The average price of land facing main roads in Japan fell for the eighth straight year in the 12 months to Jan. 1, the decline only marginally less than a year earlier, the National Tax Administration said Friday.
The average land price, based on National Land Agency data on some 400,000 locations nationwide, fell by 7 percent to 146,000 yen per square meter, the administration said. The drop was 7.1 percent the previous year.
The average land price is used to compute inheritance and donation taxes for 2000. In some parts of downtown Tokyo, land prices slightly increased or remained flat due to corporate demand for office space, but prices in other areas continued their downward trend.