Rising Condominium Prices and Persistently High Land and Construction Costs
First written in FY2016. 31 of 38 entries say "Restated". Latest entry: 2026-10-30.
Eslead moved to the "Worse" side of this theme in 2025, 5 years after the typical company in this theme (2020).
The whole theme swung hardest in 2022: 14 of 26 companies on the "Worse" side.
10 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「In the housing market, although various government support programs continue, housing construction has weakened due to the impact of surging development costs and constraints on construction capacity.」
In addition to rising land and construction costs, weakening housing construction due to constraints on construction capacity is noted, further indicating the challenging market environment. - 2026-06-03RestatedGeneral Meetings of Shareholders
「用地代・建築コストの値上がりに伴う不動産販売価格の上昇及び高止まりが続いているものの、」
用地代・建築コスト及び不動産販売価格の上昇・高止まりが引き続き市場環境として記載されている。 - FY2026-H1RestatedAnnual report
「In the real estate industry in which our Group operates, real estate selling prices have continued to rise and remain high in line with increases in land and construction costs. However, domestic and overseas investors' appetite for investment remains firm against the backdrop of solid inbound demand and a prolonged weaker yen, while the housing market has remained broadly flat due to various ongoing government support programs.」
The market environment is characterized by continued recognition of rising and persistently high land, construction and real estate selling prices, while investor appetite remains firm and the housing market is considered broadly flat. - FY2025WorsenedAnnual report
「In addition, changes in the above economic conditions may cause fluctuations in the cost of acquiring business-use land and construction expenses. If these costs increase, our Group's operating profit may be squeezed, potentially affecting its operating results.」
As risks in the real estate sales business, pressure on profits from increases in business-use land acquisition costs and construction expenses is explicitly identified, in addition to the impact on selling prices and demand. - FY2025-H1RestatedAnnual report
「In the real estate industry in which our Group operates, domestic and overseas investors' appetite for investment remains firm against the backdrop of recovering inbound demand and a prolonged weaker yen, and various government support programs continue to be implemented. However, as the impact of rising land and construction costs on real estate prices, as well as the impact of the Bank of Japan's lifting of negative interest rates on mortgage rates, is anticipated, we will manage the business while remaining mindful of these factors.」
Increases in land and construction costs and their impact on mortgage rates continue to be identified as factors requiring attention in the market environment. It is explicitly stated that there have been no material changes from the risks in the previous fiscal year. - FY2024WorsenedAnnual report
「Going forward, land prices are expected to rise, construction costs are expected to increase due to higher raw material and labor costs, and housing demand is expected to decline as a result of the declining birthrate and aging population. Accordingly, we expect the environment surrounding our Group to become increasingly challenging.」
Higher construction costs resulting from increases in land, raw material and labor costs are identified as future risks, and an outlook is presented that the environment will become increasingly challenging. - FY2024-Q3RestatedAnnual report
「In the real estate industry in which our Group operates, condominium selling prices have continued to rise for an extended period in line with increases in land and construction costs. However, housing demand remained broadly flat due to mortgage rates remaining low and the continuation of the government's mortgage tax relief policy.」
The view that increases in land, construction and condominium selling prices will continue for an extended period remains unchanged. Meanwhile, it is stated that housing demand remained broadly flat due to low interest rates and the mortgage tax relief policy. - FY2024-Q2RestatedAnnual report
「In the real estate industry in which our Group operates, condominium selling prices have continued to rise for an extended period in line with increases in land and construction costs. However, housing demand remained firm due to mortgage rates remaining low, the continuation of the government's mortgage tax relief policy, and heightened consumer awareness of housing as working from home became more widespread.」
The view that increases in land, construction and condominium selling prices will continue for an extended period remains unchanged. Meanwhile, it is stated that housing demand is firm due to low interest rates, mortgage tax relief and the spread of working from home. - FY2024-Q1RestatedAnnual report
「In the real estate industry in which our Group operates, condominium selling prices have continued to rise for an extended period in line with increases in land and construction costs. However, housing demand remained firm due to mortgage rates remaining low, the continuation of the government's mortgage tax relief policy, and heightened consumer awareness of housing as working from home became more widespread.」
The view that increases in land, construction and condominium selling prices will continue for an extended period remains unchanged. Meanwhile, it is stated that housing demand is firm due to low interest rates, mortgage tax relief and the spread of working from home. - FY2023-Q3RestatedAnnual report
「In the real estate industry in which our Group operates, condominium selling prices have continued to rise for an extended period in line with increases in land and construction costs. However, housing demand remained firm due to mortgage rates remaining low, the continuation of the government's mortgage tax relief policy, and heightened consumer awareness of housing as working from home became more widespread.」
The market view that increases in land, construction and condominium selling prices will continue for an extended period remains unchanged. Meanwhile, it is stated that housing demand is firm due to low interest rates, mortgage tax relief and the spread of working from home. - FY2023-Q2RestatedAnnual report
