Major Realtors Warn of Potential Delays in New Condo Handovers

Tokyo, May 13 (Jiji Press)–Major real estate companies in Japan are warning of possible delays in new condominium handovers due to supply disruptions of construction materials and housing equipment amid the ongoing conflict in the Middle East. Although no actual delays have occurred yet, Mitsui Fudosan Residential Co. has informed buyers of condominiums currently under construction that material supplies are becoming uncertain. Mitsubishi Estate Residence Co. has notified customers who applied or signed contracts to buy new condo units in or after mid-April that changes to housing equipment suppliers and specifications are possible. Tokyu Fudosan Holdings Corp. has also informed its clients that condo handover dates may be changed. “As the (handover) timing is very important to our clients, we have informed them out of courtesy, in line with our relationships of trust,” said a company official. At a press conference last month, Toshihide Tsukasaki, an executive officer of Nomura Real Estate Holdings Inc., said that the Middle East situation has not yet had a “concrete impact” on condo handovers. Still, Tsukasaki noted that a prolonged conflict could delay condo handovers currently scheduled for January-March 2027, due to disruptions in painting and waterproofing work caused by the suspension of naphtha-based thinner supplies. END [Copyright The Jiji Press, Ltd.]