TOKYO (Reuters) - Japanese land prices fell for the second straight year as the country’s closed borders and state of emergency curbs to combat the coronavirus pandemic hit demand for new restaurants and hotels, an annual government survey showed.
Overall property prices in the world’s third-largest economy fell 0.4% in the year to July after last year’s 0.6% decline, which was the first fall in three years, a land ministry survey showed on Tuesday.
Residential land prices, which have been falling for nearly three decades due to Japan’s shrinking population, slid 0.5% after a 0.7% decline in the previous year, the survey showed.
The decline stands in contrast to a troubling surge in property prices in many other industrialised nations such as Australia, where home prices rose a record 6.7% in April-June despite low economic growth.
“We’re continuing to see prices fall as profitability plummets, demand shrinks and the outlook darkens due to the pandemic,” a land ministry official told a briefing.
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