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Tokyo, Osaka Land Prices Rise for Fourth Year on Record Tourism

  • Commercial land prices in three biggest cities rise 2.9%
  • Nationwide land prices post smallest decline since 2007

Commercial land prices in Japan’s three biggest cities rose for a fourth year, as a record influx of tourists boosts demand for shops and hotels.

The price of commercial land in Tokyo, Osaka and Nagoya rose 2.9 percent on average in the year ended July 31, up from a 2.3 percent gain the previous year, the Ministry of Land, Infrastructure, Transport and Tourism said in a report Tuesday. Nationwide land prices, which have been in decline for 25 years, posted their smallest drop since 2007, falling 0.6 percent.