Land Prices Showing Slower Declines

Although the downtrend in nationwide land prices is continuing, the rate of decline is easing at more locations according to a quarterly survey released by the Ministry of Land, Infrastructure, Transport and Tourism. Prices in 147 major locations, or 98% of a total of 150, were lower from three months earlier as of July 1. But the number of districts that registered smaller price declines this time around increased to 57 from the prior survey's 26. Expectation for economic recovery with diminishing condo inventories may put a floor under land prices in the future.