Japan’s land values climb for 3rd year in row

The average land price in Japan increased by 1.4 per cent on July 1 compared to the previous year, marking the third consecutive year of growth, according to government data released on Tuesday.

Both commercial and residential land prices have witnessed notable growth. Commercial land prices climbed by 2.4 per cent, while residential land prices hiked by 0.9 per cent.

These figures represent the sharpest increases since 1992, when the country’s asset-inflated bubble burst, leading to a significant decline in land values.

In Japan’s three largest metropolitan areas – Tokyo, Nagoya, and Osaka – residential land prices have been on the rise for three consecutive years, and commercial land prices have seen a consistent upward trend for 12 years.

Even in regional areas, land prices have shown resilience. For the second year in a row, residential land prices rose by 0.1 per cent, and commercial land prices increased by 0.9 per cent.

Attribution: Xinhua

Subediting: Y.Yasser