Land Prices Down 5th Straight Year, But Pace Slowing

TOKYO (Nikkei)--Average national land prices were down 1.8% on the year as of Jan. 1, for the fifth straight fall since 2009, when prices plummeted in the wake of the global financial crisis.

The pace of decline was 0.8 percentage point slower than in the previous year, however, to mark the third straight year of deceleration.

Commercial land prices fell by 2.1%, compared with the 3.1% drop the previous year. Residential land prices fell by 1.6%, compared with the 2.3% drop the previous year.

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