Japan land prices rebound after marking 1st fall in 6 years

Mar 23, 2022 | News On Japan

Mar 23, 2022 (Japan Today) - The average price of land in Japan rebounded on the back of solid housing demand after falling for the first time in six years the previous year due to the impact of the coronavirus pandemic, the government said Tuesday.

Land in all categories nationwide, including that for residential and commercial use, rose 0.6 percent from a year earlier as of Jan. 1, according to the Ministry of Land, Infrastructure, Transport and Tourism.

The ministry said a recovery trend has been observed, driven by housing demand in urban areas and vicinities, as the influence of the pandemic is waning. The survey covered 26,000 locations across the country before the so-called "sixth wave" of the infections hit Japan.

The prices of residential land rose 0.5 percent on average and those of commercial land went up 0.4 percent.

In Tokyo, the prices of residential and commercial land rebounded for an increase of 1.0 percent and 0.6 percent, respectively, as housing demand expanded with people reviewing their residential environment amid the spread of telework.

The prices of residential and commercial land also rose in three prefectures adjacent to Tokyo -- Saitama, Chiba and Kanagawa. ...continue reading

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