2020 will be here before we know it—and with it, Tokyo will welcome the Olympic Games. As the city looks forward to hosting the event, with all the tourism benefits it will bring, Japan’s housing market remains upbeat.

Strong capital appreciation, stable rental yields, a weakening yen, and buoyant demand continue to attract international investors to buy Japanese homes.

Japan’s overall residential property price index rose by 4.7% in January 2017 from the same period last year, according to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT).

In Tokyo, existing condominium units’ average prices rose by 3.1% during the year to end-Q1 2017, according to the Land Institute of Japan (LIJ).

That’s why Mandy Wong, Head of International Residential Property Services at JLL Hong Kong, believes international buyers should consider what investing in Tokyo could mean for them.

“The Bank of Japan’s negative interest rate policy, coupled with the relatively weak yen, means that overseas investors can make substantial returns," she says.

The current appeal lies in the positive yield spread between real estate assets and the cost of capital. Banks are left with few investment alternatives than to lend to real estate at “ridiculously cheap” rates, according to research from Price Waterhouse Cooper Asia Pacific.

High housing occupancy levels and stable rents offer investors a steady income stream, with returns looking especially promising on properties in areas such as Shibuya, the wealthiest of Tokyo’s five central wards.

Shibuya is being heralded as Japan’s Silicon Valley, attracting demand from the country’s fast-evolving tech industry. Designated a “national strategic special zone”, it is now is undergoing rapid change. Large office and retail redevelopments are re-establishing it as a major business and retail centre.

Shibuya enjoyed the highest nominal wage growth from 2010 to 2016, according to data from Ministry of Internal Affairs Japan. In turn, this increase in earnings is expected to drive demand for purchasing and renting higher quality housing in central Tokyo.

To meet that demand, several new residential developments are already under construction in Shibuya, with some expected to launch to the market as soon as 2020.

For JLL International Residential Property listings, please click here.

For more information on investing in overseas homes, visit our dedicated webpage, or contact Mandy Wong

15 Oct 2019

東倫敦的住宅物業市道一直落後於其他區域。隨著該區更新面貌,買家及業主湧至該區尋找機會,令東倫敦成為新興住宅物業區域。由政府帶領市區更新項目,成功提升東倫敦的面貌,為泰晤士河兩岸的區域,提供了物業增值的機會,增幅更會超過其他區域。

 

仲量聯行國際住宅物業部主管Caroline Palmer表示,東倫敦有較佳的投資增長回報,而且交通及社區設施大大改善,是買家尋找未完成項目的理想地段。住宅市場轉售市場中,我們見到有不少單位改頭換面,而且接近完成。較遲才完工的項目,亦幾個月後也同樣落成。買家很樂意買下單位投資,我們需要不少單位用作轉售,目前於史特拉福的次級銷售市場規模有限。

 

英國住宅研究部董事 Neil Chegwidden 指出,市場將會適應新的政治及經濟環境,而東倫敦的市道將回到英國脫歐前的狀態。

 

眾所週知,物業買家及投資者都希望尋中倫敦以外較有價值的物業。由現時直至2021年,倫敦每年缺少約20,000個單位,而東倫敦正是新供應的來源。不過,不僅是物業市場向東倫敦推進,不少企業都打算於該區設置辦公室。

 

倫敦眾多區域中,斯拉福特擁有最多租金及樓價相宜的物業。東倫敦其他區域,包括金絲雀碼頭 – 它會受惠於橫貫鐵路通車後大大縮減行車時間 -- 皇家碼頭、堡區、景寧鎮及薩里碼頭,都是樓價上升的區域。

 

仲量聯行位於這些區域的單位中,開放式間隔售價由33萬英鎊起;一房單位41萬英鎊起;兩房單位61萬鎊起,而三房單位則由70萬鎊起。英國脫歐後,英鎊兌其他主要貨幣呈現弱勢。脫歐前景漸見明朗,是投資倫敦物業的理想時間。我們預期今年物業價格維持穩定,對一手及二手物業的需求會略為增加。

 

大倫敦區的租金預測,預料由2017年至2021年間,每年有百分之19.9的增幅,較中倫敦的百分之13.1高。至於樓價,大倫敦區會有百分之19.2的增幅,而中倫敦則有百分之15.8。東倫敦物業的平均呎價為625英鎊,是倫敦最低的區域,更只及中部及西南部三分之一。這些區域的平均呎價為1,750英鎊。

 

Neil Chegwidden 表示,與貴價區域相比,過去幾年價格較低的區域有資產增值較大。從前較少人注目的地區,現時需求愈來愈高。

 

為手購買轉售物業? 有不少理由支持於轉售市場買賣倫敦物業。

 

Caroline Palmer認為,買家或未有於物業推出時購入單位,但其後了解到物業的增值空間,一如史拉福特,他們將會有興趣投資該區。物業進入轉售市場,因為舊業主於物業完工前已獲得可觀回報。因此他們會投資其他項目,或避免項目完工而要支付按揭及印花稅。

 

Caroline Palmer又透露,如果買家於斯拉福特以36萬英鎊買下單位,他只需要於完工前支付百分之10的訂金,但現時或升值至41萬鎊。物業投資附帶風險,但轉售市場是逃生門。如要獲利,最重要是把握時機。

 

如欲獲得更多國際物業轉售服務的資料,請聯絡Caroline Palmer。

15 Oct 2019

Underdeveloped in years gone by, East London has reinvented itself as a residential property hot spot, with both buyers and landlords drawn to the area following its large-scale regeneration.

