The average sales price of a newly constructed apartment in the city of Osaka was ¥42,570,000 ($350,000 USD) in February 2022. This was a year-on-year increase of 12.2% and up 20.3% versus January.
The average sales price per square meter was up year-on-year to ¥960,000 (+10.1% YoY).
For the Kansai region as a whole, the February average sales price hit ¥44,330,000 ($364,000 USD), up 12.1% year-on-year, led by strong price growth in the cities of Kyoto, Kobe, and Osaka and the prefecture of Shiga.
The average sales price per square meter for Kansai was up 8.2% year-on-year in February to ¥791,000. February was also the fourth consecutive month in which the average price per square meter has risen year-on-year in the region.
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 main takeaway from the February report is that buyer demand is continuing to stay strong despite rising prices. The contract rate for the Kansai region as a whole was 79.2%, well above the 70% market for three consecutive months. The contract rate is the number of units contracted for sale divided by the number of units offered for sale. Seventy percent is considered the dividing line between a seller’s and buyer’s market.
New inventory remains very tight in western Japan. Kansai suppliers released 1,378 newly built units for sale in February, a drop of 19.8% year-on-year. The March forecast is for an additional 1,500 units to come to market, which would be a year-0n-year decrease of 19.0%.
Average Sales Price of an Apartment in Kansai – By City & Prefecture
Here is the breakdown of average sales prices by area for February 2022 compared to January 2022 and year-on-year.
Source: Real Estate Economic Research Institute (不動産経済研究所)
Average Sales Price of an Apartment in Kansai – By City & Prefecture
This is the breakdown of average sales prices per square meter by city and prefecture for February 2022 compared to January 2022 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
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Sources:
REEI, February 2022 Kansai New Condominium Market Trends Report (PDF in Japanese)
REEI, January 2022 Kansai New Condominium Market Trends Report (PDF in Japanese)
REEI, February 2021 Kansai New Condominium Market Trends Report (PDF in Japanese)
Lead photo: Cherry blossoms in bloom near Minami-Tenma Park, Osaka via iStock 1296163108