Decline in real estate transaction value and more cautious investment by overseas investors
First written in FY2016-Q2. 6 of 34 entries say "Worsened", first in FY2018-Q3. Latest entry: FY2026-H1.
Tosei moved to the "Worse" side of this theme in 2019.
The whole theme swung hardest in 2019: 1 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- FY2026-H1Slight decline in investment; active investment market continuesAnnual report
「Domestic real estate investment totaled ¥2.0752 trillion from January to March 2026, down 1% year on year, exceeding ¥2 trillion for the second consecutive year on a first-quarter basis. Although Tokyo ranked 3rd in the global city investment rankings, compared with 2nd for full-year 2025, the investment market has remained active, with multiple large transactions supported by firm investment demand from domestic and overseas investors.」
Domestic real estate investment fell 1% year on year but exceeded ¥2 trillion for the second consecutive year on a first-quarter basis, and the investment market remained active, supported by large transactions. - FY2025Record-high real estate investment and Tokyo maintaining the top positionAnnual report
「Domestic real estate investment reached a record high of ¥4.71 trillion from January to September 2025, up 22% year on year, while Tokyo maintained 1st place in the global city investment rankings.」
Domestic real estate investment reached a record high, up 22% year on year, and Tokyo remained 1st in the global city investment rankings. - FY2025-H1Increasing real estate investment and Tokyo maintaining the top positionAnnual report
「Domestic real estate investment totaled ¥2.0952 trillion from January to March 2025, up 23% year on year, while Tokyo ranked 1st in the global city investment rankings, compared with 2nd for full-year 2024.」
Domestic real estate investment rose 23% year on year, and Tokyo's global city investment ranking rose from 2nd to 1st. Domestic and overseas investors' investment appetite was described as remaining firm. - FY2024-Q2Increasing real estate investment and Tokyo's rising investment rankingAnnual report
「Domestic real estate investment totaled ¥1.7046 trillion from January to March 2024, up 45% year on year, while Tokyo ranked 1st in the global city investment rankings, compared with 5th for full-year 2023.」
Investment increased further following the recovery trend through the previous period, and Tokyo's global city investment ranking rose from 5th to 1st. - FY2024-Q1Increasing investment alongside stalled foreign capital investmentAnnual report
「Domestic real estate investment totaled approximately ¥3.4 trillion in 2023, up 4.0% year on year, while Tokyo ranked 5th in the global city investment rankings, compared with 16th in 2022. Although investment by foreign capital in Japanese real estate stalled in the second half of 2023 against a backdrop of expectations for higher domestic interest rates and deteriorating overseas real estate markets, inflows of investment funds into Japanese real estate are expected to continue against a backdrop of relatively favorable financing conditions and the weaker yen.」
Domestic real estate investment recovered, rising 4.0% year on year, and Tokyo's investment ranking also improved. At the same time, investment by foreign capital was seen to have stalled in the second half of 2023 against a backdrop of expectations for higher domestic interest rates and other factors. - FY2023Continued growth in real estate investmentAnnual report
「In the real estate industry in which our group operates, domestic real estate investment totaled ¥2.7483 trillion from January to September 2023, up 40% year on year. Tokyo ranked 4th in the global city investment rankings, compared with 16th for full-year 2022.」
The recovery from the decline in investment through the previous year continued, with domestic real estate investment rising 40% year on year. At the same time, continued market stagnation caused by globally rising interest rates was noted. - FY2023-Q3Continued growth in real estate investment and market recoveryAnnual report
「In the real estate industry, domestic real estate investment totaled ¥2.1473 trillion from January to June 2023, up 52% year on year, while Tokyo remained 2nd in the global city investment rankings.」
The previous decline in investment changed course, with domestic real estate investment rising 52% year on year. Tokyo maintained 2nd place in the global city investment rankings. - FY2023-Q2Increasing real estate investment and market recoveryAnnual report
「Domestic real estate investment totaled ¥1.1748 trillion from January to March 2023, up 61% year on year, ranking 2nd in the global city investment rankings, compared with 16th for full-year 2022.」
The previous decline in investment changed course, with domestic real estate investment rising 61% year on year and Tokyo's investment ranking rising from 16th to 2nd. - FY2023-Q1Declining investment alongside resilient investor sentimentAnnual report
「Domestic real estate investment totaled approximately ¥3.2 trillion in 2022, down 27% year on year. The decline in investment is viewed as having been caused by the continued shortage of investment properties, as well as stalled property acquisitions by J-REITs, the market's major players. While some investors have adopted a wait-and-see stance because of expectations that the Bank of Japan will revise its monetary policy in the near future, the investment appetite of many other domestic and overseas real estate investors has remained intact, and real estate prices have continued at high levels.」
Domestic real estate investment fell 27% year on year in 2022. While the shortage of properties, stalled J-REIT acquisitions and a wait-and-see stance driven by expectations of a Bank of Japan policy revision weighed on the market, domestic and overseas investors' investment appetite and high real estate prices have been maintained. - FY2022WorsenedAnnual report
「Domestic real estate investment totaled ¥1.9 trillion from January to September 2022, down 38% year on year.」
