The average price of residential land in regional parts of Japan as of July 1 rose 0.1% from a year earlier, marking the first increase in 31 years, as low interest rates continue to spur housing demand outside urban areas, government data showed Tuesday.
The average price of commercial land in regional areas also climbed 0.5% amid a recovery from the coronavirus pandemic, rebounding for the first time in four years. Regional commercial land prices, excluding Japan's four major regional cities — Sapporo, Sendai, Hiroshima and Fukuoka — rose for the first time in 32 years.
Across Japan, average overall land prices climbed 1.0% for the second consecutive year of increase.