Rising land prices a sign of post-pandemic recovery

Jul 04, 2023 | News On Japan

Jul 04, 2023 (NHK) - The average price of land in Japan has gone up for a second year in a row. The jump hints at a steady revival of the economy after the coronavirus pandemic. But some parts of the country are recovering at a slower pace than others.

The National Tax Agency announced the new numbers on Monday. It says as of January 1st, the price of land along major streets was up 1.5 percent from the year prior.

The rise has been seen in 25 of the country's 47 prefectures.

Yoshida Tasuku of NLI Research Institute says the return of tourists is a major factor. He says, "pandemic restrictions on people's movements have been lifted and tourists are returning.

As a result, sales at commercial hubs like department stores are going up. I think this has led to a jump in the price of commercial land."

Hokkaido marked the steepest growth at 6.8 percent, followed by Fukuoka at 4.5 percent and Miyagi at 4.4 percent. ...continue reading

Source: ANNnewsCH

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