Japan Real Estate - Q3 2014

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Japan’s consumer confidence eroded as previously expected when the consumption tax (VAT) increased from 5% to 8% in April this year. The dislocation of demand seems transitory, however moderate economic recovery is expected in the second half of the year as the corporate sector in Japan maintains resilience. For now, aggressive monetary easing has created a tailwind for asset prices and the overall real estate market.

Favourable credit conditions and lending attitudes led to a 70% increase in the volume of commercial property transactions over the past year. This led to a further compression of real estate cap rates in the period. J-REITs still remain the strongest purchasers in the investment market as a whole, while cross border investors try to expand their portfolio especially in the office, hospitality and retail sectors respectively.

Source : Deutsche Asset & Wealth Management

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