Rising land prices in the Tokyo area and firm real estate market conditions
First written in FY2019-Q1. 7 of 28 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2020: 29 of 70 companies on the "Worse" side.
5 other companies' latest entry also says "Other".
- FY2027-H1Further expansion in demand for used income-producing real estateAnnual report
「As construction costs remain high and supply prices for new properties continue to rise, demand is increasingly broadening for existing income-producing properties, where yields are easier to secure and value can be enhanced through renovations and other measures.」
We have indicated our market view that demand is broadening for existing income-producing properties, against a backdrop of rising supply prices for new properties, where yields can be secured and value enhanced through renovations. - 2026-10-08RestatedFinancial Results Presentation
「東京の空室率：1.5%。世界の主要都市で最も高い稼働率」
東京の収益不動産市場が活発であるとの前提を、空室率・稼働率に関する数値とともに再確認している。 - FY2026View that demand for income-producing property in central Tokyo remains resilient despite higher interest ratesAnnual report
「Although financial conditions have changed with the rise in interest rates, the market environment has generally remained buoyant, supported by rising land prices, particularly in central Tokyo, and strong demand for both owner-occupied and investment properties.」
While recognizing the changes in financial conditions resulting from higher interest rates, we explain that the market is buoyant, supported by rising land prices in central Tokyo and strong demand for both owner-occupied and investment properties. - FY2026-H1View that demand for income-producing property in central Tokyo remains resilient despite higher interest ratesAnnual report
「Although the financing environment for property acquisitions has changed as a result of the gradual rise in mortgage rates, investors' need to secure stable returns has continued in the income-producing real estate market, making investment decisions that place particular emphasis on location and property quality increasingly prominent. Demand remained firm for income-producing properties, particularly in central Tokyo, that had undergone appropriate renovations and vacancy-management measures and were expected to generate stable rental income.」
While the financing environment has changed as a result of rising mortgage rates, demand remains firm for income-producing properties in central Tokyo that are expected to generate stable rental income through appropriate renovations and vacancy-management measures. - FY2025RestatedAnnual report
「Although there are concerns about monetary policy in the real estate industry in which our group operates, domestic and overseas investors' investment appetite for domestic real estate has remained firm. However, as real estate prices remain high, the situation continues to require close monitoring.」
Despite concerns about monetary policy and persistently high real estate prices, we have reconfirmed our view that domestic and overseas investors' investment appetite for domestic real estate remains firm. - FY2025-H1RestatedAnnual report
「Although there are concerns about monetary policy, expectations are that interest rates will not rise rapidly. Against this backdrop and given the yen's depreciation, domestic and overseas investors' investment appetite for domestic real estate has remained firm. However, as real estate prices remain high, the situation continues to require close monitoring.」
Despite concerns about monetary policy and persistently high real estate prices, we have reconfirmed our view that domestic and overseas investors' investment appetite remains firm, supported by expectations that interest rates will not rise rapidly and by yen depreciation. - FY2025-Q1Resilient demand alongside high real estate pricesAnnual report
「Although concerns remain about monetary easing policy, domestic and overseas investors' investment sentiment toward Japanese real estate has remained firm against a backdrop of expectations that interest rates will not rise sharply and the weaker yen. However, real estate prices remain high, so the situation will need to continue to be monitored.」
While we view domestic and overseas investors' investment appetite for domestic real estate as firm, supported by yen depreciation and expectations that there will be no rapid rise in interest rates, we have updated our market assessment to reflect that real estate prices remain high. - FY2024RestatedAnnual report
「In the real estate industry, the continued monetary easing, yen depreciation and geopolitical factors increased the perception that Japanese real estate was undervalued. Demand remained firm, particularly among overseas investors, who showed strong interest.」
We have reconfirmed our view that domestic real estate demand remains firm, supported by monetary easing, yen depreciation and interest from overseas investors. - FY2024-Q3RestatedAnnual report
