Exposure to Real Estate Market and Economic Downturns
First written in FY2019. 8 of 27 entries say "Worsened", first in FY2020-Q1. Latest entry: 2026-10-30.
Tsukuruba moved to the "Worse" side of this theme in 2019, 3 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 31 of 73 companies on the "Worse" side.
3 other companies' latest entry also says "Materialised".
- 2026-10-30MaterialisedManagement planning
「2026年7月期末の不動産市況悪化による自社企画商品の販売停滞の影響が2027年7月期上半期は継続することが見込まれ、特に第1四半期は営業赤字となる見込みです。販売状況は足元で復調の兆しが見られます。」
不動産市況悪化による自社企画商品の販売停滞が実績として示され、2027年7月期上半期への継続影響と第1四半期の営業赤字見込みが記載された。一方、復調の兆しも併記されている。 - FY2026Higher annual closings, a decline in closings and prices in the fourth quarter, and higher inventoryAnnual report
「Meanwhile, the number of closed transactions in the period corresponding to the fourth quarter of the current consolidated fiscal year, the 3 months from May 2026 through July 2026, was 11,588, down 4.4% year on year. In July 2026, the price per square meter for closed transactions was ¥841,700, down 1.5% year on year, and the closing price was ¥52.67 million, down 0.7%. Both were below the levels in the same month of the previous year. The number of inventory properties was 47,151, up 5.5% year on year, exceeding the level in the same month of the previous year.」
The number of closed transactions for the year from August 2025 through July 2026 was 48,736, up 12.7% year on year. In the latest fourth quarter, however, the number of closed transactions, closing unit prices and closing prices were below the levels in the previous year and the same month of the previous year, while inventory increased 5.5% year on year. - FY2026-H1Rising Transactions and Prices Alongside Declining InventoryAnnual report
「The number of transactions involving existing condominiums in the Tokyo metropolitan area was 11,753, up 22.3% from the same period of the previous year. In January 2026, the transaction price per square metre was ¥869,900, up 6.3% year on year and exceeding the same month of the previous year for the 69th consecutive month since May 2020. The transaction price was ¥54.93 million, up 6.7% and exceeding the same month of the previous year for the 15th consecutive month. Inventory stood at 44,776 units, down 1.5% year on year and below the same month of the previous year for the 6th consecutive month.」
Transaction volumes, transaction prices per unit and overall transaction prices exceeded the same period or month of the previous year, while inventory declined year on year. Increased demand indicating improved market conditions coexisted with supply constraints reflected in declining inventory and rising prices. - FY2025-H1Rising Transactions and Prices Alongside Declining InventoryAnnual report
「In January 2025, the number of transactions involving existing condominiums in the Tokyo metropolitan area was 3,242, up 19.6% year on year and above the same month of the previous year for the 3rd consecutive month. The transaction price per square metre was ¥818,800, up 7.8% year on year and exceeding the same month of the previous year for the 57th consecutive month since May 2020. The transaction price was ¥51.47 million, up 5.9% and exceeding the same month of the previous year for the 3rd consecutive month. Inventory stood at 45,478 units, down 4.2% year on year and below the same month of the previous year for the 9th consecutive month, although it increased 1.1% month on month.」
Transaction volumes and prices exceeded the same month of the previous year, with data indicating an improvement from the earlier decline in transactions that had signalled weak market conditions. At the same time, inventory declined year on year, marking a shift to a market environment in which falling inventory and rising prices coexist. - FY2024Reversal in transactions alongside declining inventory and continued price increasesAnnual report
「In July 2024, the number of transactions involving existing condominiums in the Tokyo metropolitan area was 3,193, down 1.3% year on year and below the same month of the previous year for the first time in 14 months. Meanwhile, the transaction price per square metre rose to ¥789,700, up 9.8% year on year and exceeding the same month of the previous year for the 51st consecutive month, while the transaction price rose to ¥50.49 million, up 10.7% and exceeding the same month of the previous year for the 50th consecutive month.」
Transaction volumes turned down year on year for the first time in 14 months, while transaction prices per unit and overall transaction prices continued to rise. Market inventory also began to decline after peaking in February 2024, indicating a shift away from an unambiguously improving market environment. - FY2024-Q3MitigatedAnnual report
