Yukiko Takano is a Manager for International Services at List Sotheby's International Realty.
With a strong focus on international clients in the Tokyo property market, Takano utilises her over 20 years' experience in the real estate industry to provide them with detailed and professional service. Takano leads an Inbound Sales Team with both English and Chinese bilinguals focusing on the sale of property in Japan.
REthink Tokyo spoke with Yukiko Takano about her experience in the real estate industry and Tokyo's property market.
What are some of the defining moments in the Tokyo real estate/expat history?
In my opinion, 2012 was the time when Japanese properties became a commodity. Before that period, the real estate market was very domestic focused and there was not much real movement and value.
Where are the key emerging markets/sectors that people should be looking to in Tokyo that will have an upside?
I think the upside in short term and long term are very different. In the long term, I believe that the central areas.
However, in the short term, any areas which are scheduled to have redevelopments such as Nippori, will transform these conveniently located areas into more fashionable zones.
Similarly, I think a place like Bakurocho which is crowded with wholesale garment stores and as a result is not a popular real estate choice has a lot of potential once lifestyle is introduced. With a few shops and restaurants, areas that are closely located to Tokyo station and other central zones will offer the perfect mix of location and lifestyle; and real estate is the same all over the world when it comes to this.
How do you best help a buyer or tenant? A vendor selling or leasing their property?
We have several bilingual staff who speak English and Chinese. All of us at List Sotheby's International Realty has lived abroad in the past, so we understand beyond language barriers.
This is the best way to help overseas clients.
Sotheby's International Realty has offices in 70 different countries and territories and we receive enquiries from all over the world. Thus, we may be a boutique operation but get different prospects from different sources.
What would you like to see changed in the industry in the next 5 years?
I hope the industry becomes more client-friendly to open up the market.
The incorporation of IT processes should also modernise the industry to be more transparent with less weight on agents and agencies.
It is also worth noting that some services can only be provided by selected agents who are multilingual, cultured and that hold knowledge in other areas such as finance and world economy.
What advice do you have for anyone wishing to enter the Japanese property market?
Find a property quickly before the resale ones all go up. For affordable ones, resale properties offer much better value compared to new ones.
The Japanese have always preferred new developments when it comes to buying property. Typically, people purchase one property with a 35-year mortgage and sell it when they are close to the end of their lives. Thus, it has become that resale properties devalue after their initial sale and ownership.
These days, however, people tend to purchase properties according to their lifestyle. From this, a trend has emerged where people have begun to own more than one property during their lifespan.
Real estate is supply and demand, and now there is a greater demand for resale properties, which has triggered a growth trend in the resale market for renovated resale properties.
What advice do you have for buyers and sellers looking to work with Sotheby's?
Our international network is effective for property sellers as we can target prospects from within and without Japan. There are 72 Sotheby's offices located around the world in different countries and territories and oftentimes we are able to support clients on both ends of a transaction.
Sotheby's uphold a professional standard of business practice ensuring our clients feel safe and comfortable in our service.
Where is demand currently coming from, are they locals or international buyers?
My role mainly focuses on international sales, so my clients are mainly from overseas. Currently, however, I feel that there are many buyers in the marketplace from Hong Kong.
Our Hong Kong buyers are particularly interested in large family homes, but we also see a range of buyers originating from China, Thailand and the Middle East.
Where do you see the Tokyo residential market in 5 years?
I anticipate the future of Tokyo's residential market to incorporate a more active luxury market with new luxury properties and hotel residences. But we also expect that the resale market will continue to grow also.
For more information about Tokyo's real estate market, email Yukiko Takano of List Sotheby's International Realty via the contact details listed below.
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