The success of government-backed gentrification initiatives on the banks of the River Thames has opened the doors to potential property price gains that are expected to surpass all other parts of London.

According to Caroline Palmer, Senior Manager with our International Residential Properties Services team, East London is “really popular with people looking for pre-completed properties. They have more room for investment growth, and there’s been a significant investment in transport and amenities in the area.”

In the residential re-sales market, we currently see a great deal of activity for “flipped” units that are near to, or a few months away from, completion.

“People are so keen to buy and invest, we need a larger stock of apartments for re-sale, particularly as Stratford doesn’t have a huge secondary sales market,” explains Palmer.

“We expect the market to acclimatize to the new political and economic environment and for East London’s place on the global stage to return to its pre-Brexit status,” adds Neil Chegwidden, Director with our UK Residential Research team.

It’s no secret that both home owners and investors are looking beyond Central London for “better value” properties, with East London providing much-needed supply in a capital city with a shortfall of around 20,000 new flats annually between now and 2021. But the property market is not the only sector that has its eye glued on East London. Businesses keen to expand their foothold in London are turning to the borough as well.

Stratford currently stands out from the pack, boasting the most affordable residential rentals and sales prices in London. Other prime contenders for price growth in East London are Canary Wharf—which will move within closer reach to the City once the new Crossrail station opens next year—Royal Docks, Bow, Canning Town and Surrey Quays.

JLL’s existing stock of apartments on the secondary market across all these residential areas includes a mix of studios starting from £330,000; one-bedroom flats from £410,000; two-bedroom units that start from £610,000; and three-bedroom apartments, from £700,000.

The relatively weaker position of the British pound against other major currencies while Brexit bumps are ironed out makes this an opportune time to invest in London property. We forecast sales prices to remain relatively stable this year, while demand for new and secondary homes is expected to increase slightly.

Greater London rental prices are forecast to rise by 19.9% annually from 2017 to 2021, versus Central London growth of 13.1%. As for house prices, we expect Greater London to rise 19.2%, compared to 15.8% growth for Central London developments.

The average price for residential properties in East London is £625 per square foot (psf), currently the lowest in the city and just one-third of prices in London’s Central Southwest area, which stand at £1,750 psf.

“Cheaper London boroughs have witnessed greater capital value growth compared with more expensive boroughs over the last couple of years, while previously less popular locations have seen higher demand,” comments Chegwidden.

Why consider the re-sales market?

There are any number of reasons to buy or sell London property via the re-sales market.

Maybe a buyer didn’t buy at the time of a development’s launch and later reconsidered and understood the potential for investment growth, reveals Palmer. “Once a buyer knows that the area is up-and-coming – like Stratford – they become more interested to invest and reap returns,” she notes.

Properties may enter the re-sales market because their owners made a sizeable gain on their initial investments ahead of their units’ completion. In these cases, owners may want to reinvest their gains elsewhere, or avoid paying mortgage costs or stamp duty on a completed property.

“If an owner bought a flat in Stratford for £360,000, they might only have put down a 10% deposit ahead of completion,” adds Palmer. “Yet, the property may now be worth £410,000.”

As with every investment there is inherent risk in property transactions, but when the chips are down in the residential re-sale market, the exit door stands open. The key to success, as always, is timing…

For more information about our International Residential Property Resales services, please contact Caroline Palmer

 

15 Oct 2019

 

曼徹斯特常視為英國僅次於倫敦的最大城市。該市現時更有不少建設,改善設施以媲美南部的勁敵。主要工程有斥資8億鎊擴建曼徹斯特機場,以及價值1.1億鎊,落成後成為藝術及戲劇表演場地的The Factory。看來曼徹斯特要複製倫敦最時尚的地段,建立自己的梅費爾區,只是時間問題。

 

St. John’s是 Allied London的最新的發展項目,面積達到8公頃,受艾威爾河、Castlefield保護區,以及曼徹斯特市中心包圍。發展商希望項目能夠達致最初設計原意,並符合, St. John’s的名聲。

 

仲量聯行國際住宅物業服務部副董事 Mark Elliott相信,項目的名稱是合理的,認為與於1990年購下梅費爾區一樣。

 

私人俱樂部Soho House已表達了對項目的興趣。Mark Elliott認為,倫敦的大企業於不久的將來到當地開設精品店、酒吧及米芝蓮餐廳。他說: 「只要有建設進行,資金就會湧入,資產很快就會升值。」

 

