Land values declined at fewer prime sites for the fourth consecutive quarter as buyers returned to buy condominiums amid incentives including housing-related tax breaks, a quarterly government survey showed Friday.
Values fell at 87 of 150 prime locations nationwide, according to a survey by the Land, Infrastructure, Transport and Tourism Ministry. Values fell at 58 percent of monitored sites as of Oct. 1 from July 1, it said. That compares with 70 percent three months earlier, 82 percent in the quarter before that, and 96 percent in the prior quarter.
The declines in land values slowed as the drop in prices of condominiums attracted buyers and as those in the major commercial areas reversed their slide after rent adjustments, the report said. The survey consists of the 150 most expensive locations taken from the government's annual land survey, reflecting the latest movement in land value, according to the government.
"Prices in residential sites are starting to stabilize and some are signaling increases, while it may take a bit more time for the commercial sites to see a real recovery," said Yutaka Iwaki, a director of Land Price Research Division, said at a briefing in Tokyo.
Sites that saw prices that remain little changed increased by 20, while those where the values fell declined by 18, the report showed. Prices at 79 percent of residential sites surveyed rose or were unchanged, compared with 57 percent three months earlier, the survey said.
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