REthink Tokyo sat down with Yasuko Suzuki of Tokyo real estate partner PLAZA HOMES to gain an insight into the current state of the market, as well as her journey within Japan's real estate industry.

Known for connecting Tokyo properties to international investors, PLAZA HOMES has also proved to be a rich source of information for many trying to gain a foothold in the Japanese market.

What have been some of the biggest changes you have seen in the market during your time at PLAZA HOMES?

There has been an increase in the number of non-Japanese clients, both in an investment and secondary home capacity.

What do buyers and sellers need to be aware of in the current climate?

Sellers need to be aware of capital gain tax, which can depend on the ownership holding period. For buyers, it would be the transactions of popular property, which is moving rather fast.

Plus if you are planning to get a loan, most sellers require written proof from financial institutes to go with a submission of offer letter, such as a pre-approval note.

How did you come to work in the sales and purchase division?

I started my real estate career in 2003 as a bilingual broker, as I have always been interested in intermediary work between people.  Our main service was helping renting clients at the beginning, but it became more about fielding purchase inquiries from foreign clients living in Japan. I found it quite challenging and interesting, as it requires not only professional expertise, but also communication skills, flexibility, footwork, and patience. 

What do you enjoy most about your role?

I enjoy the variety of each deal, dealing with different client’s criteria, property investigation, understanding the seller’s motive, and meeting their expectations.   

Clients' satisfaction is the uppermost priority.

What have been some of the highlights from your time at PLAZA HOMES?

Working through a client's needs from the beginning and building credibility within the relationship. This means they are more likely to come back when they are purchasing their next property or selling their existing home. They may also introduce us to a friend.

What do you see as the key market trends for 2019?

Redevelopment sites in Minato ward. Many redevelopment plans are ongoing even after 2020, and some of them are appointed as “National Strategic Special Zone” by the government. The expected population growth could bring not only new offices and residences, but also bilingual hospitals, international schools, and serviced apartments.

Do you see any challenges for the Tokyo market in the long term?

I think the central Tokyo market will remain strong in the long-term, although it may not experience the same rapid growth that has been occurring in the past five years. The difference in property values between each of the districts may become greater.
It will be interesting to see the impact of the Olympic village in Harumi bay area, which will be a brand new town supplying over 5,600 residential units, commercial facilities, schools, parks, and hydrogenous gas station. 

Are there any emerging areas that you think buyers should be aware of?

The new Takanawa Gateway JR Station between Shinagawa and Tamachi Station, and also the Toranomon Hills Station.

There are redevelopment plans for the Azabudai district, Roppongi 5-chome west district, Shirokane 1-chome district, Mita Koyamacho district, and the “Harumi Flag”, which is the site of the Olympic village in Harumi bay area.

Where are the best places to buy affordable property?

I still say central Tokyo for leasing out and selling, even though you might get smaller or older properties for the same value, compared with outside Tokyo. There are a number of redevelopments coming in the next five to ten years, as well as an ongoing development in Minato Ward, which could create the potential for the surrounding areas.

What impact do you think events such as this year’s Rugby World Cup and the 2020 Olympics will have on the property market?

These world events have been gaining global attention, and city redevelopment has been accelerated as a result. There are many places or roads under construction in central Tokyo nowadays.  What is happening across the next two years will be the spark for the redevelopment plans launching after 2020. Tokyo will be reborn and the city's real estate value will be upgraded.

For more information about the Tokyo property market email Yasuko Suzuki from PLAZA HOMES  via the contact details below.

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