「In the real estate industry in which the Company operates, domestic and overseas investors' appetite for domestic real estate has improved against a backdrop of continued monetary easing and yen depreciation, and demand has remained resilient.」
Reconfirms the view that domestic and overseas investors' appetite for domestic real estate has improved and demand remains resilient against a backdrop of monetary easing and yen depreciation. - FY2024-Q1Improved investment sentiment alongside concerns over reduced monetary easingAnnual report
「In the real estate industry in which the Company operates, domestic and overseas investors' appetite for domestic real estate has improved against a backdrop of continued monetary easing and yen depreciation, and demand has remained resilient. However, a reduction in the monetary easing described above could have a significant impact on the real estate market, so the situation continues to require close monitoring.」
While stating that domestic and overseas investors' appetite for domestic real estate has improved and demand remains resilient against a backdrop of continued monetary easing and yen depreciation, continues to express concern about the impact of reduced monetary easing on the market. - FY2023Resilient demand due to the weaker yen alongside concerns over reduced monetary easingAnnual report
「Demand remained resilient in the real estate industry, as monetary easing continued and the yen temporarily weakened to record levels, increasing the perception that Japanese real estate was undervalued.」
While stating that demand remains resilient against a backdrop of monetary easing and the perception that Japanese real estate is undervalued due to the record yen depreciation, also indicates that a reduction in monetary easing could affect the market. - FY2023-Q3Resilient demand due to the weaker yen alongside concerns over higher interest ratesAnnual report
「Demand remained resilient in the real estate industry in which the Company operates, as monetary easing continued and the yen temporarily weakened to record levels, increasing the perception that Japanese real estate was undervalued.」
Updates its market explanation, stating that demand remains resilient against a backdrop of monetary easing and the perception that Japanese real estate is undervalued due to the record yen depreciation. The same filing also indicates that the widening range of long-term interest-rate movements and any reduction in monetary easing require close monitoring. - FY2023-Q2RestatedAnnual report
「In the real estate industry in which the Company operates, there has been no significant change in financial institutions' lending stance because monetary easing remains in place. Residential properties are viewed as likely to maintain stable occupancy even during the COVID-19 pandemic, and real estate investors' appetite has therefore increased, with market conditions remaining firm. In the office sector, the upward trend in vacancy rates is also beginning to ease as companies consolidate or downsize their office space. However, the possibility of a change due to unstable social and economic conditions means that the situation continues to require close monitoring.」
While explaining that market conditions remain firm against a backdrop of monetary easing, stable occupancy at residential properties and a slowdown in the increase in office vacancy rates, continues to indicate the possibility of a downturn due to unstable social and economic conditions. - FY2023-Q1Resilient market conditions alongside the possibility of deterioration due to external factorsAnnual report
「In the real estate industry, there has been no significant change in financial institutions' lending stance because monetary easing remains in place. Residential properties are viewed as likely to maintain stable occupancy even during the COVID-19 pandemic, and real estate investors' appetite has therefore increased, with market conditions remaining firm. In the office sector, the upward trend in vacancy rates is also beginning to ease as companies consolidate or downsize their office space. However, the market could deteriorate due to unstable social and economic conditions, so the situation continues to require close monitoring.」
While explaining that market conditions remain firm against a backdrop of monetary easing, stable occupancy at residential properties and a slowdown in the increase in office vacancy rates, continues to indicate the possibility of a downturn due to unstable social and economic conditions. - FY2022-Q3Curbing the rise in office vacancy ratesAnnual report
「In the real estate industry in which the Company operates, there has been no significant change in financial institutions' lending stance because monetary easing remains in place. Residential properties are viewed as likely to maintain stable occupancy even during the COVID-19 pandemic, and real estate investors' appetite has therefore increased, with market conditions remaining firm. In the office sector, the upward trend in vacancy rates is also beginning to ease as companies consolidate or downsize their office space.」
