The average price of residential land in Japan as of July 1 rose 0.1% from the previous year, increasing for the first time in 31 years, as the country's economy recovers from the coronavirus pandemic, government data showed Tuesday.
The average commercial and overall land prices climbed 0.5% and 0.3%, respectively, both rebounding for the first time in three years, also reflecting growing demand bolstered by low interest rates that have created a favorable lending environment.
"As economic activities normalize, a recovery in land prices has taken place across the country," a government official said, citing price increases in the metropolitan areas of Tokyo and Nagoya, as well as four major regional cities of Sapporo, Sendai, Hiroshima and Fukuoka.