Japan roadside land prices rise for 2nd year
Jiji -- Jul 04
Prices of land facing major streets in Japan as of Jan. 1 grew 0.4 pct from a year before on average, up for the second consecutive year, the National Tax Agency said Monday.

The roadside land prices at the beginning of a year are used to calculate inheritance and gift taxes.

The price of land in front of Kyukyodo, a classic stationary shop in the posh Ginza district in central Tokyo, was highest in the country for the 32nd straight year. The price hit a record high of 40.32 million yen per square meter, exceeding the previous record of 36.5 million yen marked in 1992 just after the collapse of the asset-driven bubble economy.

Some real estate industry people say that Ginza land prices may peak soon. But others say the prices are likely to remain stable until the 2020 Tokyo Olympics and Paralympics, with hotel construction projects under way.

国税庁は3日、相続税や贈与税の算定基準となる2017年分の路線価を発表した。全国約32万5千地点の標準宅地評価額の対前年変動率は全国平均で0・4%。2年連続プラスとなった。路線価の全国1位は32年連続で東京都中央区銀座5丁目にある鳩居堂前の銀座中央通りになった。
News sources: Jiji, Kyodo
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