Japan Land Prices Increase

Japan Land Prices Increase

Commercial News » Asia Pacific Commercial News Edition | By WPJ Staff | November 26, 2013 1:09 PM ET

Land prices in Japan's major urban areas increased in more than two-thirds of places surveyed during the third quarter, according to the land ministry. 

After years of no activity, the property market has been showing signs of a revival, likely due to pro-growth policies by Prime Minister Shinzo Abe, known as "Abenomics" and Tokyo's successful bid for the 2020 Olympics, analysts say. 

"Shifts toward rising trends continue to be observed broadly," the survey said.

The quarterly survey showed that of 150 areas, located mainly in Tokyo, Osaka and Nagoya, prices for residential and commercial land prices increased in 107 locations, a jump from 99 areas in the previous story. Prices remained the same in 34 areas, a decrease from 41 in the last survey and dropped in 9 areas, a decrease from 10.  

After what some call two "lost decades," the Olympics bid has restored pride in the world's third-largest economy. 

The bid has increased expectations for the city's property market, with infrastructure to improve public transportation expected in years to come, Keisuke Yanagimachi, head of research for Japan at Cushman & Wakefield, told The Wall Street Journal. 

"The Olympics will give a boost to the city's revival," he said.

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