Updates its market explanation, stating that investors' appetite has increased against a backdrop of expectations for stable occupancy at residential properties, while the upward trend in office vacancy rates is beginning to ease. - FY2022-Q2Higher investment appetite driven by demand for residencesAnnual report
「In the real estate industry in which the Company operates, the continuation of accommodative monetary policy has resulted in no significant change in financial institutions' lending stance. In addition, residences were viewed as likely to maintain stable occupancy even during the COVID-19 pandemic, causing real estate investors' investment appetite to increase and remain firm. However, the social and economic impact of COVID-19 described above could cause this appetite to decline, so the situation will need to continue to be monitored.」
Explains that investors' appetite has increased and market conditions remain firm against a backdrop of expectations for stable occupancy at residential properties. It also notes the possibility of a downturn caused by infectious disease. - FY2022-Q1Recovery in investment appetite alongside variant-related risksAnnual report
「In the real estate industry in which the Company operates, investors' appetite for real estate investment has increased and the market is gradually regaining activity, supported by monetary easing and stable transaction volumes for entire residential buildings. However, the spread of variants could lead to a stagnation in real estate transactions, and the situation continues to require close monitoring.」
While explaining that real estate investors' appetite has increased and the market is gradually regaining activity, also notes the possibility that the spread of variants could cause transactions to stagnate. - FY2021Recovery in the second half alongside continued uncertaintyAnnual report
「Investment appetite began to recover in the second half of 2020 and the market is gradually regaining activity. However, although vaccinations have begun in stages, social and economic uncertainty caused by the disruption continues. If this causes real estate investors to become more cautious and adopt a wait-and-see stance again, the business environment could change significantly.」
While explaining that real estate investment appetite has been recovering since the second half of 2020, indicates that social and economic uncertainty remains even after vaccinations began and that investors may again adopt a wait-and-see stance. - FY2021-Q3Structural changes in demand and increased uncertainty due to the third waveAnnual report
「Demand has also changed significantly by asset type, with particularly large fluctuations in business-use properties, including a decline in rental demand in central Tokyo due to the rapid expansion of remote work. Hotels are one of the sectors most affected by current social conditions, and their demand has become more volatile. More recently, there have been numerous and fluid factors affecting the market, including the declaration of a state of emergency following the third wave of COVID-19 infections, making the outlook extremely difficult to assess.」
Explains that, in addition to the continued cautious lending stance, the decline in business-use rental demand due to remote work, volatility in hotel demand and the third wave of infections represent new changes in real estate market conditions. - FY2021-Q2Lower central Tokyo leasing demand and continued lending cautionAnnual report
「The real estate industry in which the Company operates faces an extremely difficult outlook due to factors including voluntary suspension of business activities, restrictions on movement, the continued cautious stance of financial institutions toward real estate lending to individuals since the year before last, and declining rental demand in central urban areas due to the rapid expansion of telework.」
Updates its market explanation, stating that while financial institutions remain cautious about real estate lending to individuals, the rapid expansion of remote work has reduced rental demand in central Tokyo. - FY2021-Q1Continued lending caution and investor cautionAnnual report
「In the real estate industry in which the Company operates, financial institutions have continued to take a cautious stance toward real estate lending to individuals, a trend that has persisted since the year before last. In addition, the impact of the aforementioned COVID-19 pandemic has prompted many investors to adopt a more cautious stance toward investment.」
Explains that financial institutions have continued to take a cautious stance toward real estate lending to individuals and that this cautious stance has also spread among investors due to the impact of COVID-19. - FY2020Resilient demand and continued lending cautionAnnual report
「Although financial institutions have continued to take a cautious stance toward real estate lending to individuals, which remains a concern, underlying real estate demand has remained firm against a backdrop of low interest rates resulting from monetary easing and other factors.」
