Kansai New Condominium Market Report – 2021 Year in Review

Here are the key highlights for the Kansai region new condominium market for 2021.

The data comes from the Real Estate Economic Research Institute’s (REERI’s) 2021 Kansai new condominium market report, which covers the prefectures of Osaka, Hyogo, Kyoto, Nara, Shiga, and Wakayama.

For the Kansai region as a whole these are the key takeaways:

Supply of newly constructed condominiums released for sale in the region increased 24.7% year-on-year to 18,951 units. This means that supply slightly surpassed the number (18,042) released in 2019, prior to the start of the pandemic.

Highest ever average sales price per square meter

The average sales price of ¥45,620,000 ($397,000 USD) was up 9.1% year-on-year. This was the highest average annual sales price recorded since 1991 when the average sales price hit ¥55,520,000 in Kansai.

The average sales price per square meter also set a record. The average sales price per sqm in 2021 was ¥751,000 ($6,526 USD) per sqm. This was the highest recorded since the REERI started its market surveys.

The REERI estimates that about 18,500 newly constructed condominium units will be released for sale in 2022 but that upward price pressure will negatively impact the balance of supply and demand.

Only a very slight sellers’ market

In 2021, the contract rate for the Kansai region as a whole was 69.8%, down 1.9 points from 2020, and the first time since 2012 that it has dropped below seventy percent.

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.

In contrast, in 2021, the contract rate for the Tokyo metropolitan region was 73.3%.

Building trends

With respect to building trends, developers are starting to release energy-saving ZEH-M (Zero Energy House – Manshon) type developments to the market. This is expected to increase, as the Japanese government is incentivizing energy-saving buildings.

More buildings are also featured co-working spaces so that residents can telecommute, no-touch elevators, and floor plans that allow for more distancing and working-from-home, as people are shifting to living with the pandemic.

What are the factors driving prices higher?

For a detailed discussion of what is causing such strong price appreciation in the new condominium market, please see this article: Average apartment prices high record high in 2021, exceeding bubble era high

Average price and price per square meter by prefecture & city

The chart below shows the average sales price and average sales price per square meter by prefecture and major city in Kansai.

Supply by prefecture & city

The chart below shows supply by prefecture and major city in Kansai for 2021.

Contract rate by prefecture & city

The chart below shows the contract rate by prefecture and major city in Kansai for 2021.


Source: Real Estate Economic Research Institute, Kansai region new condominium market trends for 2021 (PDF in Japanese)

Lead photo: High angle view over the tracks and platforms of Osaka Station surrounded by the skyscrapers of Umeda in the busy heart of Japan’s second city, via iStock 514519868


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


Bilingual Agents

All of the agents who list properties on realestate.co.jp are bilingual in Japanese and English. Some agents can also handle inquiries in Traditional Chinese, Simplified Chinese, and other languages. Please click on the links below to see their listings:

All For Sale Property Listings

Investment Property Listings


You may also be interested in

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

Homeowners insurance in Japan

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

Building your own home in Japan

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

Tokyo Apartment Market Forecast: Trends to watch for in 2022

Kansai Apartment Market Forecast: Supply and price trends to watch for in 2022