Real Estate Market, Financing Conditions, and Risk of Prolonged Property Holding
First written in FY2016. 12 of 26 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-11-11.
Tokyo Theatres Company moved to the "Worse" side of this theme in 2017, 5 years before the typical company in this theme (2022).
The whole theme swung hardest in 2017: 5 of 18 companies on the "Worse" side.
15 other companies' latest entry also says "Worsened".
- 2026-11-11WorsenedResults
「成約件数は前年同期比で減少し、成約価格は７～９月期から下落に転じましたが、当社グループにおきましては、市況の影響を受けづらい中低価格帯の物件を中心に物件販売件数が伸長し、当中間期は前年同期比で増収となりました。」
首都圏中古マンション市場について、成約件数の減少と成約価格の下落転換が示され、市況リスクが悪化した。一方、当社グループでは販売件数が伸長した。 - FY2027-H1WorsenedAnnual report
「According to the East Japan Real Estate Distribution Organization (East Japan REINS), in the Greater Tokyo used condominium market during the interim period, the number of transactions declined year on year and transaction prices began to fall from the July-September quarter. However, the Group increased the number of properties sold, mainly in the low-to-mid-priced segment, which is less susceptible to market conditions, resulting in higher revenue year on year during the interim period.」
In the Greater Tokyo used condominium market, the number of transactions declined year on year and transaction prices also began to fall. The Company secured higher revenue by increasing sales volumes of low-to-mid-priced properties. - FY2026WorsenedAnnual report
「In 2026, while transaction prices per square meter have continued to rise, some months have seen the number of transactions fall year on year, indicating signs of change in the Greater Tokyo used condominium market.」
While transaction prices rose, some months saw the number of transactions decline year on year, newly indicating a change in market conditions. - 2026-05-13MitigatedResults
「当年度は物件販売数が大きく伸長し、前年度比で大幅な増収となりました。」
首都圏中古マンション市場の成約件数・成約価格が前年度を上回り、同社でも物件販売数が伸長した。 - FY2026-H1MitigatedAnnual report
「According to the East Japan Real Estate Distribution Organization (East Japan REINS), the Greater Tokyo used condominium market during the interim period remained strong, with both the number of transactions and transaction prices exceeding the year-earlier levels.」
In the Greater Tokyo used condominium market, both the number of transactions and transaction prices exceeded the year-earlier levels, improving the risk environment related to market deterioration and sales stagnation compared with the previous fiscal year. - FY2025WorsenedAnnual report
「In 2024, the Greater Tokyo used condominium market recorded 37,222 transactions, exceeding the previous year for the second consecutive year, with transactions reaching 103.4% of the previous year's level. The transaction price per square meter also reached 106.9% of the previous year's level, marking the 12th consecutive year of price-per-unit increases. Over those 12 years, prices rose 201.3%, more than doubling. However, in 2025, transaction prices per square meter began to show a downward trend outside the Tokyo metropolitan wards, making the polarization by property and area increasingly pronounced.」
While the market as a whole saw increases in both transaction volume and prices, prices per square meter showed a downward trend outside the Tokyo metropolitan wards, and polarization by property and area advanced. The risks related to selectivity in real estate sales and inventory management are becoming concrete. - FY2024WorsenedAnnual report
「Meanwhile, the age of the properties sold has been rising year after year, and older properties are accounting for an increasing share of inventory. In addition, while the transaction price per square meter has been rising, the inventory price per square meter has been trending downward since the second half of 2023, with a growing polarization between properties that can be sold quickly at high prices and those that are difficult to sell even over an extended period.」
The increase in older inventory, the decline in inventory prices, and the polarization between properties that can be sold quickly at high prices and those that are difficult to sell were highlighted, giving concrete form to the risk of inventory accumulation in real estate sales. - FY2024-Q3WorsenedAnnual report
「In the October–December 2023 quarter, the number of transactions in the Greater Tokyo used condominium market exceeded the year-earlier level, while transaction prices also exceeded the year-earlier level for the 45th consecutive quarter since the October–December 2012 quarter. Meanwhile, new listings exceeded the year-earlier level for 4 consecutive quarters, and inventory levels remained elevated.」
Although the number of transactions exceeded the year-earlier level, new listings exceeded the year-earlier level for 4 consecutive quarters, and persistently high inventory levels were highlighted. The risk of inventory accumulation in real estate sales continues. - FY2024-Q2WorsenedAnnual report
