Deterioration in Real Estate Market Conditions and Housing Demand
First written in FY2016. 9 of 29 entries say "Restated". Latest entry: 2026-08-07.
Agratio urban design moved to the "Worse" side of this theme in 2019, 2 years before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 36 of 51 companies on the "Worse" side.
12 other companies' latest entry also says "Mitigated".
- 2026-08-07MitigatedResults briefing materials
「足元の反響も堅調に推移している」
住宅価格・金利上昇への懸念が残る一方、ハウジング事業では足元の顧客反響が堅調と説明している。 - FY2026WorsenedAnnual report
「In the real estate industry in which the Group operates, consumer sentiment has been weakening due to persistently high housing prices and expectations of higher interest rates following the lifting of the negative interest rate policy. More recently, delays in delivery and surging prices for construction materials, housing equipment and other products associated with the worsening and prolongation of the situation in the Middle East have begun to emerge.」
In addition to weaker consumer sentiment due to higher housing prices and interest rates, it specifically describes delivery delays and surging prices for materials and equipment arising from the situation in the Middle East. - FY2026-H1MitigatedAnnual report
「Demand has recovered, particularly in locations with strong convenience and scarcity value, and the market remains firm despite concerns including persistently high prices for commercial-use land, building materials and housing equipment, and expectations of higher interest rates.」
The explanation shifted from stagnation in the housing market in the previous fiscal year to a recovery in demand, particularly in locations with strong convenience and scarcity value, and a firm market. Meanwhile, persistently high prices and expectations of higher interest rates continue to be cited as concerns. - FY2025-H1Recovery in housing demand alongside concernsAnnual report
「Although the housing market showed signs of stagnation in the previous fiscal year as the COVID-19 boom moderated, demand has recently recovered, particularly in locations with strong convenience and scarcity value. Despite concerns including persistently high prices for commercial-use land, building materials and housing equipment, and expectations of higher interest rates, the market is gradually recovering.」
The explanation shifted from stagnation in the housing market in the previous fiscal year to a recovery in demand, particularly in locations with strong convenience and scarcity value. Meanwhile, persistently high land and building-material prices and expectations of higher interest rates continue to be cited as concerns. - FY2024-Q3RestatedAnnual report
「While factors supporting housing demand were evident, rising prices for commercial-use land, building materials and housing equipment drove up housing prices as real wages struggled to grow, and the housing market, which had been buoyed by the COVID-19 boom, showed signs of moderating.」
It continues to describe the moderation of the housing market due to sluggish growth in real wages and surging housing prices, while factors supporting housing demand remained. - FY2024-Q2RestatedAnnual report
「While factors supporting housing demand were evident, rising prices for commercial-use land, building materials and housing equipment drove up housing prices as real wages struggled to grow, and the housing market, which had been buoyed by the COVID-19 boom, showed signs of moderating.」
While factors supporting housing demand remained, it continues to explain that the housing market after the COVID-19 boom was moderating due to sluggish growth in real wages and surging housing prices. - FY2024-Q1MaterialisedAnnual report
「As real wages struggled to grow, rising prices for commercial-use land, building materials and housing equipment drove up housing prices, and the housing market, which had been buoyed by the COVID-19 boom, showed signs of moderating.」
It describes the moderation of the housing market, which had been buoyed by the COVID-19 boom, as the actual business environment due to surging housing prices and sluggish growth in real wages. - FY2023MaterialisedAnnual report
「In the second half of the fiscal year, signs of change emerged in the business environment. Real wages struggled to grow, while rising prices for commercial-use land, building materials and housing equipment drove up housing prices, and expectations of higher mortgage rates caused the so-called COVID-19 housing boom to moderate.」
It actually describes the COVID-19 housing boom as moderating, alongside rising housing prices and expectations of higher mortgage rates, as a change in the business environment. - FY2023-Q3Signs of a recovery in demand amid the eighth wave and economic uncertaintyAnnual report
「Even as the eighth wave of COVID-19 arrived, economic activity showed signs of recovery as restrictions on activities were eased. However, uncertainty about the economic outlook remained due to factors including surging resource and energy prices resulting from the intensification and prolongation of the situation in Ukraine and the sharp depreciation of the yen caused by interest rate policies in Japan and the United States.」
