Japanese Property Prices Recover After Falling for the First Time in 6 Years

Japan’s Ministry of Land, Infrastructure, Transport, and Tourism said today that average land prices in Japan have recovered due to strong housing demand, after falling for the first time in six years last year due to the impact of the coronavirus pandemic.

The Kyodo news agency reported that all types of land across the country, including land for residential and commercial use, increased by 0.6% year-on-year as of January 1. When broken down by category, prices for residential land were found to have increased by an average of 0.5% and commercial land by 0.4%.

The recovery trend, driven by rising demand for housing in urban and suburban areas, has strengthened as the effects of the epidemic gradually fade. The survey covers 26,000 sites across the country and was conducted prior to the sixth wave of the COVID-19 outbreak in Japan.

In Tokyo, residential land prices rose by 1.0% and trade increased by 0.6% as demand for housing increased. With the increasing trend of working from home, people are starting to think about their living environment.

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