TOKYO (Kyodo) — Land prices declined at 85 percent of 150 survey points in major Japanese cities and leveled off at the remainder in the three months to Oct. 1, demonstrating a recession, the land ministry said Nov. 21.
None of the commercial and residential points posted any rise, said the Ministry of Land, Infrastructure, Transport and Tourism.
The dominant land price declines reflect not only a recession but also sluggish sales of new condominiums and a land demand drop on deterioration of fund-raising conditions amid the global financial crisis, the ministry said.
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