Japan Real Estate - Q4 2014

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Japan’s consumer confidence struggled to make a strong recovery in the third quarter of 2014 as previously expected due to the consumption tax (VAT) increase earlier in the year, in addition to the adverse weather conditions experienced over the summer. The corporate sector in Japan maintained resilience and the dislocation of demand seemed transitory, however moderate economic recovery is expected in the final quarter of the year. In the meantime, aggressive monetary easing has created a tailwind for asset prices and the overall real estate market.

The volume of commercial real estate transactions in Japan remained at a buoyant level in the third quarter of 2014, indicating a 14% increase from the same period the previous year. This led to a further compression of real estate cap rates in the period. J-REIT’s market share in commercial transactions decreased from 60% in the first half of 2013 to 40% in the latest period, while global investors and local developers gained momentum instead.

Source : Deutsche Asset & Wealth Management

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