Land Prices Rise in Japan’s Major Metropolitan Areas

Residential land prices in Japan’s three major metropolitan areas of Tokyo, Osaka and Nagoya rose by an average of 0.5 percent in the 12 months to Jan. 1, while commercial land prices there increased by an average of 1.6 percent, both rising for the first time in six years, the government said Tuesday.

While the average residential and commercial land prices nationwide edged down 0.6 percent and 0.5 percent, respectively, the number of survey locations seeing land price increases jumped to around 7,000 from about 2,000 in the previous year, the Ministry of Land, Infrastructure, Transport and Tourism said in an annual survey.

The latest survey showed land prices are recovering not only in the major metropolitan areas but outside them.

A ministry official attributed the recovery to rising demand for condominiums and offices due to the government’s aggressive economic policies and low interest rates.

Some survey locations, many in Tokyo, saw land price increases of over 10 percent, but the official denied the possibility of an economic bubble backed by speculative purchases.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza