March 28, 2006
Commercial land prices rise in Tokyo
TOKYO
Commercial land prices in Tokyo rose last year for the first time in more than a decade, while countrywide, land prices fell at a slower rate amid a rebound in Japan’s economy.
In the Tokyo area, commercial land prices rose one per cent in 2005, according to data released by the Ministry of Land, Infrastructure and Transport.
Prices in Osaka and Nagoya, two other major cities, also posted their first gains since 1990.
One reason for the rising commercial land prices in Japan’s biggest cities was an increase in the number of large-scale office and shopping developments in prominent locations that are expected to attract a lot of people, the ministry said.
Land prices overall fell an average of 2.8 per cent last year, dropping for the 15th straight year.
Commercial land prices also fell an average 2.7 per cent last year, compared with a 5.6 per cent decline in 2004 and a 7.4 per cent decrease in 2003.
Associated Press
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