Some Graphs On Spain

Another measure of Japan’s deflationary hangover is how long land prices continue(d) to fall after the property bubble burst in 1991. Figure 2 shows the sharp rise in Japanese land prices from 1986 to 1990 when they more than doubled, and then fell by two-thirds albeit more gradually—from 1990-91 through 2005. Although urban land prices turned up slightly in 2006, land prices continue to fall elsewhere. Unsurprisingly, residential construction remained virtually dormant over this deflationary period.