The steady decline in land prices marked its 21st consecutive year in the year to July 1, but at a slower rate for both residential and commercial land, the government said Wednesday.

Residential land prices fell by an average of 2.5 percent, which was less than the 3.2 percent drop the previous year, the land ministry said.

Commercial land prices fell for a fifth straight year, dropping by an average of 3.1 percent compared with 4.0 percent the previous year.