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 March. 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 April 19, 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
March 2021: ¥42,260,000 average price
March 2020: ¥49,050,000 average price
Year-over-year change of -13.8%
Month-to-month change of 6.9% (February to March)
Average Floor Area: 55.78m2
Unit Price
March 2021: ¥757,000 per square meter
March 2020: ¥762,000 per square meter
Year-over-year change of 0.7% per square meter
Month-to-month change of 3.6% per square meter (February to March)
Inventory
Total Inventory 2021: 3,528 units
Total Inventory 2020: 2,731 units
New Supply 2021: 1,815 units (1,358 sales)
New Supply 2020: 1,528 units (1,057 sales)
Total Sales: 1,743 units
Breakdown by Floor Plan
| New Supply | Units Contracted | Contract Percentage | |
| Studio | 1 | 1 | 100.0% |
| 1K | 589 | 455 | 77.2% |
| 1DK | 14 | 5 | 35.7% |
| 1LDK | 36 | 21 | 58.3% |
| 2LDK | 195 | 150 | 76.9% |
| 3LDK | 854 | 636 | 74.5% |
| 4LDK | 126 | 90 | 71.5% |
| Total | 1,815 | 1,358 | 74.8% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 592 | 458 | 77.4% |
| ~¥30,000,000 | 24 | 14 | 58.3% |
| ~¥33,000,000 | 40 | 29 | 72.5% |
| ~¥35,000,000 | 47 | 37 | 78.7% |
| ~¥37,000,000 | 73 | 48 | 65.8% |
| ~¥40,000,000 | 105 | 87 | 82.9% |
| ~¥43,000,000 | 115 | 91 | 79.1% |
| ~¥45,000,000 | 87 | 68 | 78.2% |
| ~¥47,000,000 | 79 | 50 | 63.3% |
| ~¥50,000,000 | 122 | 88 | 72.1% |
| ~¥55,000,000 | 155 | 98 | 63.2% |
| ~¥60,000,000 | 103 | 78 | 75.7% |
| ~¥65,000,000 | 50 | 36 | 72.0% |
| ~¥70,000,000 | 62 | 51 | 82.3% |
| ~¥80,000,000 | 73 | 57 | 78.1% |
| ~¥90,000,000 | 24 | 13 | 54.2% |
| ~¥99,999,999 | 24 | 19 | 79.2% |
| ¥100,000,000~ | 35 | 31 | 88.6% |
| ¥200,000,000~ | 6 | 5 | 83.3% |
| ¥300,000,000~ | |||
| Total | 1,815 | 1,358 | 74.8% |
2. New Condominiums Osaka City
Price
March 2021: ¥42,320,000 average price (¥840,000 per square meter)
New Supply: 713 units (628 sales)
Breakdown by Floor Plan
| New Supply | Units Contracted | Contract Percentage | |
| Studio | 1 | 1 | 100.0% |
| 1K | 282 | 282 | 100.0% |
| 1DK | 3 | 1 | 33.2% |
| 1LDK | 31 | 18 | 58.1% |
| 2LDK | 99 | 82 | 82.8% |
| 3LDK | 260 | 212 | 81.5% |
| 4LDK | 37 | 23 | 71.5% |
| Total | 713 | 628 | 88.1% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 282 | 282 | 100.0% |
| ~¥30,000,000 | 2 | 1 | 50.0% |
| ~¥33,000,000 | 9 | 8 | 88.9% |
| ~¥35,000,000 | 18 | 17 | 94.4% |
| ~¥37,000,000 | 28 | 20 | 71.4% |
| ~¥40,000,000 | 50 | 44 | 88.0% |
| ~¥43,000,000 | 55 | 46 | 83.6% |
| ~¥45,000,000 | 32 | 28 | 87.5% |
| ~¥47,000,000 | 24 | 19 | 79.2% |
| ~¥50,000,000 | 36 | 26 | 72.2% |
| ~¥55,000,000 | 39 | 30 | 76.9% |
| ~¥60,000,000 | 22 | 20 | 90.9% |
| ~¥65,000,000 | 10 | 7 | 70.0% |
| ~¥70,000,000 | 22 | 18 | 81.8% |