While noting signs of a recovery in economic activity even during the eighth wave, it continues to cite economic uncertainty caused by the situation in Ukraine, surging resource and energy prices, and the sharp depreciation of the yen. - FY2023-Q2Recovery in demand after the seventh wave alongside concerns about rising pricesAnnual report
「Although the real estate industry faced negative factors, including the surge in timber prices caused by the global supply-demand squeeze known as the “wood shock” that arose in 2021, disruptions to the supply chain for housing equipment and other products, intensifying competition for high-quality commercial-use sites, an aging skilled workforce, and the impact of rising prices on consumer sentiment, housing demand remained strong, continuing from the previous fiscal year. This was supported by the continued availability of low-interest financing, subsidies and tax incentives for energy-efficient homes, and the spread of working from home, which increased consumers' interest in housing as lifestyles diversified.」
While continuing to cite concerns relating to timber, equipment, land, human resources and prices, it explains that housing demand remained strong against the backdrop of support measures for energy-efficient homes and the spread of working from home. - FY2022-Q1WorsenedAnnual report
「Although the real estate industry in which the Company operates faced negative factors, including the surge in timber prices caused by the global supply-demand squeeze known as the “wood shock,” concerns that higher prices and supply shortages would persist, intensifying competition for high-quality detached-home sites, an aging skilled workforce, and the impact of the spread of COVID-19 on consumer sentiment and the employment and income environment, housing demand remained strong, continuing from the previous fiscal year. This was supported by the continued availability of low-interest financing, tax incentives for home purchases, and the growing interest in housing resulting from diversified lifestyles, including the spread of working from home and staying home.」
While housing demand remained strong, it newly specifies negative factors including concerns that the wood shock would prolong higher timber prices and supply shortages. - FY2021-Q3MitigatedAnnual report
「Although the real estate industry in which the Company operates faced negative factors, including intensifying competition for high-quality detached-home sites, rising construction costs, an aging skilled workforce, and the impact of a consumption tax increase and the spread of COVID-19 on consumer sentiment and the employment and income environment, housing demand remained strong. This was supported by the continued availability of low-interest financing, tax incentives for home purchases, and the spread of working from home and staying home during the COVID-19 pandemic, which increased consumers' interest in housing and prompted a renewed reassessment of how housing should be used.」
While concerns about consumer sentiment due to the COVID-19 pandemic and other factors remained, it states that housing demand was strong, supported by the spread of working from home and staying home. - FY2021-Q2WorsenedAnnual report
「In the real estate industry in which the Company operates, housing demand has remained firm, supported by the continued availability of low-interest financing and tax incentives for home purchases. However, the outlook for the business environment cannot be viewed optimistically due to concerns including intensifying competition for high-quality detached-home sites, rising construction costs, an aging skilled workforce, and the impact on consumer sentiment of a consumption tax increase and restrictions on going out and requests to suspend operations associated with the spread of COVID-19.」
While stating that housing demand remained firm, it continues to describe market risks, including the impact on consumer sentiment of restrictions on going out and requests to suspend operations associated with the spread of COVID-19. - FY2021-Q1WorsenedAnnual report
「In the real estate industry in which the Company operates, housing demand has remained firm, supported by the continued availability of low-interest financing and tax incentives for home purchases. However, the outlook for the business environment cannot be viewed optimistically due to concerns including intensifying competition for high-quality detached-home sites, rising construction costs, an aging skilled workforce, and the impact on consumer sentiment of a consumption tax increase and restrictions on going out and requests to suspend operations associated with the spread of COVID-19.」
In addition to existing risks such as competition for land acquisition and rising construction costs, it specifically describes the impact on consumer sentiment of restrictions on going out and requests to suspend operations associated with the spread of COVID-19. - FY2020WorsenedAnnual report
