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Japan average land prices inch up for the first time for 27 years
Japan's average land prices managed to surge for the first time for 27 years in the year to July 1 because an influx of foreign tourists stimulated demand for shops and hotel properties. That’s what a government poll disclosed on Tuesday.
As a matter of fact, commercial land prices tacked on for a second straight year, while the tempo of the dive in residential land prices speeded down for a ninth consecutive year, according to the land ministry's annual poll.
By the way, land prices appear to be a major gauge to estimate how much Japan asset prices have revived after a long period of deflation.
The recovery in Japanese salaries as well as employment, not to mention low interest rates backed the recovery.
The poll disclosed that nationwide average land prices managed to rally by 0.1% in the year to July 1, which is the first jump since 1991, exactly when a real estate bubble had burst.
Besides this, commercial land prices managed to gain 1.1% following a 0.5% rally in 2017, led by a tourism boom as well as redevelopment of urban areas. Firm corporate profits spurred demand for offices, as the poll revealed.
As for residential land prices, they went down by 0.3% in contrast with the previous year's 0.6% slump.
Industrial land prices jumped by 0.5%. It also appears to be the first ascend for 27 years. It became possible because of demand for large-scale logistics facilities.
In Osaka, Nagoya, and Tokyo average land prices surged by 4.2%, speeding up from 3.5% in 2017.
Japan’s authorities have an objective of up to 40 million foreign visitors by 2020, when this Asian country is expected to host the Summer Olympic Games. Eventually, the number leapt by 19.3% hitting a record 28.7 million last year.
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