On Sept. 19, the Ministry of Land, Infrastructure, Transportation and Tourism released the land prices of selected sites in Japan (as of July 1). The figures show that the average change in values was -2.1%, improving over last year’s -3.1%. The values for both commercial and residential sites fell, but the size of the declines has grown smaller year-on-year. A recovery on the back of the government’s “Abenomics” stimulus had led to increased values for commercial sites in all of the three major urban areas of Tokyo, Osaka and Nagoya for the first time five years. Fukuoka also saw the values for both its commercial and residential sites increase for the first time in five years, and the signs of recovery in the city center are intensifying. The government sees lower interest rates, tax breaks for home loans and increased real estate investment on the back of the weaker yen as the main drivers for the upswing in values. Source: Nishinippon Shimbun 9/20
