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Tokyo tumble
Country: Japan
5 November 2008
Tokyo residential property prices may be poised for a major decline because of excess housing supply and flagging demand.
“We foresee full-blown drops in residential property prices,” says Minoru Mori, chairman of Japan's biggest privately held developer.
Japan's slowing economy and the credit crisis has damped demand for residential (and commercial) property in Japan. The slump in Tokyo's condominium market may last longer than the drop after Japan's asset-price bubble burst in 1990, according to an estimate by the Real Estate Economic Research Institute.
Condo supply in Tokyo fell 24% for the first six months of the year from the same period a year earlier. The number of new condos put up for sale in Tokyo, which stayed above 80,000 units since 1999, fell to 69,194 units in 2007 because sales declined and inventories rose.
Commercial real estate is holding up better than residential property, said Mr Mori.
'Tokyo's commercial property market remains relatively healthy. The current price decline probably won't be more than 10%,' Mr Mori said.
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