Japan's land prices rise for second year running in 2022 - tax agency

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Japan's land prices rise for second year running in 2022 - tax agency
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TOKYO : Japan's land prices rose for a second consecutive year in 2022, the country's tax agency said on Monday, suggesting a gradual recovery from the impact pandemic as restrictions were eased. Average land prices rose 1.5 per cent last year, a National Tax Agency survey showed, following an increase o

TOKYO : Japan's land prices rose for a second consecutive year in 2022, the country's tax agency said on Monday, suggesting a gradual recovery from the impact pandemic as restrictions were eased.

The pandemic hit the property market in 2020 when the land prices fell for the first time in six years as the crisis hurt demand for offices and hotels. Japan's northern Hokkaido posted the biggest rise of 6.8 per cent, helped by demand for both commercial and housing land in Sapporo city, the capital of the prefecture, and its surrounding area.

Japan's most expensive location, a plot in Tokyo's glamorous Ginza shopping district, rose 1.1 per cent in 2022 to 42.7 million yen per square meter, and were up for the first time in three years.

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