Japan Land Prices Rise for 5th Consecutive Year

Tokyo, Sept. 15 (Jiji Press)--Japan's land prices rose for the fifth consecutive year amid a mild economic recovery trend in the country, the land ministry said Tuesday.

As of July 1, the nationwide average land price climbed 1.5 pct from a year earlier, with residential land prices rising 1.0 pct and commercial land prices rising 2.9 pct.

Among the country's three metropolitan areas, the greater Tokyo and Osaka areas posted faster growth in both residential and commercial land prices, while the Nagoya area logged slower growth.

Land price growth also decelerated in the four major regional cities of Sapporo, Sendai, Hiroshima and Fukuoka, apparently because homebuyers are avoiding high-priced properties and seeking affordable homes in suburban areas amid rising land prices and construction costs.

In regional areas other than the four cities, commercial land prices increased faster.

[Copyright The Jiji Press, Ltd.]