Japan Average Land Price Rises for 3rd Straight Year

   Tokyo, March 26 (Jiji Press)--The average land price in Japan as of Jan. 1 rose 2.3 pct from a year before, growing for the third successive year, a land ministry survey showed Tuesday.
   The average price in the four major regional cities of Sapporo, Sendai, Hiroshima and Fukuoka was up for 11 years in a row, while the average in other regional areas up for the second straight year.
   "Land prices have returned to levels before the COVID-19 pandemic in most of the areas where land prices fell during the novel coronavirus crisis," a land ministry official said.
   In the four major regional cities, land prices rose sharply on the back of strong demand for condominiums and office buildings, as well as progress on redevelopment projects. Still, the pace of growth in the four cities' average price slowed to 7.7 pct from the previous year's 8.5 pct, as demand for housing in Sapporo cooled due to soaring land prices and construction costs.
   In regional areas outside the four cities, the average prices of both residential and commercial land rose for the second consecutive year, reflecting brisk demand for housing in prefectural capitals and other urban areas.

(2024/03/26-17:12)

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