Strategy

Housing Market Trend

Housing starts are showing steady trend with units between 1.1 to 1.2 million a year for the past few years, however, owner occupied houses are decreasing.

Housing Starts by Use (in units)

(thousand units)

FY	Owner-occupied	For lease	Issued	For sale	Total
99	476	426	12	312	1,226
00	438	418	11	346	1,213
01	377	442	10	344	1,173
02	366	455	10	316	1,147
03	373	459	8	334	1,174
04	367	467	9	349	1,192
05	352	518	9	370	1,249
06	356	537	9	383	1,285
07	312	431	10	283	1,036
08	311	445	11	273	1,039
09	287	311	13	164	775

Source: Survey on Dwelling Houses and Construction Started, Ministry of Land, Infrastructure and Transport

Market Trend of Commercial Buildings

Decreasing trend in recent years, however, monthly trend is gradually recovering.

(unit:trillions of yen)

FY	99	00	01	02	03	04	05	06	07	08	09
Amount	10.3	9.7	9.1	8.5	8.7	9.4	9.7	10.1	10.3	8.4	7.3

Source:

The Current Survey of Orders Received for Construction [ Big 50 Constructors] Ministry of Land, Infrastructure and Transport

Note:

Building constructions only. (Includes offices, government buildings, stores, factories, residences, medical facilities, amusement facilities, etc.)

Trend of Total Stock Houses in Japan

Houses built in accordance with the old Building Standard Law, which was in use before 1981, account a large portion of the total stock houses in Japan. We estimate these houses to boost rennovation and rebuilding demands.

(thousand units)

Age(years)	Built between	Total	Detached house	Apartment	Row house	Others
0-2	2001 to Sept 2003	2,786	1,339	1,386	56	5
3-7	1996-2000	6,823	3,342	3,361	107	13
8-12	1991-1995	5,940	2,842	2,994	88	16
13-22	1981-1990	11,520	6,288	4,958	232	41
23-32	1971-1980	9,541	6,114	3,046	349	32
33-42	1961-1970	4,480	2,912	1,250	301	17
43-52	1951-1960	1,386	1,107	183	90	7
Over 53	Prior to 1950	2,188	1,999	56	124	10
Total		44,665	25,943	17,233	1,347	142

Source: Housing and Land Surey (2003), Ministry of Internal Affairs and Communications