「In April 2024, the number of transactions involving existing condominiums in the Tokyo metropolitan area was 3,251, up 10.1% year on year and above the same month of the previous year for the 11th consecutive month. The transaction price per square metre rose to ¥780,800, up 11.3% year on year and exceeding the same month of the previous year for the 48th consecutive month, while the transaction price rose to ¥50.18 million, up 11.9% and exceeding the same month of the previous year for the 47th consecutive month. Market inventory had been recovering since June 2021, when it bottomed out at 33,641 units due to the impact of COVID-19, reaching 46,027 units in April 2024 and exceeding the same month of the previous year for the 27th consecutive month.」
Transaction volumes increased 10.1% year on year, while transaction prices per unit and overall transaction prices continued to rise and inventory continued to recover. Market data further indicating an easing of downside risk in real estate market conditions had emerged since the previous disclosure. - FY2024-Q2MitigatedAnnual report
「In January 2024, the number of transactions involving existing condominiums in the Tokyo metropolitan area was 2,711, up 5.0% year on year and above the same month of the previous year for the 8th consecutive month since June 2023. The transaction price per square metre rose to ¥759,800, up 11.2% year on year and exceeding the same month of the previous year for the 45th consecutive month, while the transaction price rose to ¥48.6 million, up 13.7% and exceeding the same month of the previous year for the 44th consecutive month. Market inventory had been recovering since June 2021, when it bottomed out at 33,641 units due to the impact of COVID-19, reaching 47,449 units in January 2024 and exceeding the same month of the previous year for the 24th consecutive month.」
Transaction volumes increased 5.0% year on year, exceeding the same month of the previous year for the 8th consecutive month since June 2023. Transaction prices per unit and overall transaction prices continued to rise, as did inventory, with market data indicating that downside risk in real estate market conditions had eased. - FY2024-Q1MitigatedAnnual report
「In October 2023, the number of transactions involving existing condominiums in the Tokyo metropolitan area was 3,287, up 7.0% year on year and above the same month of the previous year for the 5th consecutive month since June 2023. The transaction price per square metre rose to ¥745,500, up 7.4% year on year and exceeding the same month of the previous year for the 42nd consecutive month, while the transaction price rose to ¥47.65 million, up 8.4% and exceeding the same month of the previous year for the 41st consecutive month. Market inventory had been recovering since June 2021, when it bottomed out at 33,641 units due to the impact of COVID-19, reaching 46,312 units in October 2023 and exceeding the same month of the previous year for the 21st consecutive month.」
Transaction volumes increased 7.0% year on year, exceeding the same month of the previous year for the 5th consecutive month since June 2023. Transaction prices per unit and overall transaction prices continued to rise, as did inventory, with market data indicating that downside risk in real estate market conditions had eased from the previous disclosure. - FY2023Recovery in transactions, rising prices and inventory recoveryAnnual report
「In July 2023, the number of transactions involving existing condominiums in the Tokyo metropolitan area was 3,236, up 4.3% year on year. The transaction price per square metre rose to ¥719,200, up 5.0% year on year and exceeding the same month of the previous year for the 39th consecutive month, while the transaction price rose to ¥45.63 million, up 4.9% and exceeding the same month of the previous year for the 38th consecutive month.」
After the pandemic-driven demand cycle had run its course, transaction volumes turned to a 4.3% year-on-year increase in July 2023, while transaction prices per unit and overall transaction prices continued to rise. Inventory stood at 46,235 units, returning to pre-pandemic levels, according to the filing. - FY2023-Q3Narrower decline in transactions, continued price increases and inventory recoveryAnnual report
「In April 2023, the number of transactions involving existing condominiums in the Tokyo metropolitan area declined to 2,954, down 4.5% year on year. However, the transaction price per square metre rose to ¥701,700, up 2.1% year on year and exceeding the same month of the previous year for the 36th consecutive month, while the transaction price rose to ¥44.86 million, up 2.8% and exceeding the same month of the previous year for the 35th consecutive month. Market inventory had been recovering since June 2021, when it stood at 33,641 units, reaching 45,596 units in April 2023.」
Transaction volumes continued to decline, down 4.5% year on year, but the decline narrowed from 6.5% in the previous quarter. Transaction prices per square metre and overall transaction prices continued to rise, while inventory increased to 45,596 units, indicating a continued improvement in the balance of supply and demand. - FY2023-Q2Narrower decline in transactions, continued price increases and higher inventoryAnnual report
