Japan – Land of the Rising Sun
Located in the Pacific Ocean, Japan stretches from the Sea of Okhotsk in the north to the East China Sea in the south. Known as the "Land of the Rising Sun", the country has more than three thousand islands. Most of the islands are mountainous. The Greater Tokyo Area is the world’s largest metropolitan area.
Mastery over high-end technology and a motivated workforce has helped Japan to become the second largest economy worldwide, after the US, at around US$4.5 trillion in terms of nominal GDP.
More property deals point to price recovery
Evidence of rising property transactions in Japan, along with indications that the vacancy rates of office buildings in major cities are declining, has bolstered hopes that the five-year-long slump in the nation’s property and land markets is coming to an end.
Tokyo office rents have declined by around 20 per cent on average in central business areas over the past year. This has helped vacancy rates but there also appears to have been some hardening of underlying demand. Land prices declined by 2.5 per cent in the year to July - the fifth consecutive year of decline. The fall in commercial land values was 6.9 per cent and that in residential values 1.3 per cent with the heaviest falls seen in major cities.
Popularity: 58% [?]
