Property prices are showing signs of a bottoming out in the nation’s major commercial and residential areas due to redevelopment projects in Tokyo and other cities, according to the land ministry’s quarterly survey.
As of April 1, land prices fell at 48 of the 150 observation points from three months earlier, compared with 64 in the previous survey as of Jan. 1, the ministry announced Wednesday.
The observation points are in 106 commercial districts and 44 residential areas. Prices rose at 22 sites and leveled off at 80 others.
The locations where prices went up include the commercial area surrounding Tokyo Skytree, with prices posting a rise in a range of “more than 3 percent but less than 6 percent,” the land ministry said.
Prices “are showing moves to break away from downward trends,” a ministry official said.
The April survey found higher land prices at 13 of the 106 commercial observation points.
Among them, prices rose for the first time in four years in Tokyo’s Shibuya area, where the construction of a new shopping and entertainment complex was completed in April, and around Kanazawa Station in Ishikawa Prefecture, which is to be included in an extension of the Hokuriku Shinkansen Line in fiscal 2014.
Of the 44 observation points in residential areas, prices rose at nine locations, including Osaka’s Tennoji district, where condominiums are in strong demand, and declined at seven locations.
Residential sites with higher prices beat those with lower prices for the first time in 15 months.