Property prices in Osaka

Hello everyone,


Leases:

The most popular areas to live in Osaka City:
(1) Chuo-ku (Central Ward): average cost of rent is ¥68,000 or or ¥2,374/sqm
(2) Kita-ku (Central Ward): average cost of rent is ¥66,000 or ¥2,382/sqm
(3) Nishi-ku (West Ward): average cost of rent is ¥69,000 or ¥2,329/sqm


Most popular areas to live by Station:

(1) Esaka Station: Located in Suita City of Osaka Prefecture, average cost of rent is ¥70,000
(2) Honmachi Station: Located in Chuo-ku of Osaka City, average cost of rent is ¥75,000
(3) Minamimorimachi Station: Located in Chuo-ku, average cost of rent is ¥66,000

The most affordable places to rent are;
(1) Hirano-ku: ¥1,381/sqm
(2) Suminoe-ku: ¥1,473/sqm
(3) Tsurumi-ku: ¥1,552/sqm


Buying:

Average price of condos would depend second hand or newly constructed, and age of the building.

Second Hand: estimated average price per square meter is ¥388,000
Newly constructed: estimated average price per square meter is ¥662,000

Outside of Osaka city for single family homes, entry level price is around ¥30,000,000. 


Closing costs for condos:

Registration fees: this includes stamp duties, legal scriveners fee ("lawyer")
Management fees and maintenance fees
Property tax: will be pro-rated depending on the time you buy.
Realtor/Agent commission: 3% of accepted offer + ¥60,000 x 1.08 (consumption/sales tax)

If financed, bankers commission will depend on the type or loan package;
Flat 35 (fixed interest rate), or variable interest rate.

The variable interest loan package is a fixed commission at any bank, ¥52,600.

Lastly,  the fire and earthquake insurance, which will again depend on the building. Usually around ¥4,200 per year. Some loan packages will require you to pay up front the total cost for the entireity of the loan, or a few years up front.


Three months after closing, the city will send you an invoice for the Real Estate Acquisition Tax.


I currently live near Matsuyamachi station located in Chuo-ku. The location is about a 10 minute walk east of Shinsaibashi, 6 minute walk south of Honmachi.

My recommendation for where to live would depend on a few variables such as location of where you work and your budget, but in Osaka City I would recommend living in Nishi-ku Minamihorie area. Close to Namba and Shinsaibashi. Also, Daikoku-cho has affordable rents, and is located directly south of the Namba area.


If you want additional information please let me know.


Cheers,
Mike