資産運用に動くマンション管理組合 気ままなリライト126
Across the country, condominium management associations have been feeling the push to adopt more beneficial strategies for the management and upkeep of their properties. With the costs of maintaining and repairing communal areas and facilities on the rise, numerous associations are exploring promising financial opportunities to boost their reserve funds. In this quest, some are focusing on enhancing their revenue streams by targeting investments that yield higher returns in a financial landscape marked by rising interest rates.
The bonds issued by the Japan Housing Finance Agency (JHFA) have captivated condominium management associations, transforming them into institutional investors. The appeal lies in the government-backed bonds that offer a way to indirectly invest in Japan’s housing market, promising stable returns anchored by mortgage payments. In fiscal year 2023, JHFA’s ten-year bonds, specifically targeting condominium management associations, were purchased by 2,700 associations, with a 50% increase from the previous year. Those sales soared to a record-breaking 72.9 billion yen, the highest since the year 2000. The yield on those bonds rose from 0.1% in fiscal 2000 to 0.475% in fiscal 2023, reaching levels last seen in fiscal 2012, just before the Bank of Japan implemented its aggressive monetary easing measures and zero interest rate policy.
Among the allies embracing the JHFA’s role in ensuring a robust and stable housing finance market in Japan is a condominium management association in Sakai City, Osaka Prefecture. Motivated by the potential for high returns on the bonds, the association's members opted to move their repair funds, initially stored in a zero-interest bank account, into JHFA bonds. This strategic shift was decided in their May 2023 meeting, with plans to invest four million yen annually into these bonds, reaching a total investment of 40 million yen over a decade. The association's credibility with the local municipality, established through proper management, enabled it to secure an attractive interest rate of 0.525 %. Masahiro Doi, the association's ex-chairman who now serves as its financial advisor, remarked, "The accumulation of interest income over time makes a big difference."
Several condominium management associations are embracing strategies to increase revenue by leveraging underutilized assets on their premises. A practical approach being adopted by an association in Sumida Ward, Tokyo, includes acquiring vacant units to rent them out by March and utilizing empty parking spaces for rental purposes. In an effort to reduce the financial burden associated with a major upcoming repair of their 40-year-old building, the association aims to establish a steady and dependable income stream by making effective use of those unoccupied assets.
The forthcoming update to the condominium ownership law, poised for enactment, promises to be a foundational development for condo management associations looking to expand their revenue streams through unified member action. This revised law clearly outlines the association's authority to purchase vacant units, contingent upon reaching an agreement with three-quarters of the unit owners and the specific owner in question within the condominium. The approach demonstrated by the Sumida Ward management association sheds light on this strategy's potential, indicating that acquiring units that fail to attract buyers or are held by tenants behind on maintenance fees will serve as a practical solution for associations to repurpose those units as rental properties.
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