How is the novel coronavirus affecting real estate prices in Japan?

For those looking to sell real estate in Japan, now may be the time to do it — as the country is bracing for a gradual decline in land prices.

At least, that’s what the latest figures indicate. Land prices in urban areas have fallen due to stalled transactions in the wake of the novel coronavirus, a pattern likely to be repeated across the country that may lead to a decline next year in the average posted land prices for the first time in six years.

Land prices in 38 of 100 intensively developed commercial and residential districts in the major metropolitan areas of Tokyo, Osaka, Nagoya and elsewhere dipped in the April to June quarter of this year, while only one district saw an increase, according to the quarterly Look land value report issued by the Ministry of Land, Infrastructure, Transport and Tourism late last month. The data marked the first time since 2012 that the number of districts seeing price declines outnumbered areas with rising prices.