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Japan land prices fell 8% in 2009

Date Posted: 2010-07-08

The global financial crisis continued to affect all 47 of Japanís prefectures in 2009, sending land prices crashing an average of 8% during the year.

The average price averaged •126,000 per square meter, 2.5 points greater than in 2008, when the economic situation began embracing Japan. The Ďroadside land pricesí were calculated by the nationís tax agency using 380,000 benchmark points. Prices plummeted the most in the countryís three top urban areas, with the Tokyo region in worst shape with land values dropping 9.7% following a 2008 drop of 6.5%.

Osakaís plunge was worse in percentage terms, going from a 3.4% decline in 2008 to a hefty 8.3% drop in 2009. Elsewhere, the price declines averaged 5.9%. The capital cities of Japanís 47 prefectures felt the pinch, with 45 recording falling prices, while only Mieís Tsu and Yamaguchi saw prices remain stable. Tokyo and Nagoya officials say prices crashed more than 20%.

The famous Ginza stationary store Kyukyodo in Tokyo held on to its title of the nationís most expensive plot of land for a 25th straight year, but even its price fell 25.6% to •26.2 million per square meter. At its peak in 1992, the stationary store sat on land valued at •36.5 million before falling to a low of •11.36 million in 1997.

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