How much does an apartment cost in Osaka – October 2021 Update

The average sales price of a newly constructed apartment in the city of Osaka was ¥40,820,000 ($359,000 USD) in September. This was a year-on-year drop of 29.7% but the average sales price per square meter was about flat year-on-year at ¥886,000 (+0.3% YoY).

For the Kansai region as a whole, the September average sales price hit ¥47,570,000 ($418,000 USD), up 1.4% year-on-year and up 7.8% versus August, led by strong price growth in Hyogo prefecture. The average sales price per square meter for Kansai was up 11.9% in September to ¥886,000.

Data for the Kansai region covers Osaka prefecture, the city of Osaka, Hyogo prefecture, the city of Kobe, Kyoto prefecture, the city of Kyoto, and Nara, Shiga, and Wakayama prefectures.

The supply of new condominiums for the Kansai region decreased by 1.5% in September coming in at 1,210 units, for two consecutive months of decreases.

This comes after a huge jump in supply in the first seven months of 2021 when developers released new inventory to the market in a bid to keep up with pent up buyer demand. In July, for example, new inventory grew 111.7% month-on-month, for seven consecutive months of growth. Following the outbreak of the pandemic last March, developers had severely pulled back on supply in 2020.

For the Kansai region as a whole, the contract rate for September was 59.4%, down 9.8 points year-on-year and down 5.6 points versus August. The contract rate is the number of units contracted for sale divided by the number of units offered for sale. A contract rate above 70% is said to indicate strong buyer interest relative to supply.

The September contract rate number is significant because of the strong (buyers market) data leading up to last month. The contract rates for April, May, June, July and August were 62.0%, 78.3%, 73.2%, 73.4%, and 65.0%, respectively. For the first six months of the year, the contract rate for Kansai averaged 73.0%.

Average Sales Price of an Apartment in Kansai – By City & Prefecture

Here is the breakdown of average sales prices by area for September 2021 compared to August 2021 and year-on-year.

For more information about Osaka

Osaka living guide

Osaka average rent

Sakai Area Guide

Kyobashi Area Guide

Kansai New Condominium Market Report for January to June 2021

What can you buy in Osaka for $150,000 or less?

Osaka short-term apartments: Where to stay near Umeda

Osaka properties for sale

Osaka apartments for rent

FAQs About Buying Property in Japan

Can a foreigner buy property in Japan?

Yes. You can buy property in Japan regardless of your nationality or country of origin. There are also no residency requirements for buying real estate in Japan. Securing financing as a resident foreigner is more complicated. For info on financing, please see Basic Requirements for Getting a Mortgage as a Foreigner in Japan

Seminars on Buying Property in Japan

Please see our seminar page for a current list of seminars on: how to buy a home in Japaninvesting in Japanese real estate for beginnershow to apply for permanent residency in Japanhow to sell property in Japan, and much more.

How do I get a property loan as a foreigner in Japan?

Please see this article for information on: Getting a property loan as a foreigner in Japan

What is the process for buying a property in Japan?

Please see our step-by-step guide: Guide to Buying Property in Japan

See how much you can borrow and your monthly payments in yen: Yen Mortgage Loan Calculator

For information about purchase and brokerage fees: Breakdown of real estate purchase fees and taxes in Japan

Need to Know

Leasehold rights in Japan: Advantages and disadvantages

Earthquake building codes and technology in Japan

Can I legally rent out my home in Japan on AirBnB?

Repair reserve fund fees explained

Parking spaces in Japanese condominium buildings explained

Bilingual Real Estate Agent in Tokyo Answers Your FAQs on Buying and Managing an Investment Property

How much is my property worth?

Real Estate Japan is pleased to offer free, no obligation appraisals for owners of property in Japan. Please click here and fill out the form: How much is my property worth?

7 situations when you should consider selling your investment property in Japan

What are the main factors affecting home sale prices in Japan in 2019?

Akiya Banks in Japan

2021 homebuyer incentives in Japan

Homeowners in Japan can expect lower property taxes in 2021

Tokyo Apartment Market Forecast: Trends to watch for in 2021

Kansai Apartment Market Forecast: Supply and price trends to watch for in 2021


Lead photo: Dotonbori, Osaka via iStock


Sources:

REEI, September 2021 Kansai New Condominium Market Trends Report (PDF in Japanese)

REEI, September 2020 Kansai New Condominium Market Trends Report (PDF in Japanese)

REEI, August 2021 Kansai New Condominium Market Trends Report (PDF in Japanese)