Osaka New Apartment Market Report for July 2021

The average sales price of a newly constructed apartment in the city of Osaka has dropped year-on-year for two consecutive months to ¥41,850,000 ($381,000 USD) in July, down 19.6% YoY. The July sales average also represents a sharp decline from the 2021 high of ¥61,740,000 reached in April.

This is one of the key takeaways from the Real Estate Economic Research Institute (REEI)’s July 2021 report on the Kansai new condominium market report. 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.

Here are the other main highlights from the July data:

  • The drop in the average sales prices in the city of Osaka was the main cause of the 9.2% YoY drop in the Kansai average sales price in July to ¥44,630,000 ($407,000 USD).
  • The average sales price per square meter for the Kansai region fell for the fourth consecutive month in July, to ¥700,000 per sqm.
  • The supply of new condominiums for the Kansai region increased in July by 111.7%  to 1,950 units, continuing a recovery from the depths of the low supply situation that started when developers held back from releasing new units following the start of the pandemic.
  • The contract rate for July was 73.4%, up six points year-on-year and up 0.2 points versus June. 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.

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

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

July 2021 –
Average Sales Price in JPY
June 2021 –
Average Sales Price in JPY
July 2021 v. June 2021
MoM % Change
July 2020 –
Average Sales Price in JPY
July 2021 v. July 2020
YoY % Change
Osaka City 41,850,000 48,480,000 -13.7% 52,050,000 -19.6%
Osaka Prefecture 51,400,000 44,290,000 16.1% 44,120,000 16.5%
Kobe 56,450,000 35,170,000 60.5% 52,510,000 7.5%
Hyogo Prefecture 49,960,000 64,640,000 -22.7% 48,210,000 3.6%
Kyoto City 26,790,000 57,360,000 -53.3% 54,990,000 -51.3%
Kyoto Prefecture 38,070,000 41,290,000 -7.8% N/A
Nara Prefecture 48,630,000 39,120,000 24.3% 40,230,000 20.9%
Shiga Prefecture 45,650,000 35,750,000 27.7% 40,540,000 12.6%
Wakayama Prefecture 33,700,000 40,400,000 -16.6% 36,500,000 -7.7%
Kansai Region 44,630,000 45,720,000 -2.4% 49,170,000 -9.2%

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

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Osaka short-term apartments: Where to stay near Umeda

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

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

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

Lead photo: Abeno district, Osaka via iStock-635865112