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06 Jul 11

Japan property Market Could Take years To Recover

It seems too obvious to say that the property market in Japan will take years to recover after the devstation of the recent earthquake. With street after street of demolished property and thousands of people homeless, the rebuilding exercise is likely to go on for years.

In a preliminary assessment of the quake's impact on Japan's real estate markets, CBRE found that demand in the industrial market could temporarily lift, but the long-term effects on industrial rents were still unclear.

CBRE's Asia Pacific and Japan research team also concluded: Advertisement: Story continues below -Tokyo office rents may soften amid the uncertain economic environment. -Tokyo prime retail rents are expected to remain flat. -Japanese investors and funds are likely to lead the recovery in transaction volumes, supported by domestic banks. Nick Axford, CBRE's head of research, Asia Pacific, said it was too early to assess the full impact of the quake on Japan's real estate market. ''On the investment side, we anticipate that Japanese investors and funds will lead the recovery in transaction volume,'' he said. ''Though some overseas investors have adopted a 'wait-and-see' attitude, others are viewing this is as a possible purchasing opportunity.'' According to the report, the Japanese government estimated infrastructure losses at ¥16 to ¥25 trillion ($A189 to $A295 billion).

However there have been reports of some luxury homes being sold for prices above the market value pre earthquake. David Harlington who has worked in Japan for many years said "the super rich of Japan are not prepared to wait for their old homes to be rebuilt or repaired and are happy to therefore to pay a premium for a luxury home that has not been effected by the earthquake so they can move in and get on with their lives and making money".