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Back from the grave; Property in Japan.(A long-awaited rebound in a post-bubble market)(commercial property)
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The Economist (US)
- Article date:
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October 13, 2007
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Copyright informationCOPYRIGHT 2007 Economist Newspaper Ltd. 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)
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It has taken 16 years for commercial-property inflation in Japan to turn positive
THERE was a time when the price of the land surrounding Japan's Imperial Palace (about the size of Disneyland) was said to be worth more than the whole of California. Apocryphal, surely, but it summed up the hype during Japan's property bubble in the late 1980s. When prices plunged--by as much as 80% in two years--it took the economy more than a decade to emerge blinking out of the bomb crater. Only now is Japanese commercial property showing renewed signs of life.
Prices of offices and commercial premises jumped by 10.4% last year in the three biggest cities, Tokyo, Osaka and Nagoya. In ...
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