Japanese land prices rise for the first time in six years | 18 March 2014
The average price of commercial land in Japan’s biggest metropolitan areas rose by 1.6 per cent during 2013, a new government report shows.
According to japantimes.co.jp, this is the first time in six years that prices have climbed across Tokyo, Nagoya and Osaka.
Taking both commercial and residential space into account, the country’s Land Infrastructure, Transport and Tourism Ministry says that the number of survey locations showing increases in land prices reached 7,000 last year, marking a rise of around 250 per cent.
While the report focuses on Japan’s biggest cities, the data shows progress in other locations too – Sapporo, Fukuoka, Kusatsu, Sendai and Naha also saw average costs increase. However, for Japan as a whole, commercial prices fell by 0.5 per cent, ft.com reports.
Before the report was released earlier this week, the head of research at Jones Lang LaSalle’s Tokyo office, Takeshi Akagi, spoke of the positive impact the figures could have. He said: “The result of the land price survey is historic data, but the announcement has a big psychological effect on the public and the property market in general.”
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