According to the Land Ministry, a total of 788,410 homes were constructed in 2009, reflecting the lowest levels since 1964 and a 28% decline from 2008.

However, it was noted that the pace of decline slowed towards the last quarter of 2009 as December figures reflected a 16% decline from the same period in 2008.

It was also reported that the average price of condominiums fell 5% year-on-year in Tokyo, Kanagawa, Saitama and Chiba. According to the Japan Real Estate Institute, an index of residential land prices has declined by more than 40% since its peak in 1991.

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