Grand Front Osaka (2013)

According to the latest data from the Real Estate Economic Institute’s report on the high-rise apartment market, there are over 96,500 apartments in buildings over 20 stories tall either under construction or in the planning stages across Japan.

273 high-rise residential buildings are expected to be completed from 2013 onwards, with a total of 96,512 individual apartments. This is an increase of 38 buildings and 14,374 apartments from March 2012.

Of those, 74.3% are in Greater Tokyo, which has 189 buildings and 71,692 apartments in the supply line. This is an increase of 35 buildings and 12,861 apartments from 12 months prior.

122 buildings with 49,469 apartments are in Tokyo’s 23 wards, comprising a 51.3% share of the total in Greater Tokyo.

In the Kinki Region, there are 50 buildings with 17,673 units in the supply line. Osaka has 26 buildings and 9,327 apartments.

Other areas include:

  • Hiroshima Prefecture: 7 buildings, 2,145 apartments
  • Shizuoka Prefecture: 6 buidlings, 1,296 apartments
  • Aichi Prefecture: 5 buildings, 1,079 apartments

Since the second half of 1990, high-rise apartments have been popular with buyers which, in turn, helped to stabilise apartment values. However, following a steep rise in apartment prices in 2007, and a subsequent crash in 2008, the annual supply of new apartments has been shrinking.  Developers, put off by the long time required between initial planning and completion of sales, were tending to avoid buying large-scale development sites. 

The number of high-rise apartments completed in 2009 was 35,607, but by 2010 this number had dropped to just 17,967 apartments. The Tohoku disaster in 2011 caused construction delays and the number of completed high-rise apartments dropped to 13,321. 

2012 saw a slight turnaround as the number of new apartments increased to 16,060. 

Source: The Real Estate Economic Institute, May 9, 2013.

Loading