Average land price up for 1st time in 27 yrs in Japan
Jiji -- Sep 19
The average land price in Japan as of July 1 increased 0.1 pct from a year before, the first rise since 1991, when the country's asset bubble era was ending, the land ministry said Tuesday.

Land prices continued rising in the greater Tokyo, Osaka and Nagoya areas and four large cities--Sapporo, Sendai, Hiroshima and Fukuoka. Other cities also saw land prices recovering.

The average land price in commercial districts across Japan increased 1.1 pct because office vacancy rates declined in major cities and real estate demand for hotel and shop use rose thanks to an increasing number of visitors to Japan. In 2017, the price advanced 0.5 pct.

In residential districts, the average price fell 0.3 pct, down for the 27th consecutive year. But the pace of decline slowed from 0.6 pct.

Land demand remained generally firm thanks chiefly to low interest rates, informed sources said.

国土交通省は18日、今年7月1日時点の都道府県地価(基準地価)を発表した。全用途の全国平均は前年比プラス0・1%で、バブル期の1991年以来27年ぶりに上昇した。最高価格地点は13年連続で東京都中央区銀座2丁目の「明治屋銀座ビル」。1平方メートル当たり4190万円だった。
News sources: Jiji, Kyodo
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