Monday, 25 October, 2021

Japan’s land prices fall

TOKYO: Japanese land prices fell for the second straight year as the country’s closed borders and state of emergency curbs to combat the coronavirus pandemic hit demand for new restaurants and hotels, an annual government survey showed.

In a sign the pandemic is reshaping the economy, however, land prices for industrial areas rose for the fourth straight year on booming demand for warehouses to stock up on electronic appliances and other goods catering to stay-at-home demand, report agencies.

Overall property prices in the world’s third-largest economy fell 0.4 per cent in the year to July after last year’s 0.6 per cent decline, which was the first fall in three years, a land ministry survey showed on Tuesday.

Japan’s wholesale inflation hovers near 13-year high as material costs rise

Residential land prices, which have been falling for nearly three decades due to Japan’s shrinking population, slid 0.5per cent after a 0.7per cent decline in the previous year, the survey showed.