Fluctuations in Interest Rates, Land Prices, Taxation and Sentiment Toward Home Purchases
First written in FY2020. 13 of 24 entries say "Restated". Latest entry: 2026-08-12.
Landix moved to the "Worse" side of this theme in 2025, 3 years after the typical company in this theme (2022).
The whole theme swung hardest in 2020: 30 of 70 companies on the "Worse" side.
27 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Against this economic backdrop, mortgage rates remained low and stable in Tokyo's residential real estate market, where the Group operates, but housing starts have been trending downward due to rising land prices and soaring construction costs. In particular, detached housing starts fell sharply in the first quarter, down 25.5% year on year, due to a rush to begin construction before the full enforcement of the amended Building Energy Efficiency Act and amended Building Standards Act in April 2025, and the gradual decline continued thereafter.」
Mortgage rates were said to have remained low and stable, while housing starts continued to decline against a backdrop of soaring land prices and construction costs, falling 25.5% year on year in the first quarter. - FY2026-H1WorsenedAnnual report
「Against this economic backdrop, mortgage rates remained low and stable in Tokyo's residential real estate market, where the Group operates, as the Bank of Japan's policy rate remained unchanged from January 2025 onward, supporting resilient market conditions. Meanwhile, housing starts have been trending downward due to soaring land prices and construction costs. In particular, detached housing starts in the first quarter fell sharply, down 25.5% year on year, due to a rush to begin construction before the full enforcement of the amended Building Energy Efficiency Act and amended Building Standards Act in April 2025. In the second quarter, the number of starts was recovering, but remained approximately 10% below the year-earlier period.」
Mortgage rates were said to have remained low and stable, while housing starts declined against a backdrop of soaring land prices and construction costs, falling 25.5% year on year in the first quarter and approximately 10% in the second quarter. The previously identified risks involving land prices, interest rates and housing demand materialized as a decline in housing starts. - FY2025RestatedAnnual report
「Although the impact of the Bank of Japan's policy rate increase was limited, real estate transactions have become difficult to predict due to concerns about future interest rate increases, soaring construction material costs caused by inflation, and fluctuations in the prices of imported materials resulting from exchange rate movements. Nevertheless, buying appetite for Tokyo real estate among wealthy individuals and investors in Japan and overseas has continued,」
The impact of the policy rate increase was limited and housing demand was maintained, while future interest rate increases, surging construction material costs and exchange rate fluctuations continued to be described as sources of uncertainty for real estate transactions. - FY2025-H1Policy rate increases coexisting with low mortgage ratesAnnual report
「In the residential real estate market in which the Group operates, mortgage rates rose following the Bank of Japan's policy rate increase in July but remained at low levels, while positive and negative factors coexisted, including soaring land prices and construction costs.」
The actual market change of mortgage rates rising following the Bank of Japan's policy rate increase in July was described. Meanwhile, mortgage rates remained low, and soaring land prices and construction costs were also cited. - FY2024RestatedAnnual report
「In addition, real estate acquisition prices in Tokyo's 23 wards, the company's business area, have continued to rise due to accelerating global inflation and the associated increases in labor and material costs, while the outlook for policy interest rates has also become unstable.」
Higher labor and material costs, rising real estate acquisition prices, and instability in policy interest rates continued to be identified as risks involving interest rates, land prices and the home-purchase environment. - FY2024-Q3RestatedAnnual report
「Housing prices have risen overall due to higher overall procurement costs, including construction material prices, and continued increases in real estate land prices,」
The filing continued to describe rising procurement costs and land prices, as well as uncertainty over inflation and interest rate levels. Housing prices were described as having risen overall. - FY2024-Q2WorsenedAnnual report
「Although a certain level of transactions has consistently taken place in Tokyo's residential real estate market, where the Group operates, housing prices have risen due to higher overall procurement costs, including construction material prices, and continued increases in real estate land prices. In addition, long-term interest rates have continued to trend upward following the Bank of Japan's decision to make the operation of yield curve control more flexible at its Monetary Policy Meeting, while variable-rate mortgages have remained at low interest rates.」
Specific developments were described in relation to the previously identified risks involving land prices, interest rates and the home-purchase environment, including continued increases in procurement costs and land prices and rising long-term interest rates following the decision to make yield curve control more flexible. Meanwhile, variable interest rates were said to have remained low. - FY2024-Q1WorsenedAnnual report
「The situation remained uncertain regarding surging land prices and construction material costs, increased demolition and construction costs due to a shortage of construction workers, and future trends in mortgage rates.」
Specific concerns were cited in relation to the previously identified market risks involving interest rates and land prices, including surging land and construction material prices, higher construction costs, and future mortgage rate trends. - FY2023RestatedAnnual report
