Foreign Property News | Posted by Aye Myat Thu
Amid an onslaught of tourist arrivals, Japan is experiencing a growth in land prices for the first time in three decades, reported the Nikkei Asian Review.
The average price for residential, commercial and industrial land inched up 0.1 percent year-on-year on 1 July, the first increase recorded since 1991, data issued this week by the Ministry of Land, Infrastructure, Transport and Tourism showed.
The gain was made on the back of strong demand for commercial land, especially in touristy cities such as Sapporo, Sendai, Hiroshima and Fukuoka. The average commercial land price in the foregoing cities surged 9.2 percent.
Tourist arrivals in Japan hit 20 million in the first eight months of the year and are on track to top the 28.7 million visitors recorded last year.
Nationwide, commercial land price rose 1.1 percent on average. Nineteen of 47 Japanese prefectures registered an increase in commercial land prices.
The price of residential land, in comparison, continued its downward slide. Residential land values fell by 0.3 percent on average throughout Japan — the 27th consecutive year of drops.
Ref: Propertyreport
