Demand Fluctuations Due to Economic Conditions and Interest Rates
First written in FY2021. 8 of 19 entries say "Worsened", first in FY2022-Q2. Latest entry: FY2026.
Landnet moved to the "Worse" side of this theme in 2026, 4 years after the typical company in this theme (2022).
The whole theme swung hardest in 2020: 30 of 70 companies on the "Worse" side.
26 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The contract price in July 2026 was down 0.7% year on year and has generally remained flat since May 2025. The number of contracts also fell 8.6% year on year and declined for the fourth consecutive month, indicating some weakening.」
While high prevailing prices and firm demand remain evident, contract prices below the previous year's level and a decline in the number of contracts indicate that market and demand volatility risk has once again been quantified. - FY2026-H1Demand recovery and inventory declineAnnual report
「Through January 2026, used condominium closings and closing prices in the Tokyo metropolitan area had exceeded the prior-year month for 15 consecutive months, while the closing price per square meter had risen for 69 consecutive months. Meanwhile, inventory was down 1.5% year on year and had declined for 6 consecutive months, so we will continue to monitor market trends, including the acquisition environment.」
Higher closings, closing prices and closing unit prices, together with declining inventory, indicate improved demand conditions, while monitoring of market trends, including the acquisition environment, continues. - FY2025Higher prices and increased inventoryAnnual report
「While inventory had been declining, it began to increase as of July 2025, indicating increased circulation of used condominiums in the Tokyo metropolitan area. We recognize that the market is on an expansionary trend.」
The used condominium market is recognized as being on an expansionary trend, with strong closing prices and other metrics, while inventory began increasing as of July 2025. - FY2025-H1MitigatedAnnual report
「As of January 2025, used condominium closings in the Tokyo metropolitan area were up 19.6% year on year and exceeded the prior-year month for the third consecutive month. Used detached-house closings in the Tokyo metropolitan area were also up 33.0% year on year and exceeded the prior-year month for the third consecutive month, indicating a buoyant used detached-house market. However, some areas outside the Tokyo metropolitan area remained below the prior-year month, so future trends by region require monitoring.」
Closings of used condominiums and detached houses in the Tokyo metropolitan area exceeded the prior-year month, indicating improved demand. Some areas outside the region remained below the prior-year month, so regional differences continue to require monitoring. - FY2024Higher closing unit prices and prices alongside a slight decline in closingsAnnual report
「Closing unit prices and closing prices for used condominiums in the Tokyo metropolitan area both increased year on year in July 2024. Meanwhile, closings declined slightly, primarily in the Tokyo wards and Kanagawa Prefecture, and we recognize the need to monitor conditions closely.」
Prices and closing unit prices rose, while closings declined slightly in some areas, leading to continued monitoring of market conditions. - FY2024-Q3Improved closing metrics and flat new listingsAnnual report
「In April 2024, used condominium closings, closing prices per square meter and closing prices in the Tokyo metropolitan area all increased year on year. While demand is expected to remain strong, the number of new listings and new-listing unit prices for used condominiums have continued to be flat year on year.」
Closings, closing unit prices and closing prices increased year on year, indicating resilient demand. New-listing indicators remained flat, requiring continued monitoring of market conditions. - FY2024-Q2Resilient demand and continued monitoring of market overheatingAnnual report
「The closing price per square meter rose 11.2% year on year and for the 45th consecutive month, with increases across the entire Tokyo metropolitan area. However, both the number of new listings and the price per square meter of new listings were below the prior-year month in January 2024, so we will continue to monitor the direction of the overheated market.」
Closing unit prices and activity remained strong, while new listings and new-listing unit prices fell below the prior-year month, leading to continued monitoring of market overheating. - FY2024-Q1MitigatedAnnual report
「Used condominium closings in the Tokyo metropolitan area in October 2023 were 3,287, up 7.0% year on year and above the prior-year month for the fifth consecutive month. The closing price per square meter also increased for the 42nd consecutive month, both indicating resilient demand for used condominiums in the Tokyo metropolitan area.」
