Japan's average land prices up for the first time since pre-pandemic
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- 21 Sep 2022
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Japanese land prices rose in the 12 months to July 1 for the first time since before the pandemic, thanks to easing of measures to control Covid-19, an annual land ministry survey showed on Tuesday (Sep 20).
The data highlighted continued harm that border controls are inflicting on Japan’s tourism industry, at a time when the government is signalling further reopening to attract foreign visitors.
Overall property prices in the world’s third-largest economy were 0.3 per cent higher on July 1 than a year earlier, following a 0.4 per cent decline in the year to July 1, 2021, and a 0.6 per cent fall in the 12 months before that, the survey showed.
“Last year’s drop was due overwhelmingly to the impact of the pandemic, and this time land prices have recovered from there,” a land ministry official told a media briefing.
Prices of residential land, which had fallen for the previous 31 years, marked a slim 0.1 per cent rise in the 12 months to July 1, following a 0.5 per cent decrease in the year before, the survey showed. The ageing and decline of Japan’s population have driven the long-term descent in residential land value. Read More...
