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Japan’s Quake-Hit Northeast Region Records Land-Price Gains

Land prices in Japan’s northeastern region that was damaged by the March 11 earthquake and tsunami last year gained the most in 2011 as residents sought to relocate, the land ministry’s annual land price report showed.

Nine of 10 sites that had the biggest gains in prices were in Miyagi prefecture, where the coast was hit by the tsunami, as demand rose for real estate in inland or elevated places, the Ministry of Land, Infrastructure, Transport and Tourism said in the report yesterday. The biggest gain was in the Shirasagidai area in the city of Ishinomaki, which rose 61 percent to 22,500 yen ($269) per square meter (10.76 square foot).