「The residential real estate market overall remained resilient, particularly in housing-related areas, supported by continued government policy measures and stable mortgage rates at low levels.」
The view that the housing market overall was resilient, supported by policy measures and stable mortgage rates at low levels, was maintained. - FY2023-Q3RestatedAnnual report
「Although concerns remained over soaring construction costs due to globally rising raw material prices and shortages of high-quality land, the residential real estate market overall remained resilient, particularly in housing-related areas, supported by continued policy measures and stable mortgage rates at low levels.」
While concerns over soaring construction costs and shortages of high-quality land were noted, the view that the housing market overall was resilient due to policy support and stable mortgage rates at low levels was maintained. - FY2023-Q2RestatedAnnual report
「The outlook remained uncertain due to the impact of global interest rate increases led by the United States on financial markets, increases in the corporate goods price index attributable to the weaker yen, rising raw material prices, and downside risks arising from supply constraints.」
The filing continued to describe uncertainty over the outlook for the financial and housing markets against a backdrop of global interest rate increases, the weaker yen, rising prices, and supply constraints. At the same time, it explained that real estate demand was resilient, supported by the low-interest-rate environment and other factors. - FY2023-Q1RestatedAnnual report
「In the residential real estate market in which the Group operates, demand for new ways of living arising from work-style reforms, working from home and other factors has boosted housing demand. Combined with the support provided by low interest rates resulting from the continuation of monetary easing policies, this has kept the real estate market firm.」
The previous market view that the residential real estate market was firm due to demand for new ways of living and support from low interest rates was maintained. - FY2022-Q3RestatedAnnual report
「Demand for residential real estate is considered to have remained at a certain level, as many customers became more conscious than ever of the meaning and importance of housing in their lives, in addition to changes in lifestyles.」
The market view that housing demand had remained at a certain level continued to be expressed. No new specific changes in interest rates, land prices or tax policy were described. - FY2022-Q2RestatedAnnual report
「Following the start of vaccinations in Japan and repeated declarations of a state of emergency, the impact of COVID-19 showed some signs of recovery, although the outlook remained uncertain. Meanwhile, in Japan's residential real estate market, the Group's core business area, market conditions remained firm as the Group captured housing demand linked to changes in lifestyles.」
While uncertainty related to the infectious disease remained, the previous view that Japan's residential real estate market was firm on the back of housing demand continued. No new specific changes in interest rates, land prices or tax policy were indicated. - FY2022-Q1RestatedAnnual report
「Stable housing demand has continued in Tokyo's housing market, the Group's primary operating area.」
Stable housing demand was said to have continued in Tokyo's housing market, maintaining the previous view regarding housing demand and customer sentiment. - FY2021MitigatedAnnual report
「The number of contracts for newly built detached houses and other properties in the second half of the consolidated accounting period (October 2020 to March 2021) was 121.7% of the year-earlier period, and housing demand remained firm.」
Regarding housing demand, the number of contracts for newly built detached houses and other properties in Tokyo in the second half was 121.7% of the year-earlier period, easing concerns about deterioration in market conditions during the period to some extent. - FY2021-Q3RestatedAnnual report
「Customers' buying appetite increased amid changing perceptions of housing and dissatisfaction with their current residences resulting from the impact of COVID-19. On the company's own website, sumuzu, page views and unique users also continued to increase steadily.」
Buying appetite was said to have increased against a backdrop of changing perceptions of housing and dissatisfaction with current residences, and the previous description that the adverse impact on housing demand and customer sentiment in Tokyo was limited was maintained. - FY2021-Q2MitigatedAnnual report
「In Tokyo's Jonan area, the Group's trading area, comprising Setagaya, Meguro, Shibuya, Minato, Ota and Shinagawa wards, no significant decline in real estate prices was observed, and market conditions remained firm.」
No significant decline in real estate prices was observed in Tokyo's Jonan area, and market conditions were described as firm. It was also stated that buying appetite increased as a result of changing perceptions of housing and dissatisfaction with current residences, limiting the adverse impact on the market and purchase sentiment during the period. - FY2021-Q1MaterialisedAnnual report
「In Japan's housing market, new housing starts declined, mainly for detached houses and rental housing. In addition, overall market order conditions deteriorated because the company refrained from sales activities in connection with efforts to prevent the spread of COVID-19, and the outlook remained uncertain.」
The decline in housing starts and deterioration in overall market order conditions due to the suspension of sales activities actually occurred, bringing the previously identified housing market and home-purchase trend risks to the surface. - FY2020First statedAnnual report
「Trends in market interest rates and consumption tax increases, revisions to tax policies related to real estate, and sentiment among prospective homebuyers could affect the Group's performance and business development.」
General macroeconomic factors affecting the real estate industry were organized as risks to performance and business development.