Govt should help push up land prices

The Yomiuri Shimbun (Sep. 24, 2010)
Govt should help push up land prices
基準地価　下げ止まりの兆しはあるが（9月23日付・読売社説）

At long last signs have emerged of an end to the fall in land prices that began with the collapse of Lehman Brothers Holdings Inc. two years ago, but it remains uncertain whether the recovery trend will continue.
　２年前のリーマン・ショック以来の地価急落にようやく下げ止まりの兆しが見え始めた。
　ただ、こうした地価の回復基調が、今後も維持されるかどうかは不透明だ。

Changes in land prices lead to fluctuations in people's assets, which can greatly affect personal consumption. Therefore, we think the government should indirectly support land prices through measures such as an extension of the economic stimulus eco-point program for houses.
　地価の動向は個人資産の増減につながり、消費活動にも大きな影響を与える。それだけに、政府が住宅版エコポイントの延長などで、地価底上げを側面支援することは妥当な施策といえよう。

The government needs to help boost the economy further by expanding tax cuts and tax exemptions for housing and real estate.
　住宅・不動産関係諸税の減免措置の拡充などで、さらにテコ入れする必要がある。

According to a survey of land prices in all 47 prefectures released recently by the Land, Infrastructure, Transport and Tourism Ministry, the average price of residential land fell 3.4 percent in the year to July 1, while that of commercial land dropped 4.6 percent. In the previous year's survey, the average price of residential land fell 4 percent and that of commercial land decreased 5.9 percent. The latest survey shows the pace of decline has slowed in both categories.
　国土交通省が発表した７月１日時点の都道府県地価（基準地価）によると、全国の地価は、住宅地で前年比３・４％、商業地で４・６％の下落となった。
　１年前の調査では住宅地が４・０％、商業地で５・９％値下がりしており、下落率は縮小した。

The ministry believes the slower decline has been partly due to factors such as rising demand for land on which to build condominiums in urban areas. Recently, condominiums have become more affordable as prices have fallen sharply. Condominium sales in major cities have been recovering rapidly, bringing a bit of brightness to future land price forecasts.
　国交省は、急激な値下がりにより値ごろ感が出た都市部で、マンション用地の需要が高まったことなどが影響したと見ている。
　実際、大都市ではマンションの売れ行きが急回復しており、地価動向を占う明るい材料だ。

Metro areas doing better

Trends in land prices in metropolitan areas--a leading indicator of land prices throughout the nation--are worth noting: In the Tokyo metropolitan area, average residential land prices fell 3 percent, while commercial land prices decreased 4.1 percent. The drops in both categories are almost half the figures from a year earlier.
　地域別では、地価の先行指標である大都市での値動きが注目される。東京圏では、住宅地の下落率が３・０％、商業地は４・１％で、前年に比べほぼ半減した。

If we look at the trends in more detail, signs of an end to the fall in land prices become more apparent. Take, for instance, land price trends in the first half of the year that ended on July 1 and those in the second half of the year at 15 residential locations in eight wards in central Tokyo.
　さらに詳しく分析すると、下げ止まりの流れがはっきりする。例えば、東京の都心８区の住宅地１５地点について、この１年間を前、後半に分けて比較してみよう。

During the first half of the year, land prices in all locations dropped, but prices rose in two locations, were about the same at four spots and the rate of decline slowed at eight places in the second half of the year. It is apparent that land prices began to turn around this year. A similar development can be seen in major cities such as Osaka and Nagoya.
　前半はすべての地点が値下がりしていたが、後半では値上がりに転じたのが２地点、横ばいになったのが４地点、下落率が縮小したのが８地点あった。
　今年に入って、地価が反転しつつあることが鮮明だ。大阪市、名古屋市などにも共通して見られる動きである。

Land prices in major cities rose markedly about three years ago, during a "mini bubble" caused by factors that included competition for prime locations among brand-name stores. However, in the wake of the so-called Lehman shock, things took a sudden turn for the worse. The latest survey may indicate the tide is about to change for land prices.
　大都市の地価は、ブランド店の立地競争などによるミニバブルで、３年ほど前に大幅に値上がりしたが、リーマン・ショックで暗転した。今回の調査結果は、地価の潮目が変わりつつあることを示しているのではないか。

Other regions still struggling

However, land price trends in other regions are still poor. The average price of residential land in these regions dropped at a greater rate than during the previous year, while commercial land declined at about the same rate. This was the 18th straight year of decline in residential land prices in these areas, while commercial land values fell for the 19th consecutive year.
　問題は地方圏である。住宅地は昨年より下落率が大きくなり、商業地もほぼ横ばいのままだ。これで、住宅地は１８年連続、商業地も１９年連続で下落を記録した。

Are there any ways to prop up land prices in these regions, which have seen the value of their land fall for so long?
　長期低落に打つ手はないのか。

In Hokkaido and Mie Prefecture, some districts have increased land prices by improving their appeal as tourist destinations. Needless to say, we believe it is essential to promote local redevelopment and to encourage businesses to expand into the less urbanized regions.
北海道や三重県では、観光地としての魅力を高め、地価上昇につなげた地域もある。無論、地域再開発の推進や企業の地方進出を促す補助政策なども欠かせまい。

(From The Yomiuri Shimbun, Sept. 23, 2010)
（2010年9月23日01時02分 読売新聞）