The average price of land in Japan as of July 1 has fallen 0.4% since a year earlier, for the second consecutive year of declines amid the prolonged COVID-19 pandemic, government data showed Tuesday.
The margin of decline narrowed from 0.6% last year, with demand for residential land slightly improving.
Reflecting a drop in demand for hotels and shops due to the pandemic, prices of commercial land decreased, according to the data released by the Ministry of Land, Infrastructure, Transport and Tourism.