Land prices sank by an average of 8.0 percent in 2009 as the rise in office vacancies following the global financial crisis threw cold water on the real estate market, the National Tax Agency said Thursday.
As of Jan. 1, the price of land in Japan had fallen in all 47 prefectures to an average of 126,000 Yen per sq. meter, the agency said, or 2.5 points greater than in 2008, when prices also fell nationwide.