TOKYO: 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 per cent in the year to July after last year's 0.6 per cent 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 0.5per cent after a 0.7per cent decline in the previous year, the survey showed.
Commercial property prices in Japan fell 0.5 per cent, bigger than a 0.3 per cent drop a year earlier, as the pandemic forced the country to close its borders to foreign tourists and impose curbs on economic activity. "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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