Land prices in Japan as of January 1 rose for the fourth straight year.

In terms of growth rate, the three top increases in commercial land prices were seen in Chitose, Hokkaido, amid continued demand for office space as major semiconductor makers are building bases in the city.

In Gifu Prefecture's Takayama, a popular tourist destination among foreign visitors, an increase in demand for stores has boosted land prices.

Hokkaido's Furano, a resort destination also popular with foreigners, saw the highest growth rate among residential land amid rising demand for vacation homes.

Meanwhile, cities like Suzu and Wajima in Ishikawa Prefecture, affected by the Noto Peninsula earthquake that struck on New Year's Day in 2024, recorded the largest declines in both commercial and residential land prices.

Land prices announced annually by the Ministry of Land, Infrastructure, Transport and Tourism serve as a benchmark for land transactions.