Japan Land Prices Rise For First Time in 14 Years
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The thought that real estate is an ever increasing asset can be disproved when you look at Japan. The country built its economy at such a rapid pace and saw such extreme housing appreciation in the late 1980’s and early 1990’s that when its bubble popped it has take over a decade to come back. For land prices it has been 14 years without any appreciation until 2005 when the land prices climbed a nominal 0.9 percent.
Now this is an apples to oranges comparison as Japan manages their economy much differently than the US government does. The chances that such stagflation could occur in the United States is improbable, but watching the Japanese economy and real estate industry stagnate is a lesson to the typical investor that real estate does carry risk and that it is not a slam dunk investment that many have assumed it was over the past few years.
Nationwide land prices on 1 January were up an average 0.9% from a year before, the National Tax Agency said.
In Tokyo average land prices grew 5.4% with land in the Ginza district being priced at 18.7 million yen ($163,000; £87,000) a square metre in 2005.
‘Nominal growth’
Overall all Japanese land prices had fallen 3.4% in 2004. via BBC NEWS
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