Japan’s Average Land Price Marks Second Year of Growth, Lifted by Post-Pandemic Recovery

The Yomiuri Shimbun

20:47 JST, September 19, 2023

The government announced Tuesday that the national average of land prices for all categories of use as of July 1 was 1% higher than a year earlier, marking the second consecutive year of positive growth.

Land prices, which fell during the COVID-19 pandemic, are showing signs of recovery in many areas due to a return to normal for economic activities, as well as a return of foreign visitors to Japan.

The national average for commercial land rose 1.5%. Large-scale redevelopment is underway in central Tokyo, and land deals are increasing in tourist areas as companies eye new hotel openings.

The national average for residential areas also rose, by 0.7%. Strong demand has gripped not only central Tokyo, but also surrounding areas with good public transit, boosting overall prices.