TOKYO (Kyodo) -- The average overall price of land in Japan as of July 1 rose 1.5 percent from a year earlier, marking the sharpest growth since 1992, boosted by solid housing demand and inbound tourism, government data showed Tuesday.

The price climbed for the fourth straight year, also lifted by robust investment demand from overseas on the back of the weak yen. Commercial land prices gained 2.8 percent with launches of new hotels and stores in urban areas amid a surge in foreign tourists.

"Investment demand from foreigners is growing for condominiums in central Tokyo and resort areas in Hokkaido" in northern Japan, said an official of the Ministry of Land, Infrastructure, Transport and Tourism.

Prices for residential land increased 1.0 percent due to strong demand for residences in urban areas, as well as for employee dormitories in resort areas. However, some places experienced sluggish growth due to soaring construction costs.

Among residential areas, Furano, near Hokkaido's ski areas and a popular destination for overseas investors developing resorts, saw the sharpest growth of 27.1 percent.

The ministry said that Chitose, in Hokkaido, which houses a Rapidus Corp. semiconductor plant, saw the fastest growth in commercial areas, at 31.4 percent.

The average land price increased by 4.3 percent in Tokyo, Osaka, and Nagoya, seeing larger growth in both residential and commercial areas.

For the third consecutive year, regional land prices increased, with residential areas rising 0.1 percent and commercial areas climbing 1.0 percent.

Prices for residential land increased in 20 of Japan's 47 prefectures, up by three from the previous year, while 26 saw declines.

The Meidi-ya Ginza commercial building site in Tokyo's Ginza shopping district fetched the highest price per square meter of 46.9 million yen ($320,000), topping the list for the 20th consecutive year.

After 1992, land prices had been on a downward trend due to the bursting of the country's asset price bubble. However, they have been on an upward trend in recent years after recovering from the financial crisis triggered by the collapse of Lehman Brothers Holdings Inc. and the coronavirus pandemic.

Japan land prices up at fastest pace since 1992 on housing demand, tourism