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2009年3月24日 (火)

地価公示 バブル崩壊時しのぐ急落とは

The Yomiuri Shimbun (Mar. 24, 2009)

Govt must find remedy for falling land prices

地価公示 バブル崩壊時しのぐ急落とは(324日付・読売社説)

Land prices have plummeted so rapidly it is--as someone in the real estate industry laments--"Just like a tsunami ravaged the real estate market."

 不動産市場は、まるで“ツナミ”に襲われたようだ――。業界関係者がこう嘆くほどの地価の急落ぶりである。

Until just two years ago, there was a mini bubble in which land prices marked a 30 percent to 40 percent year-on-year increase in the best locations in major cities. However, things have changed dramatically.

 つい1、2年前まで、大都市の優良地では、前年比で30~40%上昇する地価のミニバブルが起きていたが、それが様変わりの状態だ。

A fall in land prices will further drag down the nation's economy, which is already deteriorating. Shouldn't the government discuss additional measures to prop up the real estate market?

 ただでさえ落ち込む国内景気の足を、さらに引っ張るのが地価の下落だ。政府は、不動産市場へのさらなるテコ入れ策を検討すべきではないか。

A survey announced by the Construction and Transport Ministry on Monday found that the national average of residential land prices as of Jan. 1 posted a year-on-year drop of 3.2 percent, while commercial land prices fell an average 4.7 percent.

 国土交通省が発表した今年1月1日の公示地価は、全国の住宅地で3・2%、商業地で4・7%、前年に比べそれぞれ下落した。

With land prices in both residential and commercial areas rising for two straight years to 2008, it was previously thought that lingering deflation in land prices had finally been staved off.

 住宅地、商業地とも昨年までは2年連続で上昇を記録しており、長かった地価デフレに、ようやく歯止めがかかったとされた。

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Economic downturn a cause

However, the U.S.-triggered financial crisis and subsequent global recession have had a direct impact on this trend. According to the ministry's latest survey, land prices fell both in residential and commercial areas in Tokyo and all the prefectures.

 それを直撃したのが、米国発の金融危機と、それに伴う世界同時不況だ。今年の調査では住宅地、商業地とも全都道府県で値下がりしている。

In addition, a year-on-year rise in land prices was seen in only 16 of about 15,000 residential locations and five of about 4,800 commercial locations.

 しかも、前年比で上昇したのは住宅地(調査地点約1万5000か所)でわずか16地点、商業地(約4800か所)でも5地点にすぎなかった。

Although land prices saw a sharp drop in the 1990s in the wake of the collapse of the economic bubble, it was the first time in 40 years since the ministry began to release land price data that land prices went up in so few locations, according to the ministry.

 国交省によると、1990年代以降のバブル崩壊時にも激しい下落に見舞われたが、上昇地点がこれほど少ないのは、地価公示40年の歴史で初めてという。

The unusual data shows that the drop in land prices was both widespread and rapid.

 今回の下落は、それほど広範囲に、しかも急激に起きたということである。

A sharp drop in land prices was particularly noticeable in regions that had enjoyed the mini bubble. The top 10 list of the largest drops in residential land prices includes prime locations in Tokyo's Shibuya and Minato wards, while the list of hardest hit commercial areas includes a central district in Nagoya, which was in a development boom.

 なかでも、ミニバブルに踊った地域ほど下落が激しい。全国の下落率ワースト10には、住宅地では東京都渋谷、港区などの一等地、商業地では開発ブームにわいた名古屋市の中心地が並んでいる。

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Lack of investors

The main causes of the fall in land prices are a withdrawal of foreign investment from the real estate market as well as a domestic buyer shortage.

 地価下落の大きな要因は、海外からの投資マネーの撤退と、国内の買い手不足だ。

Because real estate prices in the country were considered reasonable compared to those in the United States and Europe, a large amount of money began to flow into the real estate market three or four years ago. That money had pushed up land prices in the country, but was pulled out all at once after the collapse of the global housing bubble.

 日本の不動産価格は欧米に比べて割安とされ、3、4年前から海外の資金が大量に流入した。それが日本の地価を底上げしたが、世界的な住宅バブルの崩壊で、資金が一斉に引き揚げられた。

At the same time this was happening, financial institutions stiffened their lending attitudes toward domestic real estate companies, dampening buyers' motivations right away.

 歩調を合わせるように、国内の不動産会社などに対する金融機関の融資姿勢が厳しくなり、買い意欲が一気にしぼんだ。

Is there any effective way to stop land prices from falling? Favorable tax treatment could be one option. In addition to the substantial expansion of housing loan tax breaks, which the government has already decided to implement, some have suggested reducing the real estate acquisition tax.

 地価下落に歯止めをかける手段はないのか。税制上の優遇措置が一つの候補だろう。実施が決まっている住宅ローン減税の大幅拡充に加え、不動産取得税の軽減などが指摘されている。

Calls for the government to take quick action on the matter are growing louder.

 政府に迅速な行動を期待する声は大きい。

(From The Yomiuri Shimbun, March 24, 2009)

20093240145  読売新聞)

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