Land prices in commercial areas in Tokyo, Osaka and Nagoya rose for the first time in 15 years, backed by an improving economy and active real estate investment, a government survey showed Thursday.
The land prices rose 1.0 percent in the Tokyo area, 0.8 percent in the Osaka area and 0.9 percent in and around Nagoya, according to the annual report by the Land, Infrastructure and Transport Ministry, which surveyed prices as of Jan. 1 at 31,230 designated locations nationwide.
Land prices in residential areas in Tokyo, Nagoya and central parts of Osaka and Kyoto also rose. The data provide a clear sign that the three major urban areas have emerged from long-running land price deflation, real estate industry officials said.