Japan land prices gain for 4th consecutive year
The National Tax Agency on Tuesday announced new numbers used to calculate land taxes. It says that as of January 1, the price of land along major streets at about 320,000 locations was up 2.7 percent from the year prior.
The rise has been seen in 35 of the country's 47 prefectures.
The highest rate of increase was 8.1 percent in Tokyo, followed by 6.3 percent in Okinawa Prefecture and 6 percent in Fukuoka Prefecture.
Ginza Chuo Street in Tokyo's Ginza district marked the highest land price in the country for the 40th year in a row. The price marks 48.08 million yen, or about 333,600 dollars, per square meter.
The agency says the price increase is attributed to a boom in inbound tourism pushing up the construction of accommodation facilities in tourist sites, and a growing housing demand.
But the land price of Asaichidori in Wajima City, Ishikawa Prefecture, reflect the impact of a major earthquake that hit the Noto Peninsula on New Year's Day in 2024. Land values there dropped 16.7 percent, the sharpest decline rate in the country.
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