Average land prices 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 of 3.2 percent, the Land, Infrastructure, Transport and Tourism Ministry said.
The global recession, exacerbated by the collapse of Lehman Brothers Holdings Inc. in September, dragged down land prices in major cities, ending an upward trend.