The average sales price of a newly constructed apartment in the Kansai region, which includes Osaka, Kyoto, and Kobe, averaged ¥42,260,000 ($389,700 USD) in March, an increase compared to the average sales price in February (of ¥39,540,000), but a drop of 13.9% year-on-year.
This price movement occurred amidst a strong increase in the supply of new properties being released for sale and a high contract rate of 74.8%, indicating strong buyer interest in units that came onto the market. The contract rate is the number of units contracted for sale divided by the number of units offered for sale.
These were the key takeaways from the the Real State Economic Institute (REEI)’s March new condominium market trends report for the Kansai region.
The strong contract rate in the Kansai region has been a conspicuous feature of the market. In February, the contract rate was 78.5%, so the April rate of 74.8% was a decrease of 3.7 points, but represented a 5.6 point jump from the March 2020 figure of 69.2%.
The REEI’s report covers the city and prefecture of Osaka, and the prefectures of Hyogo (where Kobe is located), Kyoto, Nara, Shiga, and Wakayama.
Average Sales Price of an Apartment in Kansai – By City & Prefecture
Here is the breakdown of average sales prices by area for March 2021 compared to February 2021 and year-on-year.
|Mar 2021 – Average Sales Price in JPY||Feb 2021 – Average Sales Price in JPY||Mar 2021 v. Feb 2021 — MoM % Change||Mar 2020 – Average Sales Price in JPY||
Mar 2021 v. Mar 2020 — YoY % Change
Average sales prices by square meter
Mar 2021 – Average Sales Price Per SQM in JPY
|Feb 2021 – Average Sales Price Per SQM in JPY||Mar 2021 v. Feb 2021 — % Change||Mar 2020 – Average Sales Price Per SQM in JPY||
Mar 2021 v. Mar 2020 — % Change
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REEI, March 2021 Kansai New Condominium Market Trends Report (PDF in Japanese)
REEI, March 2020 Kansai New Condominium Market Trends Report (PDF in Japanese)
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