Land Prices Continue to Fall in Japan:...
<i> Times Staff and Wire Reports</i>
Land Prices Continue to Fall in Japan: The average price of land fell for the fourth straight year in the 12 months that ended July 1, according to the National Land Agency. Prices for residential land dipped 0.9% overall from July, 1994, while commercial land prices fell 6.9%, an agency survey said. Major cities such as Tokyo and Osaka posted much sharper decreases for both commercial and residential land. In Tokyo and its neighboring prefectures, residential land prices dropped 3.3% to an average of about $265 per square foot. Commercial land prices fell 16.9% to an average of $1,486 per square foot. Land prices soared during the real estate and stock speculation boom of the late 1980s, but they have plunged since 1991.
