Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Japanese land prices rose for fourth straight year in 2018 - tax agency

Japanese land prices rose for fourth straight year in 2018 - tax agency
FILE PHOTO: People walk on the street at a shopping and amusement district in Tokyo, Japan January 30, 2019. REUTERS/Issei Kato -
Copyright
ISSEI KATO(Reuters)
Euronews logo
Text size Aa Aa

TOKYO (Reuters) – Japan’s land prices rose for a fourth straight year in 2018, thanks to solid demand for office space and a tourism boom, a government survey showed on Monday.

Average land prices increased 1.3% in 2018, accelerating from 0.7% in 2017, according to the National Tax Agency.

The rise appears to reflect brisk demand for infrastructure and urban redevelopment projects as well as housing at a time of low interest rates, the agency said.

Land in Tokyo’s Ginza shopping district remained Japan’s most expensive for a 34th straight year, hitting a record high of 45.6 million yen (332,246 pounds) a square metre, the survey showed.

But last year’s increase in Ginza slowed to 2.9% from 9.9% in 2017.

The agency said the biggest increase was in an area of the southern city of Naha, Okinawa where the price of a block jumped 39.2% to 1.03 million yen per square metre.

Overall land prices in Okinawa, a popular destination for tourists, rose 8.3%, the biggest increase among Japan’s prefectures, and prices in Tokyo climbed 4.9%.

The tax agency assesses land prices as of Jan. 1 every year to calculate inheritance and gift taxes on properties acquired in that year. The latest survey covered more than 320,000 plots.

(Reporting by Kaori Kaneko; Editing by Richard Borsuk)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.