TOKYO, Japan: Government data showed on Tuesday that the average land prices in Japan rose for the fifth consecutive year amid a modest economic recovery, reported Xinhua.
The nationwide average land prices in all categories climbed 2.8 per cent from a year earlier, as of January 1, marking the sharpest increase since the burst of Japan’s asset price bubble in the early 1990s, according to the Land, Infrastructure, Transport and Tourism Ministry.
Commercial land prices rose 4.3 per cent nationally from a year earlier, with the figure jumping 7.8 per cent across the three major metropolitan areas of Tokyo, Osaka and Nagoya.
Residential land prices climbed 2.1 per cent across the country and 3.5 per cent in the same three urban centres.
Prices for commercial land increased in 38 of the country’s 47 prefectures, while those for residential land rose in 31 prefectures.
Tokyo returned to the top spot for the steepest rise in residential land prices for the first time in 18 years, driven by robust demand for condominiums in the heart of the capital. – BERNAMA-XINHUA
