KPMG毕马威日本房地产市场研究报告20112m.pdf

Current Japanese Real Estate Market January 2011 0 ADVISORY Current Japanese Real Estate Market KPMG FAS Co., Ltd. January 2011 Introduction Ladies and Gentlemen, This report aims to provide an overview of the current Japanese real estate market from a macro perspective, as well as a forecast of its short-term future by analyzing historical trends and the relationships which exist between certain key indicators which have influenced the market. In the last issue “Current Japanese Real Estate Market” (July 2010), we identified market trends indicating the bottoming out of the downward trend in early 2010, hinting that the Japanese real estate market may very well be on its way to recovery. The first part of this report provides an overview of the data and current indicators that relate to, affect, and show further recovery in the Japanese real estate market. The second part provides facts and areas of focus which might be taken into account when investors contemplate investment opportunities in the current and/or near-future Japanese real estate market. We identify the leading indicator of land prices and show how two elements, the Japanese economy and real estate, are mutually related and how they impact the real estate market. Finally, we attempt to estimate the timing of the market’s recovery by analyzing the movements in these two elements. Content: Executive Summary I. Signs of Market Recovery