「In the real estate industry in which our Group operates, condominium selling prices have continued to rise for an extended period in line with increases in land and construction costs. However, housing demand remained firm due to mortgage rates remaining low, the continuation of the government's mortgage tax relief policy, and heightened consumer awareness of housing as working from home became more widespread.」
The market view that increases in land, construction and condominium selling prices will continue for an extended period remains unchanged. Meanwhile, it is stated that housing demand is firm due to low interest rates, mortgage tax relief and the spread of working from home. - FY2023-Q1RestatedAnnual report
「In the real estate industry in which our Group operates, condominium selling prices have continued to rise for an extended period in line with increases in land and construction costs. However, housing demand remained firm due to mortgage rates remaining low, the continuation of the government's mortgage tax relief policy, and heightened consumer awareness of housing as people refrained from going out and working from home became more widespread.」
The view that increases in land and construction costs and the resulting rise in condominium selling prices will continue for an extended period remains unchanged. Meanwhile, housing demand is stated to be firm. - FY2022WorsenedAnnual report
「In the real estate sales business in which our Group operates, condominium selling prices have continued to rise for an extended period in line with increases in land and construction costs. However, housing demand has remained firm due to mortgage rates remaining low, the continuation of the government's mortgage tax relief policy, and heightened consumer awareness of housing as people refrained from going out and working from home became more widespread.」
The wording has been strengthened from land and construction costs remaining high to describing them as rising, and the increase in selling prices has continued for an extended period. Meanwhile, housing demand was stated to be firm. - FY2022-Q3RestatedAnnual report
「In the real estate sales business in which our Group operates, condominium selling prices had remained high for an extended period due to persistently high land and construction costs, and although there were concerns about the impact of COVID-19, the decline was not as severe as in other industries.」
The persistently high land, construction and condominium selling costs, as well as concerns about the impact of COVID-19, continue to be noted. - FY2022-Q2RestatedAnnual report
「In the real estate sales business in which our Group operates, condominium selling prices had remained high for an extended period due to persistently high land and construction costs, and although there were concerns about the impact of COVID-19, the decline was not as severe as in other industries.」
The market environment of persistently high land, construction and condominium selling costs, together with concerns about the impact of COVID-19, has been reconfirmed. It is also stated that the decline was not as severe as in other industries. - FY2022-Q1RestatedAnnual report
「In the real estate sales business in which our Group operates, condominium selling prices had remained high for an extended period due to persistently high land and construction costs, and although there were concerns about the impact of COVID-19, the decline was not as severe as in other industries.」
The market risk of concerns about the impact of COVID-19 has been reconfirmed amid persistently high land, construction and condominium selling costs. It is also stated that the decline was not as severe as in other industries. - FY2021-Q3RestatedAnnual report
「In the real estate sales business in which our Group operates, land and construction costs had remained elevated for an extended period, keeping condominium selling prices high, and although there were concerns about the impact of COVID-19, the decline was not as severe as in other industries.」
The market environment of persistently high land, construction and condominium selling costs, together with concerns about the impact of COVID-19, has been reconfirmed. - FY2021-Q2RestatedAnnual report
「In the real estate sales business in which our Group operates, land and construction costs have remained elevated for an extended period, keeping condominium selling prices high, while uncertainty about the outlook has increased amid concerns about the impact of COVID-19.」
Risk awareness has been reconfirmed that the outlook is uncertain due to the impact of COVID-19 while land, construction and condominium selling costs remain elevated. - FY2021-Q1WorsenedAnnual report
「In the real estate sales business in which our Group operates, land and construction costs have remained elevated for an extended period, keeping condominium selling prices high, while uncertainty about the outlook has increased amid concerns about the impact of COVID-19.」
It is stated that uncertainty about the outlook increased due to the impact of COVID-19 while land, construction and condominium selling costs remained elevated, indicating heightened business-environment risks. - FY2020RestatedAnnual report
「However, condominium selling prices remain high because land and construction costs have remained elevated for an extended period. This has polarized sales and made customers more selective in choosing properties, with a tendency to favor properties in scarce locations with better site conditions and other advantages.」
Market risks have been reconfirmed, including persistently high land, construction and selling costs, a polarized sales market, and stricter customer selection. - FY2020-Q3RestatedAnnual report
