The Japanese Housing Market: Is it Time to Buy?
The prices of newly built standalone homes and condominiums in Japan
have been rising steadily for the past few years,
but there is a growing concern that the market may
be reaching a turning point.
The prices of newly built standalone homes and condominiums
New Home Prices in Japan Continue to Rise,
but Demand is Weakening
The average asking price for small-scale newly built detached houses in Tokyo 23 wards was 7031 million yen in April,
an increase of 0.7% from the previous month.
This is the highest price since the statistics started in April 2014.
The rise in construction material costs and labour costs has been passed on to home buyers,
and prices have continued to rise. However, housing demand is weakening due to rising prices.
A survey by Tokyo Kantei found that the number of people who are interested
in buying a new home has decreased by 10% from the previous year.
This is due to a number of factors, including the rising cost of living,
the uncertainty of the economy, and the war in Ukraine.
We don’t need to tell you about the brilliance of Japan quality: detailed, good service and competitive price etc etc. But for how good Japan quality in general is, it’s equally easy to screw up. Badly.
Japan’s real estate industry and construction industry are full of fraudulent companies.
A number of them are rogue (of course, there are good and trustworthy companies, too.)
You need to be very careful to deal with them.
When you build your brand-new house in Japan, you must be extra mindful because it could be a disaster if it goes wrong.
It is widely known to the industry professionals that the laws are not necessarily protecting the consumers
Why is the owner (consumer) in so disadvantageous position ?
There are five main reasons.
1.The industry is not seeking a repeat business so they don’t look after customers well
2. High overhead cost
3. The related laws have many loopholes
4. The owner(customer) trusts the contractor (real estate agents and builders included) too much
5. Victim’s tragic stories are not widely reported in the media.