Nomura Real Estate Urban Net has published the latest residential land and second-hand apartment price movements for greater Tokyo. The downward trend of property prices is beginning to intensify.
According to the data, the average price of residential land in the last quarter of 2011 fell 0.9% from the previous quarter. From the surveyed locations, only 3.6% of locations reported an increase in land prices, 59.3% reported no change in prices and 37.1% reported a fall in land prices. For second-hand apartments, the average price in greater Tokyo was down 1.1%.
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