Commercial Land Prices Picking up Momentum
Increase in Commercial Land Prices
With the progression of redevelopment and growing tourists visiting areas other than major cities, the commercial land prices outside major areas rose after 26 years of silence. The rise shows a 0.5% increase outside, while statistics show that there was an average of 1.9% increase nationwide. Other major cities show an average of 7.9% year-on-year increase in; Sapporo (Hokkaido), Sendai (Miyagi Pref.), Hiroshima (Hiroshima Pref.), and Fukuoka (Fukuoka Pref.). However if we go by prefecture, Kyoto has the highest commercial land price growth at 6.5% while Okinawa shows a 5.5% increase in residential land prices. 26,000 locations that the MLIT can survey shows land price increase in 41% of the total locations.
Just for your information, the highest land price in Japan is of course located in Ginza, Tokyo, which is JPY 50.5 million per square meter!
Translated in simple terms, Japans land prices are starting to pick up after a long slumber, and many hope it continues for the long future.