Residential land prices in Japan rise for the first time in 31 years

Japan's land ministry says the average price of residential land in the country has risen for the first time in 31 years.

The ministry on Tuesday released results of an annual survey done by prefectures on land prices at over 21,400 locations as of July 1.

It showed that the average overall land price rose 0.3 percent from last year. It was the first year-on-year increase in three years.

As for the average price of residential land, it grew 0.1 percent from a year ago, marking the first rise since 1991. Low interest rates for loans have apparently helped to push up land prices.

Residential land prices in Tokyo and Nagoya rose for the second year in a row. They went up in Osaka for the first time in three years.

Ministry officials say demand for houses remains solid in urban areas and is also rising in suburban areas due to the spread of remote-working.

Meanwhile, the average price of commercial land climbed 0.5 percent -- the first rise in three years.

The ministry officials say land prices are rising especially in tourist destinations and shopping districts as tourism appears to be recovering after a decline due to the coronavirus pandemic.