Fukushima Prefecture’s Real Estate Appraisal Association announced the results of their survey on the real estate market for Fukushima following the March 11 earthquake, tsunami and nuclear disaster.
- Pre-quake transactions for 1st qtr of 2011 were 788.3 billion Yen
- Post-quake transactions for 2nd qtr of 2011 fall to 246.4 billion Yen
- Companies expecting fall in earnings and profits
- Reduced supply of properties
- Power shortages mean no recovery expected until at least September, 2011
The total value of real estate transactions made by publicly listed companies between April and June, 2011, fell 40% to 246.4 billion Yen. This is the lowest level for this quater since 2003. Following the March 11 Tohoku Disaster, many sales were postponed and the property market quickly descended into chaos. With the supply of properties also falling, the market is expected to take a while before bottoming out.