Domestic real estate investment fell 38% year on year, while overseas investors' investment appetite remained firm against a backdrop of monetary easing and the weaker yen. - FY2022-Q3Declining investment and expectations for overseas investment demandAnnual report
「In the real estate industry in which our group operates, domestic real estate investment totaled ¥1.4 trillion from January to June 2022, down 23% year on year. Although investment declined slightly, overseas investors remained highly interested in Japan's real estate market against a backdrop of continued monetary easing in Japan and the weaker yen, and demand for investment in offices, logistics facilities and residential properties is expected to increase, according to a private research institution.」
Although domestic real estate investment fell 23% year on year, overseas investors remained highly interested against a backdrop of continued monetary easing and the weaker yen, and increased demand for specific asset types is expected. - FY2022-Q2WorsenedAnnual report
「Domestic real estate investment totaled ¥730.4 billion from January to March 2022, down 40% year on year. Although transaction value declined because of a decrease in large transactions and other factors, demand for office investment is expected to increase as the full-scale return to office work progresses.」
Domestic real estate investment fell 40% year on year, quantifying the market contraction caused by fewer large transactions. At the same time, expectations for increased investment demand as office workers return to the office were also noted. - FY2022-Q1Active transactions despite declining investmentAnnual report
「Domestic real estate investment totaled approximately ¥4.5 trillion in 2021, down approximately 2% year on year. Although investment declined slightly against a backdrop of insufficient property supply, real estate transactions remained active and investors continued to show a proactive investment stance.」
Although domestic real estate investment fell approximately 2% year on year because of insufficient property supply, real estate transactions remained active and investors continued to take a proactive stance. - FY2021-Q3Declining investment and expectations for a second-half recoveryAnnual report
「In the real estate industry in which our group operates, domestic real estate investment totaled ¥1.8 trillion from January to June 2021, down 29% year on year. Although domestic and overseas investors' demand for real estate remained strong, investment opportunities declined because of a shortage of properties for sale in the market, with particularly few large transactions. This is viewed as the reason for the weak results. Tokyo also fell to 4th in the global city rankings for January to June 2021, from 1st in the year-earlier period, but transactions are expected to recover in the second half, and investment for fiscal 2021 is forecast at approximately ¥4.3 trillion, about the same level as the previous fiscal year, according to a private research institution.」
Domestic real estate investment fell 29% year on year, while Tokyo's global city ranking fell from 1st to 4th. A recovery in transactions in the second half and annual investment of approximately ¥4.3 trillion are forecast. - FY2021-Q2Declining investment and expectations for an office transaction recoveryAnnual report
「Domestic real estate investment totaled ¥1.2 trillion from January to March 2021, down 28% year on year. However, Tokyo ranked 2nd in the global city rankings for January to March 2021, suggesting that overseas investors' demand for Japan's highly stable real estate has remained strong. Recovery has also been seen in office building sales and purchases, which had raised concerns about declining profitability, and transactions are expected to remain active in 2021.」
Although domestic real estate investment fell 28% year on year, continued overseas investor demand for Japanese real estate and a recovery in office building sales and purchases were noted, indicating expectations for more active transactions. - FY2021-Q1Declining transactions and expansion of logistics and residential investmentAnnual report
「In the real estate industry in which our group operates, commercial real estate transaction value totaled ¥4.5 trillion in full-year 2020, a decline of 4% year on year. Demand for investment in Japan's highly stable real estate market remained strong, and active transactions by overseas investors were seen in addition to domestic transactions. By asset type, although transaction value for office buildings declined slightly, investment expanded in logistics facilities and residential properties, where stable returns are expected.」
Although commercial real estate transaction value fell 4% year on year, transactions by overseas investors remained active, and increased investment in logistics facilities and residential properties was noted. - FY2020Declining transactions and recovery in logistics and residential propertiesAnnual report
「In the real estate industry in which our group operates, domestic real estate investment declined temporarily from January to September 2020 but recovered, mainly in logistics facilities and residential properties. Investment for the cumulative period totaled ¥3.4 trillion, limiting the year-on-year decline to 2%.」
Domestic real estate investment fell 2% year on year but recovered, mainly in logistics facilities and residential properties. Inflows of investment funds from overseas investors into the Japanese market were also noted. - FY2020-Q3Declining transactions alongside signs of recoveryAnnual report
「In the real estate industry in which our group operates, commercial real estate transaction value totaled ¥1.9 trillion in the first half of 2020, down 14% year on year. Although the impact of COVID-19 had caused a wait-and-see stance to spread among many investors, their investment appetite remained strong against a backdrop of globally low interest rates, and real estate transactions have gradually resumed. Interest has risen particularly in logistics facilities and residential properties, which have been less affected by COVID-19, according to a private research institution.」
