New Condominiums
The Real Estate Economic Institute (不動産経済研究所) released their report on new condominiums for the month of April. The data includes sales, inventory, new supply in Kansai region, which includes Wakayama, Osaka, Nara, Hyogo, Kyoto, and Shiga Prefectures.
The report was initially released on May 20, 2021.
We hope this report can supplement the monthly sales reports for the secondary market we publish every month.
The data will include sub categories such as;
- Average Sales Price
- Average Unit Price
- Inventory/New Supply
- Breakdown by Floor Plan
- Breakdown by Price Point
１．New Condominiums
Kansai Region
Average Price
April 2021: ¥53,560,000 average price
April 2020: ¥34,340,000 average price
Year-over-year change of 56.0%
Month-to-month change of 26.7% (March to April)
Average Floor Area: 69.11m2
Unit Price
April 2021: ¥775,000 average unit price
April 2020: ¥634,000 average unit price
Year-over-year change of 22.2%
Month-to-month change of 2.4% (March to April)
Inventory
Total Inventory 2021: 3,508 units
Total Inventory 2020: 2,697 units
New Supply 2021: 1,093 units (678 sales)
New Supply 2020: 494 units (385 sales)
Total Sales: 1,113 units
Breakdown by Floor Plan
| New Supply | Units Contracted | Contract Percentage | |
| 1DK | 2 | 0 | 0.0% |
| 1LDK | 63 | 24 | 38.1% |
| 2LDK | 297 | 156 | 52.5% |
| 3LDK | 673 | 460 | 68.4% |
| 4LDK | 58 | 38 | 65.5% |
| Total | 1,093 | 678 | 62.0% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 2 | 2 | 100.0% |
| ~¥30,000,000 | 27 | 17 | 63.0% |
| ~¥33,000,000 | 64 | 46 | 71.9% |
| ~¥35,000,000 | 56 | 40 | 71.4% |
| ~¥37,000,000 | 83 | 63 | 75.9% |
| ~¥40,000,000 | 99 | 65 | 65.7% |
| ~¥43,000,000 | 96 | 68 | 70.8% |
| ~¥45,000,000 | 64 | 35 | 54.7% |
| ~¥47,000,000 | 60 | 36 | 60.0% |
| ~¥50,000,000 | 61 | 35 | 57.4% |
| ~¥55,000,000 | 124 | 72 | 58.1% |
| ~¥60,000,000 | 73 | 33 | 45.2% |
| ~¥65,000,000 | 86 | 46 | 53.5% |
| ~¥70,000,000 | 52 | 26 | 50.0% |
| ~¥80,000,000 | 67 | 43 | 64.2% |
| ~¥90,000,000 | 28 | 16 | 57.1% |
| ~¥99,999,999 | 10 | 6 | 60.0% |
| ¥100,000,000~ | 35 | 26 | 74.3% |
| ¥200,000,000~ | 6 | 3 | 50.0% |
| ¥300,000,000~ | |||
| Total | 1,093 | 678 | 62.0% |
2. New Condominiums Osaka City
Price
April 2021: ¥61,740,000 average price (¥926,000 per square meter)
New Supply: 183 units (128 sales)
Breakdown by Floor Plan
| New Supply | Units Contracted | Contract Percentage | |
| 1DK | 2 | 0 | 0.0% |
| 1LDK | 15 | 12 | 80.0% |
| 2LDK | 67 | 47 | 70.1% |
| 3LDK | 95 | 65 | 68.4% |
| 4LDK | 4 | 4 | 100.0% |
| Total | 183 | 128 | 69.9% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 0 | 0 | 0.0% |
| ~¥30,000,000 | 3 | 1 | 33.3% |
| ~¥33,000,000 | 5 | 3 | 60.0% |
| ~¥35,000,000 | 5 | 5 | 100.0% |
| ~¥37,000,000 | 15 | 14 | 93.3% |
| ~¥40,000,000 | 13 | 10 | 76.9% |
| ~¥43,000,000 | 16 | 11 | 68.8% |
| ~¥45,000,000 | 7 | 5 | 71.4% |
| ~¥47,000,000 | 3 | 1 | 33.3% |
| ~¥50,000,000 | 2 | 2 | 100.0% |
| ~¥55,000,000 | 19 | 11 | 57.9% |
| ~¥60,000,000 | 5 | 3 | 60.0% |
| ~¥65,000,000 | 33 | 22 | 66.7% |
| ~¥70,000,000 | 18 | 13 | 72.2% |
| ~¥80,000,000 | 18 | 12 | 66.7% |
