“The average monthly land price in Japan jumped 1.4% compared to 2023.”, — write: www.epravda.com.ua
The average monthly land price in Japan jumped 1.4% compared to 2023.
About this informs Nikkei Asia with reference to data from the Ministry of Land, Infrastructure, Transport and Tourism.
As of July 1, 2024, land price growth was the third year in a row and the fastest since 1992, amid a surge in inbound tourism and foreign investment due to a weak yen.
Commercial land prices are reported to have risen by 2.4% and residential land prices by 0.9%, both rising at the fastest rates since the country’s asset-inflated economic bubble burst.
“Unlike short-term buying and selling during the bubble period, prices are steadily increasing, reflecting real demand,” the ministry’s report says.
It is noted that after the recovery from the financial crisis caused by the collapse of Lehman Brothers Holdings and the coronavirus pandemic, the market is increasingly showing an upward trend.
Prices rose significantly in Japan’s three largest cities, centered on Tokyo, Osaka and Nagoya, with home prices rising for the third year in a row and commercial land prices rising for the 12th year in a row.
Residential land prices rose in 17 of Japan’s 47 prefectures. Commercial land prices, which were easily affected by the increase in inbound tourism, increased by 28.
We will remind:
Japanese funds buy the most foreign bonds since 2007.