Demand for apartment in Tokyo: A Discrete Choice Analysis

Seriously affected by the global financial crisis, falls in Japan’s residential property prices accelerated during the first half of 2009.
The urban land price in Japan’s six largest cities dropped by 7.8% (9.2% in real terms) in H1 2009 from the previous year, according to the Japan Real Estate Institute (JREI), ending the long-anticipated recovery of Japanese property prices.
In Japan, land prices serve as a proxy for home prices. Land prices in the six largest cities rose by 2.8% (2.8% in real terms) in 2006, 8.1% (8.1% in real terms) in 2007, and 1.1% (a fall of 0.2% in real terms) in 2008. 
On a national level the price of land has been falling since H2 1991. Since the second half of 2007, land price decreases in Japan have accelerated. Land prices slid 3.4% (4.9% in real terms) in H1 2009 from the previous year.