Decline in For-Sale Condominium Supply Due to Rising Land Prices and Persistently High Construction Costs

「Concerns over supplies of certain building materials and sharp price increases caused by the so-called naphtha shock were also easing, with signs of a recovery in some areas. However, the outlook for overall construction costs remained uncertain because of inflation, and the situation continued to require close monitoring because of the impact of higher interest rates on customer sentiment.」

「Land prices continued to rise, while construction costs remained high due to higher building-material prices and labour costs. New-home prices consequently remained at elevated levels.」

「In the real estate industry, land prices continued to rise, construction costs remained elevated because of higher building-material prices and labor costs, and new-home prices continued at high levels.」

「In the real estate industry, higher or persistently high land prices and construction costs have pushed up new-property prices, causing new-home starts and sales to show signs of slowing. Meanwhile, demand for relatively inexpensive existing homes has expanded significantly.」

「Construction costs also rose sharply due to inflation and labour shortages, causing new-home prices to surge. Although the Bank of Japan's review of its policy rate also raised concerns about its impact on purchasing power, the economy recovered moderately and wages rose, while the increase in interest rates was slight. As a result, the real estate market remained solid. In addition, the surge in new-home prices invigorated the existing-home market, while the market for investment real estate, including rental housing, also performed well.」

「Housing starts continued to decline, mainly due to rising or persistently high housing prices.」

「In the real estate industry, housing starts declined gradually in the current consolidated fiscal year as housing prices rose and the number of households and the working-age population decreased.」

「In the real estate industry, housing starts are expected to decline gradually as housing prices rise and the number of households and the working-age population decrease. Meanwhile, prices for new condominiums have risen more sharply than those for new detached homes, and this trend remains unchanged. However, developers are pursuing cautious sales policies, which are restraining supply, and sales are expected to remain solid. Investors' appetite for investment real estate with strong inflation resistance also remains robust. In this environment, characterised by a shrinking pool of buyers and persistently high real estate prices, we expect the divergence in performance among real estate companies to accelerate further, creating potential opportunities for companies with the ability to adapt and adjust. We believe that the Group's balanced management approach will demonstrate its strength even under these conditions.」

「Although housing demand among first-time buyers remains firm, property prices have risen further, mainly due to persistently high real estate prices and soaring construction costs, with some exceeding purchasing power in certain areas. Overall, housing investment has therefore been weak.」

「In addition to continued increases in or persistently high real estate, construction and housing-equipment prices, rising upward pressure on interest rates and psychological uncertainty about the outlook have dampened first-time buyers' appetite for new homes, leaving the business environment far from favourable.」

「In addition to continued increases in or persistently high real estate, construction and housing-equipment prices, rising upward pressure on interest rates is raising concerns about weaker demand for new homes among first-time buyers. Meanwhile, existing homes, which are relatively inexpensive compared with new homes, and investment rental housing aimed at wealthy individuals and investors have continued to perform well, making the polarisation more pronounced.」

「As real estate, construction and housing-equipment prices continued to rise or remain elevated, first-time buyers' appetite for new homes declined, while relatively inexpensive existing homes and investment rental housing aimed at wealthy individuals and investors performed well, making the polarisation more pronounced.」

「Broad-based increases in or persistently high real estate, construction and housing-equipment prices in urban areas have continued, causing housing starts to trend weakly. Although demand remains firm, uncertainty about the outlook has not been dispelled.」

「The selling environment is becoming increasingly challenging as the rise in building costs, driven by years of increases in land prices, surging lumber prices caused by the wood shock and successive price increases for housing equipment, is passed on to selling prices.」

「The subdivision business, particularly new condominiums, continued to face a challenging business environment due to intensifying competition to acquire high-quality land for subdivision, the resulting rise in land prices, and persistently high construction costs caused by labour shortages, among other factors.」

「The challenging business environment continues due to intensifying competition to acquire high-quality land for subdivision, rising land prices and persistently high construction costs, among other factors.」

「In the real estate industry, the subdivision business, particularly new condominiums, remained in a challenging environment due to intensifying competition to acquire high-quality land for subdivision, which continued against a backdrop of favourable funding conditions under low interest rates, the resulting rise in land prices, and persistently high construction costs caused by labour shortages.」

「In the real estate industry, the subdivision business, particularly new condominiums, remained in a challenging environment due to intensifying competition to acquire high-quality land for subdivision, which continued against a backdrop of low funding costs resulting from monetary easing, the resulting rise in land prices, and persistently high construction costs caused by labour shortages.」

「In the real estate industry, the subdivision business, particularly new condominiums, remained in a challenging environment due to intensifying competition to acquire high-quality land for subdivision, which continued against a backdrop of low funding costs resulting from monetary easing, the resulting rise in land prices, and persistently high construction costs caused by labour shortages.」

「In the real estate industry, the subdivision business, particularly new condominiums, entered a challenging environment due to intensifying competition to acquire high-quality land for subdivision and the resulting rise in land prices, as well as persistently high construction costs caused by labour shortages, against a backdrop of funding conditions supported by monetary easing.」

「In the real estate industry, the subdivision business, particularly new condominiums, entered a challenging environment due to intensifying competition to acquire high-quality land for subdivision and the resulting rise in land prices, as well as persistently high construction costs caused by labour shortages, against a backdrop of funding conditions supported by monetary easing.」

「In the real estate industry, the subdivision business, particularly new condominiums, entered a challenging environment due to intensifying competition to acquire high-quality land for subdivision and the resulting rise in land prices, as well as persistently high construction costs caused by labour shortages, against a backdrop of funding conditions supported by monetary easing.」

「As competition to acquire high-quality land for subdivision intensified and land prices continued to rise, lenders began to show greater restraint toward real estate lending. In addition, persistently high construction costs and other factors left the subdivision business, particularly new condominiums, in a challenging environment.」

「In the real estate industry, as the economy recovered moderately, competition to acquire high-quality land for subdivision intensified and land prices continued to rise against a backdrop of improved funding conditions due to monetary easing. Persistently high construction costs and other factors left the subdivision business, particularly new condominiums, in a challenging environment.」

「In the real estate industry, as the economy recovered moderately, competition to acquire high-quality land for subdivision intensified and land prices continued to rise against a backdrop of improved funding conditions due to monetary easing. Persistently high construction costs and other factors have left the subdivision business in a challenging environment.」

「The real estate and housing industries continue to face a challenging business environment, with new condominium supply in the Tokyo metropolitan area declining due to rising land prices and persistently high construction costs, among other factors,」

「The business environment remains challenging, with the number of condominiums supplied declining due to rising land prices and persistently high construction costs in major metropolitan areas, among other factors.」

「The number of condominiums supplied declined due to rising land prices in urban areas and persistently high construction costs, among other factors.」