MIPIM Asia 2011 - Voice of participants: Takaki Makino, general manager, Tokyu Livable

Tokyu Livable is at Mipim Asia this year to spread the word about the recovering real estate market in Japan.

‘Our main objective is to attract foreign investors into the Japanese real estate market’, said Takaki Makino, the company’s general manager.

‘After the main shock the real estate market in Japan really turned down’ the property market is quite low right now – so we think this is an opportunity to invest. We are presenting all of our services and we have had some reactions from Asian investors who are coming to the Japanese real estate market. After the quake there was absolutely no deals for three months, but foreign investors came back and from July we have got some investors back. Our message to investors? Come and invest in Japan! Japan is safe! There are still problems, but the government has set up a plan and is implementing that plan, little by little. The cooling of the reactor is being put in place and it’s going according to the plan.’

Tokyo-based Tokyu Livable is at its third MIPIM Asia, and does around 700 transactions per year, said Takaki Makino.

‘We are stronger in Tokyo because there are more properties. Per year we do around 700 transactions, and we have around 243 people in our production department.  Investors should have a lot of choices, and should make the right ones. We have to explain to them the good points of the Japanese market. The Chinese real estate market is becoming more difficult right now. Of course there is the Euro problem too and the American sub-prime problem is not over, of course. So how should we convince Asian investors to come to Japan? All Asian countries had an inflation problem but Japan has a deflation problem. The Yen is strong. Of course we had the earthquake problem, our population is diminishing. so we have got a lot of minus points. Btut stability is the main point we have to look for in Japan. The property market is very very big, with a lot of transactions, demand and supply are in quite a good balanced equation. It’s stable, because of that. It’s one of the attraction points of Japan. We can have a yield return of 4-6% – the Hong Kong/Taipei markets are around 2-3 per cent and especially Taiwan investors are looking at the income return rate and they are choosing Japan a lot, more and more. Japanese developers have problems buying land at the moment – some american pension funds and Hong Kong developers are showing interest, so we hope as a trend it becomes more and more important.

We’re trying to take a lead and globalise the Japanese real estate market. Even our government is not very active in that – we feel a bit alone. But we hope it bears fruits.’


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