Japan's land prices up by 2.3% in 2023

28 Mar 2024 CW Team

According to the survey released, the surge in land prices was facilitated by the economic recovery and the resurgence of foreign visitors post-pandemic.

It was reported that average nationwide land prices had risen by 2.3% in the year leading up to January 1, marking the most substantial growth since the 11.3% increase observed in 1991, coinciding with the onset of a decline in land prices following the burst of the late 1980s asset bubble.

An official at the land ministry remarked, "The trend of rising land prices has become more pronounced," indicating a shift away from deflationary pressures.

This uptick in land prices aligned with other positive economic indicators, including soaring stocks, robust wage increments, and sustained annual consumer inflation above 2% for an extended period. These factors prompted the Bank of Japan to terminate negative interest rates the previous week, marking a significant departure from decades of monetary stimulus.

Residential land prices surged by 2.0% for the year, matching the fastest pace recorded since 1991, following a 1.4% increase in the preceding year. The demand for housing in urban regions and well-connected areas remained strong, while foreign interest in vacation homes and condominiums in resort destinations like northern Furano city in Hokkaido contributed to the price escalation.

Commercial land prices also saw a notable uptick, increasing by 3.1% for the third consecutive year, mirroring the growth rate observed in 2020. Factors such as post-pandemic recovery, redevelopment initiatives, and vibrant inbound tourism bolstered demand.

The establishment of semiconductor plants in Kikuyo town, Kumamoto prefecture, and Chitose city in Hokkaido spurred demand for office spaces and residences, consequently driving up land prices in the vicinity.

The government survey revealed that Japan's land prices experienced the swiftest increase in 33 years in 2023, returning to pre-coronavirus levels. This development served as a positive indicator for the nation's economic prospects as it navigates its way out of a prolonged period of stagnation. According to the survey released, the surge in land prices was facilitated by the economic recovery and the resurgence of foreign visitors post-pandemic. It was reported that average nationwide land prices had risen by 2.3% in the year leading up to January 1, marking the most substantial growth since the 11.3% increase observed in 1991, coinciding with the onset of a decline in land prices following the burst of the late 1980s asset bubble. An official at the land ministry remarked, The trend of rising land prices has become more pronounced, indicating a shift away from deflationary pressures. This uptick in land prices aligned with other positive economic indicators, including soaring stocks, robust wage increments, and sustained annual consumer inflation above 2% for an extended period. These factors prompted the Bank of Japan to terminate negative interest rates the previous week, marking a significant departure from decades of monetary stimulus. Residential land prices surged by 2.0% for the year, matching the fastest pace recorded since 1991, following a 1.4% increase in the preceding year. The demand for housing in urban regions and well-connected areas remained strong, while foreign interest in vacation homes and condominiums in resort destinations like northern Furano city in Hokkaido contributed to the price escalation. Commercial land prices also saw a notable uptick, increasing by 3.1% for the third consecutive year, mirroring the growth rate observed in 2020. Factors such as post-pandemic recovery, redevelopment initiatives, and vibrant inbound tourism bolstered demand. The establishment of semiconductor plants in Kikuyo town, Kumamoto prefecture, and Chitose city in Hokkaido spurred demand for office spaces and residences, consequently driving up land prices in the vicinity.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..