The average land price in Japan has risen for a third straight year. Commercial land saw an especially big jump as the coronavirus pandemic eased.
The land ministry says that as of July 1, the average land price nationwide was up by 1.4 percent from a year earlier. That’s bigger than the increase for the previous 12 months.
The data is based on annual surveys at more than 21,000 locations.
Officials say the average price of residential land rose by 0.9 percent, the third straight increase.
Housing demand is robust, mainly in convenient locations in urban areas. Wealthy overseas buyers are among those driving the trend.
The average price for commercial land climbed by 2.4 percent. That was also a third straight rise.
Demand for office space is increasing, with employers shifting away from remote work as the pandemic continues to ease.
Hotel and restaurant operators are also competing for prime land to cater to the influx of domestic and overseas travelers.
And demand in tourist destinations is particularly brisk.