|
|
Article: Osaka revitalization amid plummeting prices: Osaka has long been Japan's "second city." Now is the time to change that.(In Depth)
- Article from:
- Japan Inc.
- Article date:
- December 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Japan Inc. Communications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
WHAT MAKES OSAKA SPECIAL? A resident Japanese might reply: good okonomiyaki (a pizza-like dish), the origin of cup noodles, the headquarters of Matsushita, the unbreakable spirit of the Hanshin Tigers baseball team and ... falling property prices.
Osaka's property prices have declined steadily since the end of the bubble economy. In 1992, the average asking price for office properties in the city zone was over [yen] 16,000 per tsubo (3.3 square meters). In September 2003, it was down to [yen] 9,650, according to data supplied by Ikoma Data Services.
The slide in land prices has been even more severe. According to Ichiro Kumazawa, chairman of the Osaka ...