Land prices fell in the year to July 1 for the 10th consecutive year, reflecting the prolonged economic downturn, according to a government survey released Wednesday.
The survey by the Land, Infrastructure and Transport Ministry shows that the pace of decline in both residential and commercial land prices was faster than in the previous year.
Residential land prices fell 3.3 percent, compared with a 2.9 percent decline the year before. Commercial land prices slid 6.6 percent, against a 6.3 percent decline the year before, according to the survey, which covered the prices of 27,725 locations nationwide.