「If consumer demand declines due to fluctuations in economic conditions, interest rates, land prices or prices, changes to the tax system, including the consumption tax and housing tax reductions, changes to or discontinuation of public financing programs, population decline due to the declining birth rate, or the spread of COVID-19, housing starts may decrease and selling prices may decline, potentially affecting the Company's business development and operating results.」
In addition to existing real estate market and housing demand risks, it adds the spread of COVID-19 as a new factor that could reduce demand. - FY2020-Q3RestatedAnnual report
「In the real estate industry in which the Company operates, housing demand has remained firm, supported by the continued availability of low-interest financing and tax incentives for home purchases. However, the outlook for the business environment cannot be viewed optimistically due to concerns including intensifying competition for high-quality detached-home sites, rising construction costs, an aging skilled workforce and the impact on consumer sentiment of a consumption tax increase.」
While stating that housing demand remained firm, it continues to cite competition for land acquisition, rising construction costs, an aging skilled workforce and the impact of a consumption tax increase on consumer sentiment. - FY2019MaterialisedAnnual report
「As consumer sentiment deteriorated due to uncertainty about the economic outlook, the number of units sold, particularly in the fourth quarter, declined substantially versus the plan, resulting in revenue falling below the initial forecast,」
It states that uncertainty about the economic outlook and weaker consumer sentiment actually led to a decline in the number of units sold in the fourth quarter and failure to meet the initial forecast. - FY2019-Q3WorsenedAnnual report
「Housing demand remained firm, supported by the continued availability of low-interest financing and tax incentives for home purchases, with new housing starts for detached homes increasing year on year for the seventh consecutive month. However, concerns including intensifying competition for high-quality detached-home sites, rising construction costs and the aging of skilled workers have emerged. In addition, the number of contracts for newly built detached homes fell below the previous year for the first time in 4 years, while contracted property prices began to decline for the first time in 3 years (annual materials from the Eastern Japan Real Estate Distribution Organization), and the outlook for the business environment cannot be viewed optimistically.」
While stating that housing demand remained firm, it notes that the number of contracts for newly built detached homes fell below the previous year for the first time in 4 years and that contracted property prices began to decline for the first time in 3 years, indicating growing concern about housing demand and market risks. - FY2019-Q2MitigatedAnnual report
「住宅ローンの continued availability at low interest rates and tax incentives for home purchases supported demand, with new housing starts for detached homes increasing year on year for the fifth consecutive month. However, concerns including intensifying competition for high-quality detached-home sites, rising construction costs and the aging of skilled workers have emerged, and the outlook for the business environment cannot be viewed optimistically.」
Housing demand remained firm, with new housing starts increasing year on year for the fifth consecutive month. However, competition for land acquisition, rising construction costs, an aging skilled workforce and uncertainty about the outlook remain. - FY2019-Q1RestatedAnnual report
「In the real estate industry in which the company operates, housing demand has remained firm, with new housing starts for detached homes increasing year on year for 3 consecutive months, supported by continued low-interest-rate lending and tax incentives related to home purchases. However, concerns include intensifying competition for high-quality land for detached homes, rising construction costs and the aging of skilled workers, and the outlook for the business environment cannot be viewed optimistically.」
While describing housing demand as firm, the company continued to cite competition to acquire land, rising construction costs, the aging of skilled workers and uncertainty about the outlook. - FY2018RestatedAnnual report
「In the real estate industry in which the company operates, housing demand has remained firm due to continued low-interest-rate lending and tax incentives related to home purchases. However, concerns include intensifying competition for high-quality land for detached homes, rising construction costs and the aging of skilled workers, and the outlook for the business environment cannot be viewed optimistically.」
