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Economy

Japan land prices broadly climb in beginning of year

TOKYO -- Land prices went up in a large swath of major urban areas in Japan during the first three months of the year, government data released Friday show.

Land value grew in 89 of the 99 locations surveyed by Japan's Ministry of Land, Infrastructure, Transport and Tourism. The other 10 places remained flat. The study compared prices between Jan. 1 and April 1, chiefly in areas with large concentrations of high-rise condominiums and commercial facilities.

In addition to larger cities, prices increased at least 3% in locations such regional cities as Sapporo, Fukuoka and Kanazawa. Areas in Nagoya and Osaka saw prices shoot up by more than 6%.

In Nagoya, land values are getting a lift from construction of business hotels and a new maglev train line in the works. Shops targeting the flood of foreign tourists are popping up in Osaka.

For Tokyo, land prices have risen in the Nihonbashi and Toranomon business districts due to redevelopment, as well as in the Bancho area known for its cluster of luxury condos. Demand has been reportedly heavy from wealthy buyers and overseas investors.

(Nikkei)

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