Increasing difficulty in acquiring high-quality, profitable land
First written in FY2022. 3 of 4 entries say "Worsened", first in FY2025. Latest entry: FY2026.
Yamaichi Real Estate moved to the "Worse" side of this theme in 2025, 1 year after the typical company in this theme (2024).
The whole theme swung hardest in 2026: 5 of 9 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In particular, as land prices continue to trend upward, competition for land acquisition in established urban areas is becoming increasingly intense.」
The Group explained that rising land prices and intensifying competition in established urban areas have made the acquisition of high-quality development sites more difficult. - 2026-05-28WorsenedOther Disclosures
「Intensifying competition for development sites」
Intensifying competition among major developers, particularly in urban areas, is identified as a risk in the land acquisition environment. - FY2025WorsenedAnnual report
「Yields on income-producing real estate in urban areas have continued to decline, making the new acquisition of properties suitable for long-term ownership at the Company’s investment criteria a challenge.」
The Company disclosed that declining urban yields have made it more difficult to acquire income-producing real estate suitable for long-term ownership. - FY2022First statedAnnual report
「If it becomes difficult to obtain high-quality real estate information, if the amount of real estate capable of generating adequate profitability declines because of rising land prices or other factors, or if acquisition becomes difficult for any other reason, this could constrain the Group’s business expansion and affect its operating results and financial condition.」
Land acquisition is an important premise of the business model, and information availability, pricing and acquisition feasibility are identified as risks.