「Within the real estate industry in which the Group operates, mortgage rates in the condominium subdivision market have remained low, and first-time buyers' willingness to purchase is relatively high. However, condominium selling prices remain elevated because land and construction costs have remained high for an extended period. As a result, sales have become polarised and customers have become more selective, with properties offering scarce attributes such as better locations increasingly being chosen. In addition, construction costs have risen further since Osaka and Kansai was selected to host the World Expo in November 2018, and the business environment is becoming increasingly uncertain.」
While low mortgage rates are supporting home-buying sentiment, market risks have been reconfirmed, including persistently high land, construction and selling costs, a polarized sales market, stricter customer selection, and a surge in construction costs following the decision to host the Osaka-Kansai Expo. - FY2020-Q2RestatedAnnual report
「Within the real estate industry in which the Group operates, mortgage rates in the condominium subdivision market have remained low, and first-time buyers' willingness to purchase is relatively high. However, condominium selling prices remain elevated because land and construction costs have remained high for an extended period. As a result, sales have become polarised and customers have become more selective, with properties offering scarce attributes such as better locations increasingly being chosen. In addition, construction costs have risen further since Osaka was selected to host the World Expo in November 2018, and the business environment is becoming increasingly uncertain.」
The market risks are reaffirmed that, although low mortgage rates support purchasing sentiment, land, construction and selling costs remain persistently high, sales are polarised, customers are becoming more selective, and construction costs have risen following the decision to hold the Osaka World Expo. - FY2020-Q1RestatedAnnual report
「However, condominium selling prices remain elevated because land and construction costs have remained high for an extended period. As a result, sales have become polarised and customers have become more selective, with properties offering scarce attributes such as better locations increasingly being chosen. In addition, construction costs have risen further since Osaka was selected to host the World Expo in November 2018, and the business environment is becoming increasingly uncertain.」
The previously identified market risks are reaffirmed: persistently high land, construction and selling costs, polarisation of sales, increasingly stringent customer property selection, and rising construction costs following the decision to hold the Osaka World Expo. - FY2019WorsenedAnnual report
「However, condominium selling prices remain elevated because land and construction costs have remained high for an extended period. As a result, sales have become polarised and customers have become more selective, with properties offering scarce attributes such as better locations increasingly being chosen. In addition, construction costs have risen further since Osaka was selected to host the World Expo in November 2018, and the business environment is becoming increasingly uncertain.」
The Company describes persistently high land and construction costs, further increases in construction costs following the decision to hold the Osaka World Expo, polarisation of sales and increasingly stringent customer property selection, indicating heightened recognition of risk. - FY2019-Q3RestatedAnnual report
「Within the real estate industry in which the Group operates, mortgage rates in the condominium subdivision market have remained low, and first-time buyers' willingness to purchase is relatively high. However, land and construction costs remain persistently high, keeping condominium selling prices elevated. As a result, properties with high scarcity value, such as those near stations and in good locations, continue to perform steadily, while buyers are cautious about properties in urban suburbs and other less favourable locations.」
The Company reaffirms the market risks of persistently high land, construction and selling costs and more cautious purchasing of properties in urban suburbs, despite low interest rates supporting first-time buyers' willingness to purchase. - FY2019-Q2RestatedAnnual report
「Within the real estate industry in which the Group operates, mortgage rates in the condominium subdivision market have remained at historically low levels, and first-time buyers' willingness to purchase is relatively high. However, land and construction costs remain persistently high, keeping condominium selling prices elevated. As a result, properties with high scarcity value, such as those near stations and in good locations, continue to perform steadily, while buyers are cautious about properties in suburban urban areas and other less favourable locations.」
The Company reaffirms the market risks of persistently high land, construction and selling costs and more cautious purchasing of properties in urban suburbs, despite low interest rates supporting first-time buyers' willingness to purchase. - FY2019-Q1RestatedAnnual report
「Within the real estate industry in which the Group operates, mortgage rates in the condominium subdivision market have remained at historically low levels, and first-time buyers' willingness to purchase is relatively high. However, land and construction costs remain persistently high, keeping condominium selling prices elevated. As a result, properties with high scarcity value, such as those near stations and in good locations, continue to perform steadily, while buyers are cautious about properties in suburban urban areas and other less favourable locations.」
The Company reaffirms the market risks of persistently high land, construction and selling costs and more cautious purchasing of properties in urban suburbs, despite low interest rates supporting purchasing sentiment. - FY2018RestatedAnnual report
「Within the real estate industry in which the Group operates, mortgage rates in the condominium subdivision market have remained at historically low levels, and first-time buyers' willingness to purchase is relatively high. However, land and construction costs remain persistently high, keeping condominium selling prices elevated. As a result, properties with high scarcity value, such as those near stations and in good locations, continue to perform steadily, while buyers are cautious about properties in suburban urban areas and other less favourable locations.」
