The average sales price of a newly built apartment in the city of Osaka was ¥39,460,000 ($349,000 USD) in October.

This was a 3.3% year-over-year decline, with the average sales price per square foot also declining year-over-year to ¥805,000 ($6,354 USD), down -15.2%.

For the Kansai region as a whole, the average sales price in October amounted to ¥42,220,000 ($373,000 USD), down 13.9% year over year and also down 11.2% from September, with significantly lower selling prices in Hyogo and Kobe prefecture pushing down October’s numbers. The average selling price per square meter for Kansai fell 5.6% to ¥720,000 in October.

Data for the Kansai region includes Osaka Prefecture, Osaka City, Hyogo Prefecture, Kobe City, Kyoto Prefecture, Kyoto City, and Nara, Shiga, and Wakayama Prefectures.

Supply of new condominiums for the Kansai region rose 3.0% to 1,457 units in October, the first time in three months that new supply has increased year-over-year.

The Kansai regions saw supply surge in the first seven months of 2021 as developers released new inventory in an effort to keep up with pent-up buyer demand. In July, for example, new inventory grew 111.7% month-on-month, seven straight months of growth. After the outbreak of the pandemic in March last year, developers had severely scaled back delivery in 2020.

For the Kansai region as a whole, the contract rate for October was 57.3%, down 0.7 points year-on-year and 2.1 points down from September. The contract rate is the number of units for sale divided by the number of units for sale. A contract rate of more than 70% would indicate strong buyer interest towards the offer.

September and October contract rates are significant due to the strong (buyer’s market) data leading up to last month. 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 selling price of an apartment in Kansai – by city and prefecture

Here is the breakdown of average sales prices by area for October 2021 compared to September 2021 and on an annualized basis.

Source: Real Estate Economic Research Institute (Institute for Economic Research Real Estate)

Source: Real Estate Economic Research Institute (Institute for Economic Research Real Estate)

Average sales price per square meter of an apartment in Kansai – by city and prefecture

Here is the breakdown of average sales prices by area for October 2021 compared to September 2021 and on an annualized basis.

Source: Real Estate Economic Research Institute (Institute for Economic Research Real Estate)

Source: Real Estate Economic Research Institute (Institute for Economic Research Real Estate)

For more information about Osaka

Live guide in Osaka

Average rent Osaka

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?

Short-Term Apartments in Osaka: Where to Stay Near Umeda

Homes for sale in Osaka

Apartments for rent in Osaka

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sources:

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

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

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

Main image: November 24, 2012: Osaka Castle by the moat and tower during the fall foliage season via iStock 1007811316 Credit:Sean Pavone

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