While describing housing demand as firm, the company continued to cite competition to acquire land, rising construction costs, the aging of skilled workers and uncertainty about the outlook. - FY2018-Q3RestatedAnnual report
「In the real estate industry in which the company operates, housing demand appears firm due to continued low-interest-rate lending and tax incentives related to home purchases. However, concerns include intensifying competition to acquire land, rising construction costs, and shortages of technicians associated with the aging of skilled workers, and the outlook for the business environment cannot be viewed optimistically.」
While describing housing demand as firm, the company continued to cite competition to acquire land, rising construction costs, the aging of skilled workers, shortages of technicians and uncertainty about the outlook. - FY2018-Q2RestatedAnnual report
「In the real estate industry in which the company operates, housing demand appears firm due to continued low-interest-rate lending and tax incentives related to home purchases. However, concerns include intensifying competition to acquire land, rising construction costs and the aging of skilled workers, and the outlook for the business environment cannot be viewed optimistically.」
While describing housing demand as firm, the company continued to cite competition to acquire land, rising construction costs, the aging of skilled workers and uncertainty about the outlook. - FY2018-Q1RestatedAnnual report
「Housing demand appears firm due to continued low-interest-rate lending and tax incentives related to home purchases. However, concerns include intensifying competition to acquire land, rising construction costs and the aging of skilled workers, and the outlook for the business environment cannot be viewed optimistically.」
While describing housing demand as firm, the company continued to cite competition to acquire land, rising construction costs, the aging of skilled workers and uncertainty about the outlook. - FY2017RestatedAnnual report
「In the real estate industry in which the company operates, housing demand appears firm due to continued low-interest-rate lending and tax incentives related to home purchases. However, concerns include intensifying competition to acquire land, rising construction costs and the aging of skilled workers, and the outlook for the business environment cannot be viewed optimistically.」
While describing housing demand as firm, the company continued to cite competition to acquire land, construction costs, the aging of skilled workers and uncertainty about the outlook. - FY2017-Q3MitigatedAnnual report
「Demand for housing purchases has remained firm, with new housing starts in November rising 6.7% year on year and increasing for the fifth consecutive month, supported by continued low-interest-rate lending and tax incentives related to home purchases. At the same time, concerns include persistently high construction costs, a shortage of skilled workers and rising land prices, and the outlook for the business environment cannot be viewed optimistically.」
The company stated that housing demand and new housing starts remain firm, but that high construction costs, a shortage of skilled workers, rising land prices and uncertainty about the outlook remain. - FY2017-Q2MitigatedAnnual report
「Demand for housing purchases has remained firm, with new housing starts in September rising 10.0% year on year and increasing for the third consecutive month, supported by continued low-interest-rate lending and tax incentives related to home purchases. At the same time, concerns include persistently high construction costs, a shortage of skilled workers and rising land prices, and the outlook for the business environment cannot be viewed optimistically.」
While housing demand and new housing starts improved, the company stated that high construction costs, a shortage of skilled workers, rising land prices and uncertainty about the outlook remain. - FY2017-Q1WorsenedAnnual report
「Although purchasing demand has remained firm and steady, concerns include persistently high construction costs, a shortage of skilled workers and rising land prices. In addition, new housing starts in June fell 2.5% year on year, marking the first decline in 6 months, indicating that the outlook for the business environment cannot be viewed optimistically.」
While describing purchasing demand as firm, the company specifically cited the 2.5% year-on-year decline in new housing starts and concerns about the outlook. - FY2016First statedAnnual report
「If consumer demand declines due to changes in economic conditions, interest rates, land prices and prices, changes to tax systems such as consumption tax and housing tax reductions, changes to or abolition of public financing programs, or population decline caused by the declining birthrate, the number of housing starts may decrease and the company's business development and operating results may be affected.」
Risk that the core business is affected by consumer demand.