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Property

Japan land prices recover from COVID to rise fastest in 15 years

Easy money, people returning to the office and foreign investment fuel gains

An aerial view of Tokyo: Real estate prices in the Japanese capital's business districts and tourist zones are on the rise. (Photo by Karina Nooka) 

TOKYO -- Japan land prices gained the most in 15 years as a loose monetary policy and the lifting of COVID restrictions fueled demand for offices, condominiums and hotels.

As of Jan. 1, prices were 1.6% higher than a year earlier, a second straight annual gain, data from the Ministry of Land, Infrastructure and Transport showed on Wednesday. A rise of 0.6% was recorded as of the previous New Year's Day. Prices marked as of the beginning of January 2021 had dropped 0.5% due to the pandemic.

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