Japan’s nationwide commercial land prices rose for the first time in eight years in 2015, driven by expectations that growing demand for hotel and retail spaces would boost property values, a government survey showed.
Prices rose 0.9 percent last year after staying flat in 2014, according to the annual survey by the Ministry of Land, Infrastructure, Transport and Tourism, Reuters reported.
The upturn was driven by expectations that a surge in foreign tourists would create further demand for shops and hotels, the ministry said.
A weak yen currency and the government’s push to boost tourism brought Japan a record 19 million foreign visitors last year, one million shy of its end-decade target.
Land boost for Japan hotels
