Business mood in real estate sector sees biggest drop since 2011 earthquake

The general business mood in March has worsened for the six month in a row according to credit research firm Teikoku Databank. The diffusion index (DI) of confidence from a survey of 11,330 companies across various industries dropped 6.2 points from February to 32.5. A month-on-month drop of this magnitude has not been seen since April 2014 which recorded a 4.2 point decline.

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Sales in Harumi Flag on hold

On March 30, Jiji Press reported that off-the-plan sales in Harumi Flag have been temporarily suspended and the sales showroom closed. The large-scale condo complex on a manmade island in Tokyo Bay was initially planned to be used as the Athletes Village for the 2020 Olympics, but the postponement of the games has thrown a wrench into the scheduling of the post-Olympic refurbishment of the apartments. 

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New apartment supply in February hits 45-year low

The number of brand-new apartments released for sale across greater Tokyo reached the lowest level seen for the month of February since 1975. 

According to the Real Estate Economic Institute, February’s figures were not the direct result of the recent worldwide outbreak of the novel coronavirus. However, should economic conditions and consumer outlook worsen as a result of the unprecedented global slowdown, it is likely that Japan’s developers will continue to limit the supply of new apartments in the coming months.

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