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Economy

Foreign visitors drive rise in Japan's land prices

Niseko ski resort, Kyoto and Okinawa are home to the fastest appreciating property

Land prices rose sharply in Kyoto's Gion district on strong demand driven by growing numbers of tourists. 

TOKYO -- A growing flood of visitors from overseas and numerous new urban redevelopment projects continued to drive demand for land in Japan, which propelled prices upward for the third consecutive year in 2017, the National Tax Agency said Monday.

A plot in Tokyo's Ginza shopping district was the most expensive land in Japan for the 33rd straight year, and prices rose sharply in other tourist destinations and downtowns popular with foreign visitors, including Hokkaido's Niseko ski resort, Kyoto and Okinawa.

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