TOKYO, July 2 (Xinhua) — The prices of land adjacent to roads in Japan have increased for the third straight year as the country gradually walks out of the COVID-19 pandemic impact on economic activities, data from the National Tax Agency showed.
The prices per square meter of land facing major roads, which are used to calculate inheritance and gift taxes, saw an average rise of 2.3 percent from the previous year as of Jan. 1, which marks the most significant increase since the current calculation method was introduced in 2010, according to the agency.
Increase was observed in 29 of Japan’s 47 prefectures, according to the report released by the agency on Monday.
Japan’s southwestern prefecture of Fukuoka recorded the highest rise at 5.8 percent, closely followed by Okinawa, the southernmost prefecture, with a 5.6 percent increase.
The surges were attributed to a growing demand for offices and condominiums in urban areas.
In contrast, land prices in the northeastern prefecture of Aomori and the central prefecture of Shizuoka remained unchanged. Meanwhile, 16 prefectures, including Tochigi in eastern Japan, experienced a decline in roadside land prices.
The most expensive area in Japan for the 39th year was in front of Kyukyodo stationery store in Tokyo’s Ginza shopping district, while the price of land on Kaminarimon Street in the city’s downtown Asakusa district, a popular tourist area, rose 16.7 percent from the previous year due to foreign visitors boom.
The National Tax Agency’s annual survey is based on data compiled by the Ministry of Land, Infrastructure, Transport and Tourism and reflects land transactions.