Although commercial real estate transaction value fell 14% year on year, investment appetite remained strong against a backdrop of low interest rates, and the resumption of transactions and increased interest in logistics facilities and residential properties were noted. Quantified deterioration coexisted with signs of recovery. - FY2020-Q2WorsenedAnnual report
「In the real estate industry in which our group operates, the impact of COVID-19 on investment in commercial real estate was limited from January to March 2020, with investment totaling ¥1.2 trillion, down 1% year on year. As a wait-and-see stance has spread among many investors, investment is expected to decline sharply from April onward.」
Commercial real estate investment fell 1% year on year, a wait-and-see stance spread among investors, and investment is expected to decline sharply from April onward. - FY2020-Q1Increase in transaction value; investment appetite remains strongAnnual report
「In the real estate industry in which our Group operates, commercial real estate transaction value in 2019 increased 3% year on year to ¥4.1 trillion. Although real estate transaction prices remained high, investors' appetite for investment remained strong under favorable financing conditions, and full-year 2020 transaction value was forecast to increase 5% year on year (according to a private-sector research firm).」
Following essentially flat transaction value year on year in the previous quarter, full-year 2019 transaction value shifted to a 3% year-on-year increase, indicating strong investment appetite and a forecast increase in transaction value in 2020. At the same time, transaction prices remained high. Although the risk was quantified, the disclosure did not indicate that an adverse event had occurred. - FY2019-Q3Flat transaction value; firm J-REIT acquisitionsAnnual report
「In the real estate industry in which our Group operates, commercial real estate transaction value in the first half of 2019 (January to June) was ¥2.2 trillion, essentially unchanged from the same period of the previous year. Although some transactions involving individual investors remained sluggish following financial institutions' tighter lending stance, property acquisitions by J-REITs and others remained firm against a backdrop of favorable financing conditions, and full-year 2019 transaction value was expected to be roughly in line with the previous year (according to a private-sector research firm).」
Following the previous quarter's 17% year-on-year decline in transaction value, the first half of 2019 was essentially flat year on year. At the same time, sluggish transactions involving individual investors coexisted with firm acquisitions by J-REITs and others. - FY2019-Q2WorsenedAnnual report
「In the real estate industry in which our Group operates, commercial real estate transaction value from January through March 2019 decreased 17% year on year to ¥1.2 trillion, as real estate prices remained high and few properties meeting investors' investment criteria were available on the market.」
Following the decline in full-year transaction value in the previous year, commercial real estate transaction value from January through March 2019 also decreased 17% year on year. High prices and the limited availability of suitable properties were cited as factors behind the decline in transactions. - FY2019-Q1WorsenedAnnual report
「In the real estate industry in which our Group operates, commercial real estate transaction value in 2018 was ¥4.0 trillion, down 3% from the previous year. In the investment market, some weakness was observed as the rise in real estate prices moderated, the number of large properties available on the market decreased, and financial institutions adopted a more cautious stance toward real estate lending against a backdrop of lending misconduct and other factors.」
Commercial real estate transaction value decreased 3% year on year, and some weakness in the market was attributed to a decline in large properties and more cautious lending by financial institutions. Demand in urban areas remained firm, and full-year 2019 transaction value was forecast to increase 0% to 5% year on year. - FY2018Transaction expansion alongside tighter lending standardsAnnual report
「Although banks have been moving to tighten lending standards for real estate investments by individuals with limited available equity following lending misconduct by some regional banks and other developments, property acquisitions by overseas investors, J-REITs and others remained robust, and the real estate investment market as a whole performed well.」
While tighter lending standards for individuals continued, acquisitions by overseas investors, J-REITs and others remained robust, and the market as a whole was described as performing well. - FY2018-Q3WorsenedAnnual report
「Meanwhile, in the real estate lending environment, financial institutions have been seen selecting borrowers in response to the impact of lending misconduct by some regional banks and concerns that the real estate market may be overpriced.」
While real estate transaction value increased 2.6% year on year, financial institutions began selecting borrowers against a backdrop of lending misconduct and concerns over high prices, indicating that lending risks are becoming more apparent. - FY2018-Q2Increase in real estate transaction value and concentration in TokyoAnnual report
「In the real estate industry in which our Group operates, domestic commercial real estate transaction value from January through March 2018 increased 14% year on year to ¥1.4 trillion. As transactions in office buildings in central Tokyo increased, supported by continued stable and high occupancy rates, Tokyo accounted for approximately 70% of transaction value by region. Tokyo ranked first, ahead of London and New York, for the first time in 16 quarters since January-March 2014.」
