Japan Regional Land Prices Up for 1st Time in 31 Years

Tokyo, Sept. 19 (Jiji Press)--The average prices of overall and residential land in Japan's regional areas as of July 1 this year rose for the first time in 31 years, the land ministry said Tuesday.

The year-on-year climb reflected a recovery in residential and commercial land demand, mainly in urban areas, from the COVID-19 crisis.

Japan's overall land prices increased 1.0 pct on average, up for the second consecutive year.

The national average of residential land prices was up 0.7 pct, with housing demand growing even in suburbs thanks to diversified lifestyles following the spread of remote working.

That of commercial land prices advanced 1.5 pct as land demand to open stores rebounded chiefly in shopping and tourist areas, which attracted more people after the lifting of COVID-19 restrictions. It was also boosted by strong demand for land for offices and the development of condominiums in urban centers.

[Copyright The Jiji Press, Ltd.]