Japan's land prices saw record growth in 2023, returning to pre-pandemic levels

March 26, 2024 Business Desk

Average land prices nationwide rose 2.3% in the year ending January 1, the fastest since 1991.

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Commercial land prices increased 3.1%, the third consecutive yearly rise.

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Industrial area prices grew 4.2%, driven by e-commerce.

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Demand for semiconductor plants boosted office and housing demand.

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Average prices in regional cities grew 7.7%, buoyed by development.

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