Tokyo Residential Prices May Have Bottomed Out

According to Mitsui Real Estate Sales Co., land prices in residential areas of the Tokyo metropolitan region dropped at a slower pace in the October-December quarter of 2009 amid emerging signs that the economy is bottoming out.

Land prices fell 0.3 percent on average from the preceding quarter, which witnessed a decline of 0.7 percent.

Mitsui also said prices of existing condominiums in the region rose 0.5 percent in the reporting period, marking the third consecutive quarterly increase.

Residential land prices in the greater Nagoya and Osaka regions declined 0.6 percent and 0.9 percent, respectively, while existing condo prices fell 0.2 percent in both of the regions.

The prices of land and existing condos in the three metropolitan areas are expected to remain flat for the time being, Mitsui said.

In 2009, residential land prices decreased 4.5 percent from the previous year in both the Tokyo and Osaka regions and 3.6 percent in the Nagoya region, the company added.

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