TOKYO - Average land prices in Japan have risen for a second straight year. Reinvigorated social and economic activity spurred by easing pandemic concern drove the increase.
The land ministry says the nationwide average of prices gained one percent from a year earlier as of July 1st. That compares with a 0.3 percent advance last year.
The ministry has compiled the data from annual surveys at more than 21,000 locations.
Officials say the average price of residential land went up 0.7 percent. That's led by the figures for the three major metropolitan areas including Tokyo.
The number for outside the big three edged up 0.1 percent. That's the first uptick in 31 years.
For commercial land, the nationwide average rose 1.5 percent. All three metro areas saw an increase, while outlying areas rose 0.5 percent.
Ide Takeshi of Tokyo Kantei says he thinks the upward trend will continue for the time being. Ide explains that we have seen a recovery in the number of tourists, and more factories are being built as the pandemic subsides. He says there are no negative factors nationwide.
But he warns that there is a gap between land prices and the real economy. He says it is necessary to confirm once again whether there is a trend that could lead to something like an economic bubble.
