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Property transactions jump 50% on ‘Abenomics’: JLL

Bloomberg

Property transactions jumped 50 percent in the first half of 2013, headed for the highest level in five years, amid efforts by Prime Minister Shinzo Abe to boost the economy, Jones Lang LaSalle Inc. said.

Sales of offices, warehouses and retail space rose to ¥2.1 trillion in the first six months from the same period a year earlier, according to a statement from the broker. That compares with a 20 percent drop in sales in China, a 10 percent increase in Australia and 43 percent gain in Germany, Chigaco-based JLL said.

Abe’s pledge to end 15 years of deflation and the Bank of Japan’s unprecedented monetary easing have lifted business and consumer confidence in the world’s third-largest economy. “Abenomics” also has helped boost property transactions in Japan.

Deals will rise to as much as ¥3.5 trillion this year, the most since 2008, said Takeshi Akagi, a director in Tokyo for JLL.