NATIONAL NEWS
By Thomas Shomaker
For the third year in a row, land prices have risen across Japan.
Official land prices released on 26 March by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) show that as of 1 January 2024, nationwide land prices rose on average by 2.3%.
Sapporo, defined as one of four “Regional Cities”, saw its overall price average rise for the 11th consecutive year, with an expansion in the rate of increase for commercial land but a contraction in the rate of increase for multi-use and residential property.
In Hokkaido – and nationally – the highest rate of increase was in Furano City, where residential prices rose by 27.9%.
Chitose City, where Rapidus is building a new semiconductor plant, also saw significant increases in land values.
For the MLIT survey, 26,000 representative real estate sites were surveyed across the country.
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Ministry of Land, Infrastructure, Transport and Tourism
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