TOKYO, 17th September, 2024 (WAM) -- The average overall price of land in Japan as of 1st July rose 1.4 percent from a year earlier, marking the third consecutive year of increase and the sharpest advance since 1992, amid growing inbound tourism and foreign investment due to the weak yen, Kyodo News reported on Tuesday, quoting the government data.
Commercial land saw a 2.4 percent jump and residential land a 0.9 percent rise, both also advancing for the third straight year and at the sharpest pace since 1992, when land prices tumbled as the country's asset-inflated economic bubble burst, according to the Ministry of Land, Infrastructure, Transport and Tourism.
"Unlike the short-term buying and selling during the bubble period, prices are steadily increasing, reflecting actual demand," the ministry report said.
After recovering from the financial crisis triggered by the collapse of Lehman Brothers Holdings Inc. and the coronavirus pandemic, the market has been increasingly on an upward trend.