Fukuoka Prefecture’s commercial land prices increased by 5.3%, ranking first nationwide for the third consecutive year. The primary driver was strong demand for commercial building development due to Fukuoka City’s subway extensions and redevelopment projects. The Ministry of Land, Infrastructure, Transport and Tourism’s survey of approximately 26,000 locations nationwide showed an overall average growth rate of 1.6% for both commercial and residential land. Fukuoka Prefecture surpassed the national average, ranking second with a 4.6% growth rate. Commercial land prices were up 5.3%, while residential land prices increased by 4.2%. Fukuoka City, which recorded a 9.0% overall increase, mainly drove the growth. Hakata Ward experienced a 12.4% increase, attributed to the Bank of Japan’s monetary easing policy, active redevelopment, and steady housing demand along the Nanakuma subway line. As housing prices rise in Fukuoka City, demand for affordable housing in surrounding municipalities increased. However, land prices fell in 13 out of 51 surveyed municipalities in the prefecture, with Omuta City experiencing a decline for the 28th consecutive year. Real estate appraiser Takumi Takada expressed concerns about whether consumers can keep up with rising interest rates and soaring home sales prices. Source: Fukuoka Prefecture / NHK
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