Thursday, 19th September 2013
In General Japan News,
Japan land prices finally make gains
Land prices in Tokyo, Osaka and Nagoya have increased for the first time in five years, which is likely to be news to the ears of the nation's investors and homebuyers.
According to figures published today (September 19th) by the Ministry of Land, Infrastructure, Transport and Tourism, a gain on values has not been made since 2008, when they rose by 1.7 per cent,
However, during the year to July 1st, the average price of land in Japan's three largest cities gained 0.1 per cent, compared to the one per cent drop in the previous year.
Keiji Kimura, chairman of Mitsubishi Estate Co, the biggest developer in Japan, said some signs of recovery have been identified and in order to end the asset deflation and achieve sustainable growth, "we must increase the competitiveness of our major cities and stimulate housing investments".
What's more, commercial land prices in the three cities increased by 0.6 per cent, while residential land climbed by 0.7 per cent.
Written by Mark Smith