A nationwide survey, conducted and released by the Land, Infrastructure, Transport and Tourism Ministry of Japan, reveals that the downtrend in land prices in the country seems to be nearing the end. Findings based on the results of the survey showed an increase in demand for condominiums in urban areas and the development of commercial structures.
Reconstruction projects for areas hit by the Great East Japan Earthquake and tsunami in 2011 have also been a big contributing factor. After the disaster, more people have felt the need to move and live on higher ground away from regions that are at high risk of major disasters.
Meanwhile, figures for average national land prices released in January 1, 2013 fell by 1.6% in residential areas and 2.1% in commercial areas from figures posted the year before. This shows a decline in the year on year decline rates compared to the 2012 figures which were 2.3% in residential areas and 3.1% in commercial areas. Overall, average land price dropped 1.8% from the year before, which includes land for industrial and other uses.
These figures show a year on year decrease for five years straight in all categories, and the rate of decline decreased for the third year in a row.? 24,735 land lots were compared with last year?s figures and prices surged in 2,008 lots which is about 3.8 times the figures posted last year.
Eight out of 10 spots in terms of price increase rate in residential land were in Iwate, Miyagi and Fukushima prefectures, areas that were greatly hit by the 2011 disaster. Average posted residential land price in Aichi Prefecture increased 0.1% last year, moving up with Miyagi Prefecture, which had 1.4% increase. While Miyagi Prefecture?s figures were caused by increase in construction demand, Aichi Prefecture?s figures can be attributed to Toyota employee?s brisk purchases of properties in the said area.
Source: Times of OmanPhoto Credits: Hyougushi via Flickr Creative Commons?Tokyo Apartments For Sale | Tokyo Apartments For Rent | Real Estate Japan
Source: http://www.realestate.co.jp/2013/04/16/japans-land-price-decline-coming-to-an-end/
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