Demand and acquisition risks arising from changes in real estate markets, interest rates and tax rules
First written in FY2016. 28 of 39 entries say "Restated". Latest entry: 2026-09-18.
The whole theme swung hardest in 2020: 30 of 70 companies on the "Worse" side.
16 other companies' latest entry also says "Mitigated".
- FY2026-H1Interest-rate uncertainty specified alongside firm demandAnnual report
「In the real estate industry in which our Group operates, demand for investment properties, particularly residential real estate, has remained firm despite uncertainty over interest rate trends. Against a backdrop including the weaker yen, overseas investors remain highly focused on Japanese real estate. However, the situation continues to require caution because of higher real estate prices resulting from soaring land prices and construction costs.」
While uncertainty regarding interest rate trends is explicitly noted, the disclosure also states that overseas investors’ interest and demand remain strong against the backdrop of the weaker yen, and cautions that prices may rise due to soaring land prices, construction costs and other factors. - FY2025RestatedAnnual report
「The real estate development business is susceptible to economic trends, interest rates, land prices, new supply and real estate-related tax systems. If economic conditions change, such as through an economic downturn, a significant rise in interest rates or a decline in selling prices caused by a large volume of new supply, customers' willingness to purchase may decline, which could affect the performance of our Group. Such changes in economic conditions may also cause fluctuations in the procurement prices of development sites, and if site procurement does not proceed as planned, this could also affect the performance of our Group.」
The risks of changes in economic conditions, interest rates, land prices, new supply and tax systems affecting demand, procurement prices and site acquisition continue to be identified. - FY2025-H1RestatedAnnual report
「For investment properties, particularly residential real estate, overseas investors continue to show strong interest in Japanese real estate against the backdrop of the prolonged low-interest-rate environment and the weaker yen, among other factors. Supply and demand have both remained solid, although the situation continues to require caution because of higher real estate prices resulting from soaring costs, including land prices and construction costs.」
Caution regarding higher prices resulting from soaring land prices and construction costs continues, alongside firm supply and demand for investment properties. - FY2024-Q3RestatedAnnual report
「In the real estate industry in which our Group operates, and particularly in investment properties centered on residential real estate, overseas investors continue to show strong interest in Japanese real estate against the backdrop of the prolonged low-interest-rate environment and the weaker yen, among other factors. Supply and demand have both remained solid, although the situation continues to require caution because of higher real estate prices resulting from soaring costs, including land prices and construction costs.」
While recognizing overseas investors' heightened interest and firm supply and demand, the company continues to identify higher real estate prices resulting from soaring costs as a market-related factor requiring caution. - FY2024-Q2RestatedAnnual report
「Against a backdrop of continued low interest rates and a weaker yen, overseas investors remain highly focused on Japanese real estate, and both supply and demand have remained firm. However, the situation continues to require caution because of higher real estate prices resulting from soaring land prices and construction costs.」
While recognizing overseas investors' heightened interest and firm demand, supported by low interest rates and the weaker yen, the company continues to identify higher prices resulting from soaring land prices and construction costs as a factor requiring caution. - FY2023Procurement progress and construction cost increase risks specifiedAnnual report
「Changes in the above economic conditions may also cause fluctuations in the procurement prices of development sites, and if site procurement does not proceed as planned, this could affect the performance of our Group.」
In addition to demand risks arising from changes in market conditions, interest rates and tax systems, the company explicitly identifies the impact of fluctuations in development-site procurement prices and procurement failing to proceed as planned. - FY2023-Q2WorsenedAnnual report
「The situation continues to require caution because real estate prices have risen as a result of soaring land prices and construction costs, and because the Bank of Japan decided in December 2022 to raise its tolerance ceiling for long-term interest rates, resulting in increases in some mortgage rates. Future monetary policy also requires close attention.」
In addition to the existing risks of rising land prices and construction costs, the company specifically cites the Bank of Japan's increase in its tolerance ceiling for long-term interest rates and increases in some mortgage rates, indicating expanding market and interest-rate risks. - FY2023-Q1Firm demand from overseas investors and soaring costs notedAnnual report
「Against a backdrop of continued low interest rates and a weaker yen, overseas investors remain highly focused on Japanese real estate, and both supply and demand have remained firm. However, the situation continues to require caution because of higher real estate prices resulting from soaring land prices and construction costs.」
In addition to conventional market and interest-rate risks, the company explicitly notes overseas investors' heightened interest in Japanese real estate, supported by the weaker yen, and firm supply and demand, while continuing to caution about higher prices resulting from soaring costs. - FY2022RestatedAnnual report
「The real estate subdivision business is susceptible to economic trends, interest rates, land prices, new supply and real estate-related tax systems. If economic conditions change, such as through an economic downturn, a significant rise in interest rates or a decline in selling prices caused by a large volume of new supply, customers' willingness to purchase may decline, which could affect the performance of our Group.」
The risks that changes in economic conditions, interest rates, land prices, new supply and tax systems may affect willingness to purchase and business performance continue to be disclosed. - FY2022-Q3RestatedAnnual report