Domestic commercial real estate transaction value continued to increase, with Tokyo accounting for approximately 70% of the total and ranking first. - FY2018-Q1Continued expansion in real estate transactionsAnnual report
「Domestic real estate transaction value by listed companies and others in 2017 totaled ¥4.5775 trillion, up 14.4% from the previous year.」
Following declines and a recovery trend through the previous fiscal year, domestic real estate transaction value increased 14.4% year on year in 2017, confirming further expansion. - FY2017Continued expansion in real estate transactionsAnnual report
「Domestic real estate transaction value from January through September 2017 was ¥2.96 trillion, up 6% from the same period of the previous year. Real estate investment demand is expected to continue for the time being against a backdrop of favorable financing conditions, and full-year 2017 real estate transaction value is expected to increase by approximately 10% year on year to around ¥4 trillion.」
The market outlook shifted from declining transaction value through the previous fiscal year to an increase in domestic real estate transaction value and expected full-year expansion. - FY2017-Q3Continued recovery in real estate transactionsAnnual report
「In the real estate industry in which our Group operates, domestic real estate transaction value by listed companies and others had continued to decline since the first half of fiscal 2015, but began to increase in the second half of fiscal 2016. Transaction value for fiscal 2016 as a whole (April 2016 to March 2017) was ¥4.1082 trillion, up 0.5% from the previous fiscal year. Investor demand remained firm, and property supply to the market increased as more investors proceeded to sell properties they held against a backdrop of rising real estate prices, putting real estate transactions on a recovery trend (according to a private-sector research firm).」
The recovery in real estate transactions continued from the previous quarter, with transaction value for fiscal 2016 totaling ¥4.1082 trillion, up 0.5% from the previous fiscal year. Investor demand remained firm, and increased property supply was also noted. - FY2017-Q2Recovery in real estate transactions and signs of overheating in some areasAnnual report
「In the real estate industry in which our Group operates, active transactions were conducted by J-REITs and private funds against a backdrop of favorable financing conditions. Transactions by overseas investors, which had been trending downward, also began to recover, and commercial real estate transaction value from January through March 2017 increased 15% year on year to ¥1.2 trillion. Investment yields continued to decline as property prices rose, and some transactions showed signs of overheating, but investors' appetite for property acquisitions remained strong (according to a private-sector research firm).」
The trend shifted from declining transaction value and greater caution among overseas investors to a recovery in transactions by overseas investors and a 15% increase in commercial real estate transaction value. At the same time, declining yields due to rising property prices and signs of overheating in some transactions were noted. - FY2017-Q1RestatedAnnual report
「In the real estate industry in which our Group operates, domestic real estate transaction value by listed companies and others in 2016 was ¥4.0131 trillion, down 7.4% from the previous year, against a backdrop of reduced property supply and investors holding back from purchases due to soaring real estate prices. However, investors' appetite for property acquisitions remains strong under favorable financing conditions, and transactions are expected to increase going forward (according to a private-sector research firm).」
Although reduced property supply, holding back from purchases due to soaring prices, and a 7.4% decline in transaction value continued, financing conditions and investors' appetite for acquisitions were described as strong. - FY2016RestatedAnnual report
「In the real estate industry in which our Group operates, domestic real estate transaction value by listed companies and others from January through August 2016 was ¥2.6665 trillion, down 20% from the same period of the previous year. Although domestic and overseas investors remained highly eager to invest against a backdrop of favorable financing conditions, transactions declined due to reduced property supply and overseas investors, in particular, refraining from high-priced real estate transactions (according to a private-sector research firm).」
The decline in domestic real estate transaction value, reduced property supply, and overseas investors' avoidance of high-priced transactions continued to be cited as market conditions. - FY2016-Q3RestatedAnnual report
「In the real estate industry in which our Group operates, commercial real estate investment in Japan totaled ¥1.9 trillion in the first half of 2016, down 18% from the same period of the previous year. In addition to limited supply of large properties to the market, some investors adopted a cautious stance amid an uncertain economic environment, resulting in fewer market transactions.」
An 18% year-on-year decline in commercial real estate investment and a decrease in transactions due to some investors' cautious stance continued to be observed. - FY2016-Q2MaterialisedAnnual report
「Real estate transaction value by Japanese listed companies and others in fiscal 2015 (April 2015 to March 2016) was ¥4.0896 trillion, down 23% from the previous fiscal year, marking the first decline in 4 years. Market transactions decreased as overseas investors adopted a more cautious investment stance amid heightened risk aversion in global financial markets.」
Real estate transaction value decreased 23% year on year, and the decline in market transactions accompanying more cautious investment by overseas investors was cited as the actual market condition.