The results of the Ministry of Land, Infrastructure, Transport and Tourism’s annual year on year land price survey are in. On the whole prices continue to drop – hardly a surprise as residential land prices have been dropping for 21 years straight now (commercial land for 5 years).
The plunge seems to be slowing in Hiroshima city and a few other locations around the prefecture.
However, in the countryside it’s a different matter.
The Mainichi Shinbun reports:
Land prices in Japan continued falling in the year to July 1, but at a slower rate for both residential and commercial land, the government said Wednesday.
The nation’s average residential land price posted a 2.5 percent decline for the 21st consecutive year, but this was less than the 3.2 percent drop the previous year, said the Ministry of Land, Infrastructure, Transport and Tourism.
Closer to home, according to the Chugoku Shinbun, commercial land prices dropped in Hiroshima prefecture dropped by 3.8% (an improvement on last year’s -4.1%) and residential land prices dropped by 3.4% (compared to -3.6% last year).
The only commercial land prices to buck the trend were in the Wakasaka area near the shinkansen station, with land prices rising for the second year in a row after the completion of the area’s redevelopment last March; prices in Wakakusa 10-11 were up 2.7% . Prices in Naka-ku and Asaminami-ku held steady.
The only places subject to the land survey in the entire region to see an increase in residential land prices were in Gion in Asaminami-ku and around Kurashiki Station. These rises (of between 0.8 and 2%) are attributed to their proximity to large scale shopping developments. The paper reports that residential prices held steady in 11 other locations in Hiroshima Prefecture. The highest residential land prices in the prefecture are those in Hakushima, Nakamachi 8-8 at ¥253,000 per square meter. Although the drop in prices seems to be slowing in the center of Hiroshima, those of land on islands and in the mountains continue to drop precipitously.
One place surveyed in Tokyo’s Ginza shopping district claimed the highest commercial price of 19.7 million yen per square meter. In Hiroshima, that honor goes to Hondori 5-9 at 1600000 per square meter.
Hiroshima’s highest priced residential spots 2012
- 8-8 Hakushima nakamachi, Naka-ku ¥253,00 per square meter
- 3-10-9 Danbara, Minami-ku ¥251,000 per square meter
- 13-28 Funairi Saiwai-cho, Naka-ku ¥203.000 per square meter
- 5-3-28 Ushita honmachi, Higashi-ku ¥191,000 per square meter
- 3-8-18 Midori-machi, Minami-ku ¥181,000 per square meter
The biggest losers
- 1-10-12 Hayase, Ondo-cho, Kure-shi -10.4%
- 681 Daiououjyou, Okimi-cho, Etajima-shi -10.3%
- 3-2-4 Tsukumo, Etajima-cho, Etajima-shi -10.2%
- 2-7-33 Akidzuki, Etajima-cho, Etajima-shi -10.0%
- 2409-1 Kanokawa, Noumi-cho, Etajima-shi -9.7%
Source: Chugoku Shinbun