While stating that real estate demand remains firm against a backdrop of low interest rates and other factors, continues to identify financial institutions' cautious stance toward lending to individuals as a concern. - FY2020-Q3Robust demand and continued lending cautionAnnual report
「Although financial institutions have continued to take a cautious stance toward real estate lending to individuals in the real estate industry in which the Company operates, underlying real estate demand has remained strong against a backdrop of rising land prices and low interest rates.」
Explains that, while financial institutions remain cautious about real estate lending to individuals, real estate demand has remained strong against a backdrop of rising land prices and low interest rates. - FY2020-Q2Updated market dataAnnual report
「According to the average year-on-year change in official land prices as of 1 January 2019, announced by the National Tax Agency on 1 July 2019, prices rose 4.9% in Tokyo, while Saitama, Chiba and Kanagawa also recorded increases for the sixth consecutive year. In Tokyo in particular, prices continued to rise under the influence of inbound demand from the increase in foreign tourists visiting Japan.」
Shows that Tokyo's official land prices rose 4.9% year on year and that Saitama, Chiba and Kanagawa also recorded increases for the sixth consecutive year as an indicator of real estate market conditions. - FY2020-Q1RestatedAnnual report
「According to the standard land prices announced by the Ministry of Land, Infrastructure, Transport and Tourism as of 1 January 2018, residential, commercial and industrial land prices all rose in the three major metropolitan areas, Tokyo, Osaka and Nagoya, showing solid growth. The rate of increase in commercial land prices in the Tokyo metropolitan area rose from 3.1% in the previous year to 3.7%, while residential land prices also rose by 1.0%, marking their fifth consecutive annual increase. Real estate market conditions remained firm, supported by the continued concentration of population in central Tokyo, improvements in the employment environment, progress in redevelopment, and the recovery in the profitability of hotels, commercial facilities and other properties accompanying the increase in foreign tourists.」
Reiterates the explanation that real estate market conditions remained firm against a backdrop of rising standard land prices in the three major metropolitan areas, the acceleration in the increase in Tokyo metropolitan commercial land prices and continued increases in residential land prices. - FY2019Updated market commentaryAnnual report
「The real estate industry in which the Company operates remained firm against a backdrop of the Bank of Japan's continued monetary easing policy, improvements in the employment environment and expanding inbound demand.」
Explains the strength of real estate market conditions against a backdrop of monetary easing, improvements in the employment environment and inbound demand. - FY2019-Q2Updated market dataAnnual report
「According to the standard land prices announced by the Ministry of Land, Infrastructure, Transport and Tourism as of 1 July 2018, residential, commercial and industrial land prices all rose in the three major metropolitan areas, Tokyo, Osaka and Nagoya, showing solid growth. The rate of increase in commercial land prices in Tokyo rose from 4.9% in the previous year to 5.9%, while residential land prices also rose by 0.6%. Real estate market conditions remained firm, supported by the continued concentration of population in central Tokyo, improvements in the employment environment, progress in redevelopment, and the recovery in the profitability of hotels, commercial facilities and other properties accompanying the increase in foreign tourists.」
Presents the rise in standard land prices across the three major metropolitan areas and the increase in Tokyo commercial land prices from 4.9% in the previous year to 5.9% as new market data. - FY2019-Q1First statedAnnual report
「The rate of increase in commercial land prices in the Tokyo metropolitan area rose from 3.1% in the previous year to 3.7%, while residential land prices also rose by 1.0%, marking their fifth consecutive annual increase. Real estate market conditions remained firm, supported by the continued concentration of population in central Tokyo, improvements in the employment environment, progress in redevelopment, and the recovery in the profitability of hotels, commercial facilities and other properties accompanying the increase in foreign tourists.」
Explains that real estate market conditions remained firm against a backdrop of increases in commercial and residential land prices in the Tokyo metropolitan area, population concentration, improvements in the employment environment, redevelopment and the recovery in profitability accompanying the increase in foreign tourists.