「According to the Public Interest Incorporated Foundation Real Estate Information Network for East Japan, in the existing condominium market targeted by the company, the number of transactions in the Tokyo metropolitan area declined to 2,581 in January 2023, down 6.5% year on year. However, the transaction price per square metre rose to ¥683,100, up 6.4% year on year and exceeding the same month of the previous year for the 33rd consecutive month, while the transaction price rose to ¥42.76 million, up 3.1% and exceeding the same month of the previous year for the 32nd consecutive month. Market inventory had been recovering since June 2021, when it stood at 33,641 units, reaching 43,688 units in January 2023. Although inventory remained below pre-pandemic levels, the sense of a shortage had eased and the balance of supply and demand had been improving.」
While transaction volumes continued to decline, falling 6.5% year on year, the transaction price per square metre rose to ¥683,100, up 6.4%, and the transaction price rose to ¥42.76 million, up 3.1%. Inventory increased to 43,688 units, indicating an easing of the supply shortage and an improving balance of supply and demand. - FY2023-Q1Declining transactions and rising prices alongside inventory recoveryAnnual report
「In October 2022, the number of transactions involving existing condominiums in the Tokyo metropolitan area declined to 3,072, down 10.7% year on year. However, the transaction price per square metre rose to ¥694,000, up 14.7% year on year and exceeding the same month of the previous year for the 30th consecutive month, while the transaction price rose to ¥43.95 million, up 13.1% and exceeding the same month of the previous year for the 29th consecutive month. Market inventory of existing condominiums in the Tokyo metropolitan area had generally been recovering since June 2021, when it stood at 33,641 units, reaching 40,300 units in October 2022.」
While transaction volumes remained weak, declining 10.7% year on year, transaction prices per unit and overall transaction prices increased, and market inventory recovered to 40,300 units. Although properties remained in short supply, the balance of supply and demand continued to improve. - FY2022-Q3Continued decline in transactions and improved supply-demand balance due to higher inventoryAnnual report
「However, continuing from the first and second quarters, transaction volumes during the cumulative third-quarter period also tended to remain below the same month of the previous year, declining 9.7% year on year in April 2022. Market inventory of existing condominiums in the Tokyo metropolitan area, which had declined since June 2020, gradually improved from July 2021, increasing 9.3% year on year in April 2022 and indicating an improvement in the balance of supply and demand.」
While transaction volumes remained weak, declining 9.7% year on year, market inventory increased 9.3% year on year, and the filing also notes an improving balance of supply and demand compared with the previous period’s low-supply, high-demand conditions. - FY2022-Q2WorsenedAnnual report
「However, continuing from the first quarter, transaction volumes during the cumulative second-quarter period also tended to remain below the same month of the previous year, reaching 20.7% below the same month of the previous year in January 2022. Market inventory, which had consistently declined since June 2020, increased month on month from July 2021, indicating an improvement in the balance of supply and demand.」
The decline in transaction volumes for existing condominiums in the Tokyo metropolitan area reached 20.7% year on year in January 2022, quantifying the further weakening of market conditions. At the same time, the filing also notes increased market inventory and an improved balance of supply and demand. - FY2022-Q1ReframedAnnual report
「During the COVID-19 pandemic, as people spent more time at home and interest in housing increased, transaction volumes for existing condominiums in the Tokyo metropolitan area remained high. However, during the cumulative first-quarter period, transaction volumes consistently remained below the same month of the previous year. Market inventory, which had consistently declined since June 2020, increased month on month from July 2021, indicating an improvement in the balance of supply and demand.」
For the existing condominium market in the Tokyo metropolitan area, the filing states that transaction volumes remained below the same month of the previous year while market inventory increased and the balance of supply and demand improved, indicating a shift from the previous period’s low-supply, high-demand conditions. - FY2021WorsenedAnnual report
