The latest survey from the Japan Real Estate Institute found that Osaka’s condo rent growth was the fastest among major global cities, including New York, London, Tokyo, Mumbai, and Sydney.
To put that into perspective, here is condo rent growth over the six months from October 2025 to April 2026:
- Osaka: +3.1%
- Mumbai: +2.8%
- Sydney: +2.8%
- New York: +2.4%
- Tokyo: +1.4%
- London: +1.2%
Considering Osaka Prefecture’s recent population drop, this may come as a surprise. But Osaka City itself has a lot of major redevelopment going on, and that seems to be pulling more demand toward the center of the city.
One major example is Grand Green Osaka, just north of JR Osaka Station. The development began opening in stages in September 2024, and is centered around a large green park, with major commercial facilities and tower mansions nearby. Major Osaka-based global companies such as Kubota and Shionogi have also moved their headquarters there.
Similar redevelopment is happening around some of Osaka’s busiest central areas. In Yodoyabashi, for example, the large mixed-use facility Yodoyabashi Station One opened in June 2025. As central Osaka becomes more convenient and more attractive, demand for nearby housing appears to be rising as well.
Corporate housing demand is also part of the story. As companies compete to secure workers, some are improving benefits and choosing higher-rent properties for employee housing. In other words, it is not just individual renters pushing up rents. Corporate leases are also contributing, especially for single-person units.
Family-type rentals are rising quickly too. The average listed rent for family-type units in Osaka City, defined here as units over 50 square meters and up to 70 square meters, was ¥168,576 as of April. Looking at year-on-year growth, Osaka City’s average listed rent for these units rose 13.7%, compared with 5.8% for Tokyo’s 23 wards. That is relatively good news for Tokyo renters, at least!
Osaka’s new-build condo prices are also rising quickly. In the same survey, Osaka had the highest growth rate for newly-built condo prices among the major cities surveyed:
- Osaka: +3.3%
- New York: +2.9%
- Mumbai: +2.7%
- Tokyo: +1.6%, ranking 6th
This was the second consecutive survey period where Osaka had the highest new-build condo price growth.
High-end demand is also visible in Osaka’s luxury condo market. At a 45-story tower project in the south district of Grand Green Osaka, all four top-floor units reportedly sold out at ¥4 billion each. At that level, the market is obviously not being driven by ordinary buyers alone.
In central Osaka’s new-build condo market, purchases by wealthy buyers from both Japan and overseas for investment purposes have also become noticeable. Combined with actual residential demand, corporate housing demand, and large-scale redevelopment, there are quite a few forces pushing attention toward central Osaka.
Future projects are adding to that momentum too. Japan’s first integrated resort, including a casino, is scheduled to open in Osaka in 2030. The Naniwasuji Line is also planned to open in spring 2031, connecting major areas including Umeda and Namba directly to Kansai International Airport. Better airport access alone does not magically make every property a good investment, but it does add to the broader story of Osaka becoming more internationally connected and easier to move through.
It is an interesting contrast with Tokyo. Tokyo’s price growth and demand are already well established. Expensive, yes, but not exactly surprising. Osaka, on the other hand, seems to be going through a more visible shift, especially in central areas tied to redevelopment, high-income households, corporate demand, tourism, and future infrastructure.
For buyers and investors, the takeaway is not that every Osaka property is suddenly a great deal. If anything, fast rent growth and fast price growth mean buyers need to be more careful, not less. The specific area, building, purchase price, expected rent, management condition, and long-term demand all matter.
Still, Osaka is becoming harder to ignore. It is no longer just a cheaper alternative to Tokyo. In some parts of the market, especially central Osaka, it is becoming a major growth story of its own.
While Dovetail itself does not yet operate in Osaka, we do have local partners in the Kansai area. If you’re interested in learning more, please head to our inquiry page. And of course, for anything more local to us in and around Tokyo, our team is ready to help.
Source: https://www.nikkei.com/article/DGXZQOUB269X70W6A520C2000000/