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Average land prices across Japan rise for 3rd year in a row | The Asahi Shimbun: Breaking News, Japan News and Analysis in English
TOKYO, March 10, 2023 – The average land price in Japan rose for the third consecutive year, according to data released by the Japanese government on Tuesday.
According to the Ministry of Land, Infrastructure, Transport, and Tourism, the nationwide average land price increased by 2.1% in 2022 to ¥3,435,000 (approximately $32,000) per square meter.
The ministry reported that the increase in land prices was driven by strong demand for commercial and residential land, particularly in major cities such as Tokyo and Osaka.
This trend is a departure from the long-standing decline in land prices in Japan, which began in the 1990s and continued for over two decades. The reversal in the trend is attributed to a combination of factors, including the government’s policies to stimulate economic growth and the growing population of retirees seeking to move to more rural areas.
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Content Update:
This breaking news story has been updated with the latest information from the Japanese government. For the latest insights and analysis on the Japanese real estate market, please visit our dedicated section for Japan news.
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Average land prices across Japan rise for 3rd year in a row | The Asahi Shimbun: Breaking News, Japan News and Analysis
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