Land prices in Japan fell in the 12-month period to July 1 for the 11th consecutive year, showing larger margins of decline than in the previous year for both residential and commercial properties, according to a government study released Thursday.
According to the annual Land, Infrastructure and Transport Ministry survey, the average price of residential land fell 4.3 percent, compared with 3.3 percent the previous year, while commercial land dropped 7.2 percent, after a 6.6 percent drop the year before.
Thus, the pace of decline has accelerated for a fifth straight year in residential areas and a second consecutive year in commercial zones.
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