Land Prices Fall in 40 Pct of Japan Urban Areas amid Epidemic
Tokyo, Aug. 22 (Jiji Press)--Land prices fell in about 40 pct of urban areas across Japan in the second quarter of 2020, reflecting sluggish location demand from hotel and shop operators, as well as slow transactions, amid the coronavirus epidemic, a land ministry survey has shown.
Of the 100 surveyed areas in major cities, 38 areas logged land price falls, sharply up from four in the previous survey. The number of areas with price rises plummeted to one from 73.
It was the first time since the second quarter of 2012 that there were more areas with lower land prices than those with higher prices.
In the remaining 61 areas, land prices were flat, thanks to relatively steady demand for condominiums and offices. "It seems that people are currently waiting to see how land markets will move," a ministry official said.
In the latest survey, land price falls were more visible among commercial districts than among residential districts, and also in the country's three metropolitan areas than in other cities.
[Copyright The Jiji Press, Ltd.]