| ~¥90,000,000 | 3 | 2 | 66.7% |
| ~¥99,999,999 | 6 | 4 | 66.7% |
| ¥100,000,000~ | 9 | 7 | 77.8% |
| ¥200,000,000~ | 3 | 2 | 66.7% |
| ¥300,000,000~ | |||
| Total | 182 | 128 | 69.9% |
3. New Condominiums Osaka Prefecture (Osaka City excluded)
Price
April 2021: ¥48,050,000 average price (¥714,000 per square meter)
New Supply: 302 units (105 sales)
Breakdown by Floor Plan
| New Supply | Units Contracted | Contract Percentage | |
| 1DK | 0 | 0 | 0.0% |
| 1LDK | 38 | 3 | 7.9% |
| 2LDK | 141 | 37 | 26.2% |
| 3LDK | 111 | 62 | 55.9% |
| 4LDK | 12 | 3 | 25.0% |
| Total | 302 | 105 | 34.8% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 2 | 2 | 100.0% |
| ~¥30,000,000 | 0 | 0 | 0.0% |
| ~¥33,000,000 | 17 | 11 | 64.7% |
| ~¥35,000,000 | 23 | 13 | 56.5% |
| ~¥37,000,000 | 23 | 11 | 47.8% |
| ~¥40,000,000 | 31 | 10 | 32.3% |
| ~¥43,000,000 | 26 | 9 | 34.6% |
| ~¥45,000,000 | 25 | 3 | 12.0% |
| ~¥47,000,000 | 28 | 8 | 28.6% |
| ~¥50,000,000 | 29 | 13 | 44.8% |
| ~¥55,000,000 | 32 | 8 | 25.0% |
| ~¥60,000,000 | 23 | 4 | 4.3% |
| ~¥65,000,000 | 14 | 4 | 28.6% |
| ~¥70,000,000 | 13 | 1 | 7.7% |
| ~¥80,000,000 | 8 | 5 | 62.5% |
| ~¥90,000,000 | 5 | 2 | 40.0% |
| ~¥99,999,999 | 1 | 1 | 100.0% |
| ¥100,000,000~ | 1 | 0 | 0.0% |
| ¥200,000,000~ | 1 | 0 | 0.0% |
| ¥300,000,000~ | |||
| Total | 302 | 105 | 34.8% |
Summary
- New supply increased by 121.3% (1,093 units) year over year, an increase observed for the fourth consecutive month.
- Average Price and Average Price per square meter increased significantly. The highest level observed since Japan’s Economic Bubble.
- The new supply for urban compact condominiums (city investment properties) was zero
- The contract rate to new supply was low, 62% for April 2021.
New supply for April was 1,093 units compared to 494 units in April 2020 a percent increase of 121.3%. Although a decrease in new supply compared to March 2021 of 722 units, 39.8% decrease.
Total inventory also decreased by 20 units (3,508 units) compared to last month’s total of 3,528 units. Total inventory increased by 811 units compared to March 2020.
The Real Estate Economic Institute characterized the condominium market as;
The significant increase in the price per unit was due to the fact that nearly 40% of the units sold in the same month of last year were urban compact condominiums (city investment properties) with a smaller unit area. The price per unit has been the highest since May 1992 (¥53,580,000) and the highest unit price since October 1991 (¥803,000).
As of April, the price per unit has been the highest since 1990 (¥64,390,000) and the unit price since 1991 (¥824,000).
The expectation did not meet the actual for unit supply in April 2021.
Expectation: 1,200 units
Actual: 1,093 units
The expectation for new supply in May 2021 is about 1,000 units.
Comparing the month of April in years past;
- May 2017: 1,738 units
- May 2018: 1,480 units
- May 2019: 1,388 units
- May 2020: 214 units
For additional information please contact us here
Email: info@remax-apex.com
For the original Japanese Report clink here → Real Estate Economic Institute