「In the real estate industry, the impact of COVID-19 has been relatively limited, against a backdrop of various government support programs and low interest rates, and the market has remained firm, supported by consumers' persistent purchasing appetite. At the same time, the intensifying global situation has constrained supplies of construction materials and housing equipment, raising concerns about the impact on real estate prices from further increases in construction costs.」
While recognizing firm housing demand supported by assistance programs, low interest rates and persistent purchasing appetite, the company continues to be concerned about the impact on prices from constrained material supplies and soaring construction costs. - FY2022-Q2RestatedAnnual report
「In the real estate industry, the housing acquisition environment has been supported by continued low interest rates and the extension of various government housing acquisition support measures, including the extension of the mortgage tax credit, and housing demand has remained firm. However, concerns remain about an economic downturn and delayed recovery resulting from the prolonged impact of the infection, as well as a related decline in consumers' willingness to purchase homes, and the situation remains uncertain.」
While recognizing the support for housing demand from low interest rates and housing acquisition support measures, the company continues to be concerned about an economic downturn and declining willingness to purchase homes resulting from the prolonged impact of the infection. - FY2022-Q1RestatedAnnual report
「Consumer purchasing appetite remains firm, supported by government housing acquisition assistance programs and the low-interest-rate environment. However, the situation continues to require caution because of concerns about a resurgence of COVID-19 infections and higher real estate prices resulting from soaring land prices and construction costs.」
The company notes firm purchasing appetite supported by housing acquisition assistance programs and low interest rates, while continuing to identify the resurgence of infections and higher real estate prices resulting from soaring costs as factors requiring caution. - FY2021RestatedAnnual report
「The real estate subdivision business is susceptible to economic trends, interest rates, land prices, new supply and real estate-related tax systems. If economic conditions change, such as through an economic downturn, a significant rise in interest rates or a decline in selling prices caused by a large volume of new supply, customers' willingness to purchase may decline, which could affect the performance of our Group.」
The risks that changes in economic conditions, interest rates, land prices, new supply and tax systems may affect willingness to purchase and business performance continue to be disclosed. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The treatment of existing risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems as having no material changes continues. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The treatment of existing risks related to real estate market conditions, interest rates, land prices, new supply and tax systems as having no material changes continues. - FY2021-Q1Re-emergence of infections and soaring costs specifiedAnnual report
「In the real estate industry, consumers’ purchasing appetite has continued to remain firm due to government housing acquisition support programs and the low-interest-rate environment. However, the situation continues to require caution because of concerns over the renewed spread of COVID-19 and the continued increase in real estate prices resulting from soaring costs, including land prices and construction costs.」
In addition to general market risks related to real estate demand and interest rates, the company explicitly identifies concerns about a resurgence of COVID-19 infections and higher property prices resulting from soaring land and construction costs. - FY2020-Q3WorsenedAnnual report
「Although ample liquidity has been supplied through emergency monetary easing measures by the Bank of Japan and central banks in other countries, financial institutions and investors have become increasingly cautious, and their investment trends require close monitoring.」
The company states that, while emergency monetary easing measures have supplied funds, financial institutions and investors have become more cautious, making it necessary to closely monitor investment trends. - FY2020-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no new business or other risks, and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2019RestatedAnnual report
「Because the business is susceptible to economic trends, interest rates, land prices, new supply and real estate-related tax systems, changes in economic conditions, such as an economic downturn, a significant rise in interest rates or a decline in selling prices caused by a large volume of new supply, could reduce customers' willingness to purchase.」
The risks of changes in economic conditions, interest rates, land prices, new supply and tax systems affecting willingness to purchase, procurement and business performance continue to be identified. - FY2019-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2019-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no new business or other risks, and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2018-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2018-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no new business or other risks, and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2017-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2017-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no new business or other risks, and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were reported in the demand and procurement risks arising from changes in real estate market conditions, interest rates, land prices, new supply and tax systems. - FY2016First statedAnnual report
「The real estate subdivision business is susceptible to economic trends, interest rates, land prices, new supply and real estate-related tax systems. If economic conditions change, such as through an economic downturn, a significant rise in interest rates or a decline in selling prices caused by a large volume of new supply, customers' willingness to purchase may decline, which could affect the performance of our Group.」
The company identifies as risks the possibility that changes in economic conditions, interest rates, land prices, new supply and tax systems may affect customers' willingness to purchase, land procurement and business performance.