仲量聯行英國住宅研究部估計,英國西北部住宅價格未來5年會上升。曼徹斯特的樓價直至2016年第二季,於過去12個月上升了百分之5.5。英國住宅研究部主管 Adam Challis於最近名為Into the Mainstream 的報告中表示,這些地點中的每項資產,較容易獲合比例的回報。

 

投資者希望增加不同的投資組合,以及夫高回報,令倫敦以外的英國城市變得更吸引。

 

對買家而言,生活模式同樣重要。St. John’s於單位附近設立社群,旨在將整個項目融入於社群當中,豐富居民的日常生活。為切合買家的需求,項目提供低密度單位、豪華頂層單位、公寓及高層單位。

 

不同大小的辦公室、商用作坊、零售舖位、咖啡室及工作室等,將會整個區域改造,吸引充滿活力及掌握先進科技的年青人創業及享受悠閒。Mark Elliott表示,St. John’s鼓勵項目內的企業家、創科公司、藝術家及設計師展開事業,以及與外面的社群交流,將刺激本土經濟增長及帶動投資回報。

 

 

不過,他警告說機會不會持久,惟目前仍是英國最令人振奮的項目。

 

15 Oct 2019

Manchester, often considered Britain’s second city behind London, is undergoing something of a revival, with amenities to match its rival in the south. £800 million has been invested in Manchester’s Airport City and £110 million in The Factory, an impressive theatre and arts facility worthy of West End performances. So it was perhaps only a matter of time before the city also sought to replicate one of London’s most fashionable addresses and develop the “Mayfair of Manchester”.

Built on eight hectares surrounded by the River Irwell, the Castlefield conservation area and Manchester city centre, St. John’s – a new development from Allied East – hopes to live up to the name it was given in an original design brief.

Mark Elliott, Associate Director with JLL's International Residential Property Servicesteam, believes the moniker is justified, likening the development to an opportunity to “buy in Mayfair in 1990.”

With the likes of Soho House already expressing interest in the project, he says it won’t be long until the other big players of the London scene start to take hold of the opportunities to open boutiques, bars and Michelin-star restaurants. “Once that begins to happen the money will start to flow in and in turn there will be large appreciation upon investments,” Elliott adds.

JLL’s UK Residential Research team expects house prices in the North West of England to increase over the next five years, building on 5.5% growth in Manchester in the twelve months to the end of Q2 2016. “These are the locations where scale on a per asset basis is easier to achieve,” explains Adam Challis, Head of UK Residential Research in a recent investment report, “Into the Mainstream”. With investors seeking to diversify their portfolios and increase return-on-investment, UK cities outside of London are becoming ever-more appealing.

But for many buyers, lifestyle is increasingly important too, and by forging a community around its residential units, St. John’s aims to integrate itself into the fabric of its city long-term and offer its residents enriching experiences. They will also have a choice of spaces to fit their individual lifestyles, from low-rise apartments to penthouses, lofts and high-rise living.

 The expected establishment of workspaces of all sizes, commercial workshops, retail outlets, cafés and studios, will transform the area into an attractive destination for a youthful, technologically savvy demographic to both do business and unwind.  “By encouraging entrepreneurs, innovative companies, artists and designers to develop their craft within the development and then to engage with the wider community,  St. John’s will stimulate local economic growth and that in turn will lead to higher returns on investment,” says Elliott.

“There is an opportunity here, but it will not be available for long,” he warns. “Buy in now to be part of one of the most exciting, but under the radar, regeneration projects in the UK.”

For more information about St John’s or investing in UK Property, contact Mark Elliott.

15 Oct 2019

未來的倫敦住宅供應有不少挑戰。2016年,新建住宅及新的建屋計劃大大減少,這是由於交投漸見減少,改變印花稅措施,以及英國脫歐,導致此情況出現。

不過,指出問題所在,並不足以阻止問題發生,更未可以解決及扭轉建屋數字下降的問題。住宅市場的交投已漸見活躍,但發展商會小心應付未來挑戰,預料增長會平穩。新英國首相以及倫敦市長需要盡快解決問題。

15 Oct 2019

European real estate exposure appears able to retain its position as a sweet spot for global capital. This is encouraging sign when there had been a movement out of European equities in recent weeks into higher yielding (higher-risk) emerging-market sovereign debt.

For More Information, Please contact us on +852 3759 0909.

15 Oct 2019

歐洲的房地產繼續成為全球資金停泊的理想地點。由於早前資金轉向高風險但高回報的新興市場主權債務,現時資金回到房地產市場,情況令人鼓舞。

如欲索取更多資料,請致電+852 3759 0909聯絡我們。

15 Oct 2019

仲量聯行住宅部研究及分析美國芝加哥的物業市場,並提出深入而透徹見解。如欲索取更多資料,請聯絡仲量聯行,電話號碼為+852 3759 0909。

15 Oct 2019

JLL residential team provides analysis and insights into residential real estate market in Chicago, USA. 
For more information, please contact Jones Lang LaSalle on +852 3759 0909.

15 Oct 2019