ID :
51942
Tue, 03/24/2009 - 14:05
Auther :
Shortlink :
https://oananews.org//node/51942
The shortlink copeid
Average land prices fall across Japan for 1st time in 3 yrs+
TOKYO, March 23 Kyodo - Average land prices in Japan fell in both commercial and residential areas as of Jan. 1 for the first time in three years amid the deepening recession, with 97 percent of around 24,000 locations showing price declines, the government
said Monday.
The nationwide average of commercial land prices posted a year-on-year drop of
4.7 percent, while residential land prices fell an average 3.2 percent, the
Ministry of Land, Infrastructure, Transport and Tourism said.
The global recession, exacerbated by the collapse of Lehman Brothers Holdings
Inc. last September, dragged down land prices in major cities, putting an end
to the upward trend until last year.
With declining investment in the real estate market, particularly in major
cities, due to the global financial crisis, land prices are likely to stay in
the doldrums for some time amid increased office vacancy rates and persistently
weak demand for condominiums, analysts said.
The real estate market has worsened in the first three months of this year
following major land price falls in the last quarter of 2008, said Makoto Noda,
chief real estate consultant at Mitsubishi UFJ Trust and Banking Corp.
According to the ministry survey, land prices rose in only 21 of the 24,000
reference points, none of which were located in Japan's three biggest urban
areas centering on Tokyo, Nagoya and Osaka.
In the three urban areas, the average price of commercial land fell by 5.4
percent, down for the first time in four years, while the average price of
residential land dropped 3.5 percent for the first decline in three years.
The average price of commercial land in the heart of Tokyo fell 8.8 percent, in
stark contrast with a rise of 20.4 percent the year before.
Commercial land prices in the cities of Sendai, Nagoya and Fukuoka plunged more
than 20 percentage points after rising a year earlier.
The ministry releases average commercial and residential land prices as of Jan.
1 every year as a guideline for transactions and taxation.
The average prices of commercial and residential land in rural regions declined
4.2 percent and 2.8 percent, respectively.
The sharpest commercial land price fall of 28.4 percent was registered for a
location in Nagoya's Naka Ward, while the largest drop in residential land
price of 18.3 percent was recorded for a location in Tokyo's Shibuya Ward.
The most expensive point was recorded in the Ginza shopping district in Tokyo's
Chuo Ward, priced at 38.2 million yen per square meter.
==Kyodo
said Monday.
The nationwide average of commercial land prices posted a year-on-year drop of
4.7 percent, while residential land prices fell an average 3.2 percent, the
Ministry of Land, Infrastructure, Transport and Tourism said.
The global recession, exacerbated by the collapse of Lehman Brothers Holdings
Inc. last September, dragged down land prices in major cities, putting an end
to the upward trend until last year.
With declining investment in the real estate market, particularly in major
cities, due to the global financial crisis, land prices are likely to stay in
the doldrums for some time amid increased office vacancy rates and persistently
weak demand for condominiums, analysts said.
The real estate market has worsened in the first three months of this year
following major land price falls in the last quarter of 2008, said Makoto Noda,
chief real estate consultant at Mitsubishi UFJ Trust and Banking Corp.
According to the ministry survey, land prices rose in only 21 of the 24,000
reference points, none of which were located in Japan's three biggest urban
areas centering on Tokyo, Nagoya and Osaka.
In the three urban areas, the average price of commercial land fell by 5.4
percent, down for the first time in four years, while the average price of
residential land dropped 3.5 percent for the first decline in three years.
The average price of commercial land in the heart of Tokyo fell 8.8 percent, in
stark contrast with a rise of 20.4 percent the year before.
Commercial land prices in the cities of Sendai, Nagoya and Fukuoka plunged more
than 20 percentage points after rising a year earlier.
The ministry releases average commercial and residential land prices as of Jan.
1 every year as a guideline for transactions and taxation.
The average prices of commercial and residential land in rural regions declined
4.2 percent and 2.8 percent, respectively.
The sharpest commercial land price fall of 28.4 percent was registered for a
location in Nagoya's Naka Ward, while the largest drop in residential land
price of 18.3 percent was recorded for a location in Tokyo's Shibuya Ward.
The most expensive point was recorded in the Ginza shopping district in Tokyo's
Chuo Ward, priced at 38.2 million yen per square meter.
==Kyodo