The market risk is reaffirmed that, although mortgage rates are low, land, construction and selling costs remain persistently high and buyers are becoming more cautious about properties in urban suburbs. - FY2018-Q3RestatedAnnual report
「Within the real estate industry in which the Group operates, mortgage rates in the condominium subdivision market have remained at historically low levels, and first-time buyers' willingness to purchase is relatively high. However, land and construction costs remain persistently high, keeping condominium selling prices elevated. As a result, properties with high scarcity value, such as those near stations and in good locations, continue to perform steadily, while buyers are cautious about properties in suburban urban areas and other less favourable locations.」
The market risk is reaffirmed that, although first-time buyers' willingness to purchase is relatively high, land, construction and selling costs remain persistently high and buyers are becoming more cautious about properties in urban suburbs. - FY2018-Q2RestatedAnnual report
「Within the real estate industry in which the Group operates, mortgage rates in the condominium subdivision market have remained at historically low levels, and first-time buyers' willingness to purchase is relatively high. However, land and construction costs remain persistently high, keeping condominium selling prices elevated. As a result, properties with high scarcity value, such as those near stations and in good locations, continue to perform steadily, while buyers are cautious about properties in suburban urban areas and other less favourable locations.」
The previously identified market risk is reaffirmed: first-time buyers' willingness to purchase is relatively high, but land, construction and selling costs remain persistently high, and buyers are becoming more cautious about properties in urban suburbs. - FY2018-Q1RestatedAnnual report
「Within the real estate industry in which the Group operates, land and construction costs remain persistently high, keeping condominium selling prices elevated. Mortgage rates have remained at historically low levels amid extremely accommodative financial conditions, and first-time buyers' willingness to purchase has increased relatively. However, buyers remain cautious because selling prices remain elevated and wage levels are rising only gradually.」
Persistently high land and construction costs and condominium selling prices, together with more cautious purchasing by first-time buyers, continue to be identified as business environment risks. - FY2017RestatedAnnual report
「Within the real estate industry in which the Group operates, investment demand from high-net-worth individuals in Japan and overseas in the condominium subdivision market has begun to show signs of weakening, while land and construction costs remain persistently high, keeping condominium selling prices elevated. Mortgage rates have remained at historically low levels amid extremely accommodative financial conditions, and first-time buyers' willingness to purchase appears to have increased relatively. However, buyers remain cautious because wage levels are rising only gradually, and excess inventory is beginning to emerge overall.」
The Company reaffirms the risks posed by weakening investment demand from high-net-worth individuals, persistently high land, construction and selling costs, cautious purchasing by first-time buyers, and excess inventory. - FY2017-Q3RestatedAnnual report
「Within the real estate industry in which the Group operates, investment demand from high-net-worth individuals in Japan and overseas in the condominium subdivision market has begun to moderate, while land and construction costs remain persistently high, keeping condominium selling prices elevated overall. Although mortgage rates have remained at historically low levels as a result of the Bank of Japan's monetary easing measures, wages have not risen enough to increase purchasing power. First-time buyers in particular have therefore become cautious about purchasing condominiums, and excess inventory is beginning to emerge overall.」
The Company continues to identify moderating investment demand from high-net-worth individuals, persistently high land and construction costs and selling prices, more cautious purchasing by first-time buyers, and a sense of excess inventory as business environment risks. - FY2017-Q2RestatedAnnual report
「Because land and construction costs remain persistently high, condominium selling prices also remain elevated.」
Persistently high land and construction costs and condominium selling prices continue to be identified as business environment risks. - FY2017-Q1RestatedAnnual report
「Within the real estate industry in which the Group operates, investment demand from high-net-worth individuals in Japan and overseas remains strong in the condominium subdivision market. However, prices have surged as this investment demand has coincided with persistently high land and construction costs. Although mortgage rates are at historically low levels, supporting home purchases, wages have not risen enough to increase purchasing power. First-time buyers in particular have therefore become cautious about purchasing condominiums, and the situation remains difficult to predict.」
The Company continues to identify persistently high land and construction costs, soaring condominium prices and more cautious purchasing by first-time buyers as business environment risks. - FY2016First statedAnnual report
「The business environment surrounding the Group is expected to remain difficult, given that condominium prices in the Kinki region have risen for 3 consecutive years, the outlook for investment demand is uncertain, and changes in the consumer sentiment of first-time buyers may be expected as demand declines amid the declining birthrate and aging population and concerns about future social security.」
The Company identifies the 3 consecutive years of rising condominium prices in the Kinki region, uncertainty surrounding investment demand and more cautious demand-side sentiment as business environment risks.