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Japan's Land Prices Show Signs of a Rebound.
(From Journal of Japanese Trade & Industry (JJTI))
At long last, land prices in Japan have begun to show signs of rising after a downward spiral that has lasted for more than a decade. In Tokyo, the average price of land fronting major streets rose for the first time in 13 years, increasing 0.4% as of Jan. 1, 2005, from a year earlier, according to the National Tax Agency. The average land price nationwide fell 3.4%, extending its falling streak for the 13th consecutive year but the margin of decline was the smallest since 1993. Of the 47 prefectures, more than 60% saw a smaller margin of decline.
The signs of a turnaround in land prices stem in part from an increasing number of redevelopment projects in major cities triggered by the economic recovery. An active inflow of "Japan buying" capital from foreign investment funds and financial institutions is another factor behind the trend. "Land prices in Tokyo, one of the world's largest financial centers, now look relatively cheap compared to New York and London after a ...
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