Overview

• Nationwide land prices rose 1.5% year over year as of July 1, marking the sharpest annual gain since 1992, according to the land ministry.
• Commercial land climbed 2.8% versus a 1.0% rise for residential plots, supported by new hotel and retail projects and by low mortgage rates.
• The three major metropolitan areas of Tokyo, Osaka and Nagoya advanced 4.3%, while regional markets logged a third year of gains with residential districts ending a 30-year decline.
• Standout increases included Furano in Hokkaido with a 27.1% jump for residential land and Chitose with a 31.4% surge in commercial land linked to the Rapidus semiconductor project.
• Price leaders remained unchanged, with a Ginza commercial site at ¥46.9 million per square meter and an Akasaka residential plot at ¥6.43 million, as quake-hit Noto Peninsula areas continued to fall at a slower pace.