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Commercial land prices in Japan rose by an average 1% over the 12 months till July this year according to a survey by the Construction and Transport Ministry.
Commercial property prices rose by 12.1% in Tokyo, 8% in Osaka and 7.2% in Nagoya. Prices in Nakamura Ward which includes Nagoya Station rose by a whopping 40.1%. A number of new high-rise developments have been built in recent years and more are on the way.
Residential land prices also rose by an average 4.8% in Tokyo, 2.9% in Osaka and 2.4% in Nagoya.
Outside the big 3, commercial property prices continued to shrink in 80% of areas covered by the survey.
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Sunday, September 23, 2007