「In the July–September 2023 quarter, the number of transactions in the Greater Tokyo used condominium market exceeded the year-earlier level for the first time in 9 quarters, while transaction prices also exceeded the year-earlier level for the 44th consecutive quarter since the October–December 2012 quarter. Meanwhile, new listings increased by double digits year on year for 3 consecutive quarters, and inventory levels are trending upward.」
Although the number of transactions exceeded the year-earlier level for the first time in 9 quarters, new listings exceeded the year-earlier level by double digits for 3 consecutive quarters, and the increase in inventory levels was newly highlighted. - FY2024-Q1MaterialisedAnnual report
「The number of concluded transactions in the used condominium market in the Tokyo metropolitan area in April-June 2023 fell below the year-earlier level for the eighth consecutive quarter, while concluded prices rose 7.0% year on year and exceeded the year-earlier level for the 43rd consecutive quarter since October-December 2012. Against this backdrop, sales began to stagnate as market prices rose. The business adjusted inventory prices and prioritized sales, resulting in an increase in the number of units sold and higher revenue year on year despite a decline in the average selling price.」
In the Greater Tokyo used condominium market, the number of transactions fell below the previous year for 8 consecutive quarters, with sales stagnation and inventory price adjustments actually occurring. Transaction prices rose 7.0% year on year. - FY2023WorsenedAnnual report
「The Group's operating results and financial position may also be affected if supplies of construction materials and residential equipment are disrupted and costs increase due to extensions to construction schedules or other factors.」
For the resale and redevelopment of used condominiums, delays in materials supply, labor shortages, extended construction periods and rising construction material costs continued to be identified as material issues. - FY2023-Q3RestatedAnnual report
「In the resale of renovated used condominiums, the average selling price rose amid soaring market prices, while proactive sales activities also increased the number of units sold despite a decline in concluded transactions in the Tokyo metropolitan area, resulting in substantially higher revenue year on year.」
The Company continues to secure revenue growth through active sales activities and higher selling prices, even in an environment where the number of contracts in the Tokyo metropolitan area is declining. - FY2023-Q2RestatedAnnual report
「In the resale of renovated used condominiums, the average selling price rose amid soaring market prices, while proactive sales activities also increased the number of units sold despite a decline in concluded transactions in the Tokyo metropolitan area, resulting in substantially higher revenue year on year.」
Even in a market where the number of contracts in the Tokyo metropolitan area was declining, active sales activities increased the number of properties sold and, together with higher selling prices, secured revenue growth. - FY2023-Q1Active sales efforts absorbed the impact of a weak market.Annual report
「In the resale of renovated used condominiums, the average selling price rose amid soaring market prices, while the number of units sold also grew through proactive sales activities, including increased staffing, despite a decline in the number of concluded condominium sales in the Tokyo metropolitan area. As a result, revenue increased substantially year on year.」
Even in an environment where the number of condominium contracts in the Tokyo metropolitan area was declining, the Company increased the number of properties sold through active sales efforts, including adding staff, and partly offset the impact of the revenue decline risk. - FY2022WorsenedAnnual report
「If supplies of construction materials and residential equipment are disrupted by factors such as the wood shock, leading to higher costs from extensions to construction schedules or the procurement of substitute products because projects cannot be completed, or if material prices soar, the Group's operating results and financial position may be affected.」
In addition to the existing risks relating to acquisitions, properties held for sale remaining in inventory and price declines, supply delays, construction-schedule extensions and soaring material prices caused by the wood shock and semiconductor shortages were explicitly disclosed. - FY2022-Q3Higher selling prices in a buoyant market partly offset the revenue decline risk.Annual report
「The resale of renovated used condominiums generated higher revenue year on year because a buoyant market lifted the average selling price despite a decline in the number of units sold.」
