Japan Land Prices Rise For Fifth Straight Year

According to Nikkei Asia, Japan's average land price rose for a fifth straight year, with the nationwide overall average up 1.5% in the 12 months to July 1, government data released on Tuesday showed. Commercial land prices climbed 2.9% on demand for shops and hotels, while residential land prices gained 1.0%. The three largest metropolitan areas of Tokyo, Osaka and Nagoya posted a 4.4% increase, while the rest of the country was flat at 0.4%, widening the gap between urban centers and regional areas. Among major cities outside the three metros, land-price growth slowed to 4.1% from 5.3% a year earlier. Furano in Hokkaido recorded the sharpest rise in residential land at 32.0%, and Hakuba in Nagano prefecture had the steepest increase in commercial land at 35.6%. The Meidi-ya Ginza commercial building site in Tokyo remained Japan's most expensive piece of real estate at 52.5 million yen per square meter for the 21st straight year.