Used condominium closings increased 7.0% year on year to 3,287 and exceeded the prior-year month for 5 consecutive months. Prices also continued to rise, indicating resilient demand, while unit prices of new listings and inventory require continued monitoring. - FY2023MitigatedAnnual report
「In July 2023, used condominium closing prices in the Tokyo metropolitan area remained strong, exceeding the prior-year month for the 38th consecutive month, indicating persistent demand.」
Rising used condominium prices and persistent demand were indicated, offsetting earlier concerns centered on declining closings. Uncertainty related to inflation, yen depreciation and interest rates continued. - FY2023-Q3WorsenedAnnual report
「The average closing price for used condominiums in the Tokyo metropolitan area in April 2023 was ¥44.86 million, up 2.8% year on year and above the prior-year month for the 35th consecutive month. On the other hand, closings were 2,954, down 4.5% year on year and below the prior-year month for the first time in 3 months. Inventory of used condominiums in the market had exceeded the prior-year month for 15 consecutive months and was approaching pre-pandemic levels.」
Closing prices rose while closings fell below the prior-year month for the first time in 3 months, and used condominium inventory exceeded the prior-year month for 15 consecutive months, quantifying uncertainty in demand and inventory. - FY2023-Q2WorsenedAnnual report
「In January 2023, used condominium closing prices in the Tokyo metropolitan area continued to rise, exceeding the prior-year month for the 32nd consecutive month, while closings were below the prior-year month for the 6th consecutive month.」
The period of year-on-year declines in used condominium closings extended from 3 to 6 consecutive months, increasing market uncertainty as prices rose while demand declined. This is a quantified market risk, not a loss specific to the group. - FY2023-Q1WorsenedAnnual report
「Monthly used condominium closings in the Tokyo metropolitan area were 3,072 in October 2022, down 10.7% year on year and below the prior-year month for the third consecutive month. Meanwhile, closing prices exceeded the prior-year month for the 30th consecutive month.」
Used condominium closings were 3,072, down 10.7% year on year and below the prior-year month for 3 consecutive months, while closing prices exceeded the prior-year month for 30 consecutive months. - FY2022WorsenedAnnual report
「Monthly closings of used condominiums in the Tokyo metropolitan area were down year on year from August 2021, except in December 2021 and July 2022. Meanwhile, average closing prices remained high, exceeding the prior-year month continuously since June 2020.」
Closings continued to fall below the prior-year month while prices remained high, indicating continuing demand uncertainty. Renewed infections, the situation in Ukraine, raw material and crude oil prices, and yen depreciation were also added to the external environment. - FY2022-Q3WorsenedAnnual report
「The average closing price for the Tokyo metropolitan area in April 2022 was ¥43.63 million, exceeding the prior-year month for 23 consecutive months. Meanwhile, closings were 3,094, down 9.7% year on year and below the prior-year month for 10 consecutive months, so the trends in closing prices and volumes and the overall market require even closer monitoring.」
While closing prices continued to rise, closings fell 9.7% year on year to 3,094 and remained below the prior-year month for 10 consecutive months, quantifying continuing demand uncertainty. - FY2022-Q2WorsenedAnnual report
「As of January 2022, closing prices had exceeded the prior-year month for 20 consecutive months, while the number of closings was 2,760, down 20.7% year on year, substantially below the prior-year month. The market outlook therefore requires close monitoring.」
Used condominium closings fell 20.7% year on year to 2,760, quantifying demand uncertainty alongside rising prices. - FY2022-Q1RestatedAnnual report
「The domestic real estate market remains uncertain.」
Demand fluctuation risks related to market conditions and interest rates continue to be indicated against a backdrop of expectations for policy-rate increases and a decline in used condominium closings. - FY2021First statedAnnual report
「The real estate industry in which our group operates is particularly susceptible to economic trends, economic conditions, interest rates and land prices. If these factors cause purchaser demand to deteriorate, our group's operating results and financial condition may be affected.」
Fluctuations in market conditions, interest rates and land prices are identified as risks that may affect purchase demand, operating results and financial condition.