Higher Japan Land Prices Point To Recovery From COVID

The average land price in Japan rose 1.5% in 2023 from a year earlier for the second consecutive year of increase, government data showed, adding to signs of the economy recovering from the coronavirus pandemic, Mainichi Japan reported.

Photo Insert: A recovery in prices for commercial areas led to the overall trend, according to the data as of Jan. 1, after the government eased COVID-19 measures, including immigration controls.

A recovery in prices for commercial areas led to the overall trend, according to the data as of Jan. 1, after the government eased COVID-19 measures, including immigration controls, stimulating hopes that businesses will be revived with the help of demand from foreign tourists.

Out of the 47 prefectures, 25, including Tokyo and Osaka, observed higher average land prices. That compares with the pre-pandemic level of 21 prefectures marked in 2020, the National Tax Agency data showed.

The agency's annual survey of prices per 1 square meter of land facing major roads is used to calculate inheritance and gift taxes. It is based on data compiled by the Ministry of Land, Infrastructure, Transport and Tourism and reflects land transactions.

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