P.M. BRIEFING : Osaka’s Land Value Skyrockets
TOKYO — The rapidly rising land prices that hit the Tokyo area several years ago have spread to Osaka in western Japan and other regions, the National Land Agency said today.
Average residential land prices in Japan rose 17% last year, with prices in Osaka jumping 58.6%, an agency report said. Commercial land prices rose an average of 16.7% nationwide, while business properties in Osaka surged 43.9%.
Japan’s most expensive commercial land is valued at $23,000 a square foot in Tokyo’s Marunouchi business district and in the nearby Ginza shopping district, the report said.
Prime Minister Toshiki Kaifu owns a condominium in Japan’s most expensive residential area, Tokyo’s Sanbancho in Chiyoda ward, where land is valued at $7,500 per square foot, the report said.
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