Falls in land prices slow / Low interest rates, tax breaks help reduce declines from disaster
News On Japan via Yomiuri -- Sep 20

Year-on-year falls in domestic residential and commercial land prices slowed, according to a Land, Infrastructure, Transport and Tourism Ministry report released Wednesday. As of July 1, residential land prices dropped 2.5 percent on average from a year earlier, compared with the 3.2 percent decline in last year's survey, and commercial land prices were down 3.1 percent against the 4 percent fall, the ministry said.

The number of locations that saw land prices rise or remain flat increased not only in the three major metropolitan areas of Tokyo, Osaka and Nagoya, but also in regional areas.

Land prices showed signs of recovery after falling more sharply in areas such as Tokyo last year following the March 11 earthquake and tsunami.

But the ministry said it needed to keep a close eye on how lingering uncertainties over the Japanese economy, such as the strong yen and the European debt crisis, may impact land prices.

Average residential land prices fell for the 21st straight year, while commercial land prices were down for the fifth consecutive year.

Source: Yomiuri


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