| ~¥80,000,000 | 27 | 18 | 66.7% |
| ~¥90,000,000 | 15 | 9 | 60.0% |
| ~¥99,999,999 | 12 | 8 | 66.7% |
| ¥100,000,000~ | 26 | 24 | 92.3% |
| ¥200,000,000~ | 4 | 3 | 75.0% |
| ¥300,000,000~ | |||
| Total | 713 | 628 | 88.1% |
3. New Condominiums Osaka Prefecture (Osaka City excluded)
Price
March 2021: ¥53,190,000 average price (¥687,000 per square meter)
New Supply: 362 units (251 sales)
Breakdown by Floor Plan
| New Supply | Units Contracted | Contract Percentage | |
| Studio | |||
| 1K | |||
| 1DK | |||
| 1LDK | 1 | 0 | 0.0% |
| 2LDK | 38 | 23 | 60.5% |
| 3LDK | 275 | 195 | 70.9% |
| 4LDK | 48 | 33 | 68.8% |
| Total | 362 | 251 | 69.3% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 3 | 3 | 100.0% |
| ~¥30,000,000 | 4 | 2 | 50.0% |
| ~¥33,000,000 | 14 | 6 | 42.9% |
| ~¥35,000,000 | 14 | 8 | 57.1% |
| ~¥37,000,000 | 29 | 17 | 58.6% |
| ~¥40,000,000 | 30 | 25 | 83.3% |
| ~¥43,000,000 | 27 | 18 | 66.7% |
| ~¥45,000,000 | 22 | 18 | 81.8% |
| ~¥47,000,000 | 20 | 13 | 65.0% |
| ~¥50,000,000 | 28 | 18 | 64.3% |
| ~¥55,000,000 | 36 | 14 | 38.9% |
| ~¥60,000,000 | 34 | 22 | 64.7% |
| ~¥65,000,000 | 25 | 18 | 72.0% |
| ~¥70,000,000 | 24 | 21 | 87.5% |
| ~¥80,000,000 | 38 | 35 | 92.1% |
| ~¥90,000,000 | 3 | 2 | 66.7% |
| ~¥99,999,999 | 8 | 8 | 100.0% |
| ¥100,000,000~ | 1 | 1 | 100.0% |
| ¥200,000,000~ | 2 | 2 | 100.0% |
| ¥300,000,000~ | |||
| Total | 362 | 251 | 69.3% |
Summary
- New supply increased by 18.8% (1,815 units) year over year, an increase observed for the third consecutive month.
- Average Price and Average Price per square meter decreased, contract rate for new supply at 74.8%.
New supply for March was 1,815 units compared to 1,528 units in March 2020 an increase of 18.8%. Also an increase of 5.6% compared to new supply last month, 1,718 units.
Total inventory increased by 72 units (3,528 units) compared to last month’s 3,456 units. Total inventory increased by 797 units compared to March 2020.
The Real Estate Economic Institute characterized the condominium market as;
- The cause for the average price and average unit price to decrease may have been the new roll out in High Rise Condominiums. Typically in a High Rise Condominium Project, a portion of the complex will be for allotted to the investment type units, floor plans in the 1DK to 1LDK range (1 bedroom).
- Suburban family units, and Kobe City’s compact investment units were the reasoning behind keeping the contract rate at a “healthy” level.
The expectation for new supply in April 2021 is about 1,200 units. Comparing the month of April in years past;
- April 2017: 1,391 units
- April 2018: 1,742 units
- April 2019: 1,852 units
- April 2020: 494 units
For additional information please contact us here
Email: info@remax-apex.com
For the original Japanese Report clink here → Real Estate Economic Institute