On September 23rd, TERASS Research announced the results of their survey targeting 117 in-house real estate brokers seeking to understand changes in buyer behaviour over the course of the pandemic. 

The survey was conducted between September 7th and 17th targeting Tokyo based residential sales brokers only.  Survey responses were collected anonymously via forms filled out online. 

83% of agents responded there was some change in buyer behaviour before and during the pandemic.  

Broken down further into what types of changes, top responses were:

20.2% said their clients have expanded the desired area of search.

16.6% said that floor space became more important than pre-pandemic times.

15.4% said the number of desired rooms became more important.

Commenting on the result, TERASS Research said “Prior to the pandemic, many buyers saw their property primarily as a place to sleep and the pandemic has changed that significantly.  Buyers are increasingly seeing their home as a place to work, play and learn too.”

When asked about whether the purchasing process has become more difficult due to the pandemic, agents replied in the affirmative with the following reasons taking the top spots for what specifically has become more challenging:

48% said finding suitable property has become more difficult.

23.9% said the need for buyers to narrow down desired conditions for the property has become more acute.

19.7% said arranging viewings has become more difficult. 

When asked about the real estate market 1 year from now, only 12.1% of respondents thought prices would decrease as the majority of agents felt that as long as supply is constricted together with low borrowing rates and lifestyle changes driving high demand, these buy side difficulties will continue.

Further Reading:

TERASS Research Original Press Release (Japanese Only; September, 2021)