「During the current period, the number of newly supplied properties declined as the spread of COVID-19 reduced people’s mobility and led to a tendency to avoid in-person visits, including property viewings. At the same time, housing demand increased due in part to the spread of remote work, causing market inventory to decline by 23% year on year as of July 2021 and creating a low-supply, high-demand environment.」
The filing describes a low-supply, high-demand environment resulting from a decline in newly supplied properties and a 23% year-on-year decrease in market inventory, bringing the severity of the external environment for real estate market conditions and property supply into concrete form. - FY2021-Q3RestatedAnnual report
「Against this backdrop, in the domestic real estate market, construction costs have continued to rise and remain elevated due to factors including soaring prices for condominium and detached-house sites and shortages of labour and materials. In addition, the situation remains uncertain, with declines in personal income and deteriorating employment conditions caused by the spread of COVID-19 weighing on consumer sentiment.」
The company continues to recognise market conditions characterised by elevated construction costs, shortages of labour and materials, deteriorating personal income and employment conditions, and weaker consumer sentiment. - FY2021-Q2RestatedAnnual report
「In the real estate market, construction costs have continued to rise and remain elevated due to factors including soaring prices for condominium and detached-house sites and labour shortages. In addition, the situation remains uncertain, with declines in personal income and deteriorating employment conditions caused by the spread of COVID-19 weighing on consumer sentiment.」
The company continues to describe market conditions as involving elevated construction costs, deteriorating personal income and employment conditions, and weaker consumer sentiment, but does not identify any new type of market risk. - FY2021-Q1WorsenedAnnual report
「In the real estate market, construction costs have continued to rise and remain elevated due to factors including soaring prices for condominium and detached-house sites and labour shortages. In addition, the situation remains uncertain, with declines in personal income and deteriorating employment conditions caused by the spread of COVID-19 weighing on consumer sentiment.」
In addition to the existing market risks, the filing describes continued elevated construction costs, declining personal income, deteriorating employment conditions and weaker consumer sentiment. - FY2020MaterialisedAnnual report
「During the current period, the market was affected by delays in the supply of properties resulting from disruptions in the supply of interior-material components from China due to the spread of COVID-19, as well as temporary suspensions of the company’s sales activities and those of affiliated real estate brokerage companies in response to requests to refrain from going out and declarations of a state of emergency.」
The spread of the infection, supply disruptions and the suspension of sales activities had an actual adverse impact on the real estate market and transaction environment. - FY2020-Q3MaterialisedAnnual report
「In April 2020, the domestic real estate market was affected by a 4.5% year-on-year decline in the transaction price per square metre of existing condominiums in the Tokyo metropolitan area and a 52.6% year-on-year decline in the number of transactions involving such condominiums.」
Amid the spread of COVID-19, declines in prices and transaction volumes for existing condominiums in the Tokyo metropolitan area actually occurred, bringing real estate market risk into concrete form. - FY2020-Q2WorsenedAnnual report
「Meanwhile, the number of transactions involving existing condominiums in the Tokyo metropolitan area was approximately 2% to 10% below the same month of the previous year during the 3-month period from October through December.」
Although transaction prices for existing condominiums in the Tokyo metropolitan area reached a new high in December 2019, the number of transactions declined by approximately 2% to 10% year on year, indicating continued factors contributing to weaker market conditions. - FY2020-Q1WorsenedAnnual report
「In the real estate market, transaction prices for existing condominiums in the Tokyo metropolitan area, which had continued to rise, turned negative in October 2019.」
The filing identifies the October 2019 decline in transaction prices for existing condominiums in the Tokyo metropolitan area as a sign of deterioration in market conditions. - FY2019First statedAnnual report
「Each of our businesses may be affected by trends in real estate market conditions, particularly in the used-housing distribution market and the office market.」
The company states that a prolonged downturn in real estate market conditions caused by a sharper-than-expected economic deterioration or other factors could affect its operating results and financial position.