Although the number of properties sold continued to decline, higher selling prices in a buoyant market offset the revenue decline, resulting in year-on-year revenue growth. - FY2021WorsenedAnnual report
「During the state of emergency, property supply was insufficient due to the suspension of operations by major brokerage firms and other factors. At the Company, the number of properties acquired remained low in the first half and the number sold declined; in addition, sales focused on lower-priced properties, resulting in a year-on-year revenue decline.」
Insufficient property supply caused by brokerage firms suspending operations, sluggish acquisitions and a decline in the number of properties sold materialized as lower revenue from condominium renovation and resale. - FY2021-Q3WorsenedAnnual report
「Revenue declined year on year because the number of units sold declined slightly and sales centered on lower-priced properties.」
In condominium renovation and resale, the number of properties sold turned from an increase in the previous quarter to a slight decline, and revenue continued to fall as sales focused on lower-priced properties. - FY2021-Q2The number of properties sold turned upward in the second quarter, but revenue continued to decline.Annual report
「Although the number of used condominiums sold turned higher in the second quarter after declining substantially in the first quarter, revenue declined year on year because sales centered on lower-priced properties.」
The number of condominium sales turned upward in the second quarter, but revenue continued to decline year on year as sales focused on lower-priced properties. - FY2021-Q1MaterialisedAnnual report
「The resale business for renovated used condominiums saw the number of units sold decline substantially because of the impact of requests to refrain from going out amid the spread of COVID-19, resulting in a substantial year-on-year decline in revenue.」
Restrictions on going out actually emerged as a decline in the number of condominium renovation and resale transactions and a substantial revenue decline. - FY2020-Q3MaterialisedAnnual report
「Revenue from the resale of renovated used condominiums declined year on year because the number of units sold failed to grow amid rising market prices and weaker consumer sentiment following the consumption tax rate increase.」
Rising real estate market prices and weaker consumer sentiment following the consumption tax increase materialized as sluggish growth in the number of properties sold and lower revenue. - FY2019-Q3RestatedAnnual report
「The resale of renovated used condominiums and other properties posted lower revenue year on year because the Company was unable to recover from the decline in revenue in the first quarter, which began with limited saleable inventory following strong sales in the fourth quarter of the previous fiscal year.」
Lower revenue from condominium renovation and resale due to insufficient saleable inventory continued through the cumulative third quarter. - FY2019-Q2WorsenedAnnual report
「The resale of renovated used condominiums and other properties posted lower revenue year on year because the Company was unable to recover from the decline in revenue in the first quarter, which began with limited saleable inventory following strong sales in the fourth quarter of the previous fiscal year.」
A shortage of saleable inventory, resulting from strong sales since the end of the previous fiscal year, led to lower revenue from condominium renovation and resale in the first half. - FY2018-Q1MaterialisedAnnual report
「Sales of renovated used condominiums and other properties declined year on year because the number of units sold failed to grow amid intensifying competition.」
Intensifying competition in real estate sales has actually emerged as sluggish growth in the number of properties sold and lower revenue. - FY2017Real estate-related risks were broken down into taxation, legislation, rents and repairs.Annual report
「In the real estate-related business, changes in real estate-related tax systems, higher bank lending rates, tighter bank lending or other factors may increase costs or reduce revenue, affecting the Group's operating results and financial position.」
In addition to the existing market, financing-condition and property-inventory risks, risks relating to real estate taxation, related legislation, market rents, tenant earnings and unexpected repairs were explicitly disclosed. - FY2016First statedAnnual report
「In the real estate sales business, the Group's operating results and financial position may be affected if property acquisitions fail to progress as expected, properties held for sale remain in inventory for an extended period or market prices decline substantially.」
Risks specific to the real estate sales business relating to acquisitions, properties held for sale remaining in inventory and price declines.