Golf Membership Fees Signal Drop in Tokyo Land: Chart of the Day
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A plunge in membership costs at Japan’s three most-expensive golf clubs may portend a further drop in Tokyo land prices this year.
“Commercial real estate and golf memberships are closely related because both require a lot of land and high corporate income,” said Martin Schulz, a senior economist at Fujitsu Research Institute in Tokyo. “Everybody is hoping that the Tokyo real estate market will bottom out in 2012. When looking at the golf memberships, we don’t seem to have reasons to be too optimistic.”