A survey of land prices by the land and infrastructure ministry made public March 23 shows that the global recession has caused a general decline in demand for land throughout Japan. As of Jan. 1, commercial land prices fell by an average 4.7 percent and residential land prices by an average 3.2 percent from a year before — the first drop in three years.
Conspicuously, no land price rise was reported in Tokyo, Osaka and Nagoya. Land prices rose only at 21 of some 24,000 reference spots — all in rural regions and the lowest number since 1970. Land prices leveled off at 701 spots.
In Tokyo, Osaka and Nagoya, commercial land prices fell by an average 5.4 percent — the first drop in four years — and residential land prices fell by an average 3.5 percent — the first drop in three years.