Japan’s roadside land values rose by an average of 2.9 per cent from a year earlier as at 1 January, extending their increase for a fifth consecutive year, the National Tax Agency said on Wednesday (July 1).
The rise was the fastest since the current calculation method began in 2010. It appears to have been supported by stronger housing demand, particularly in Tokyo, as well as resort development aimed at inbound tourists.
The values, used as a basis for calculating inheritance and gift taxes, increased in 36 of Japan’s 47 prefectures. Tokyo posted the sharpest prefectural gain, up 9.4 per cent, followed by Okinawa, Japan’s southernmost prefecture, with a 6.6 per cent rise. Values were flat in three prefectures, including Gifu in central Japan.
