0 pct in line with the development of large-scale logistics facilities on the back of expanding online sales.

In the three metropolitan areas of Tokyo, Osaka and Nagoya, land prices gained 0.7 pct on average.

[Copyright The Jiji Press, Ltd.]

Jiji Press