"Osaka has continued to perform well, particularly given its growing economy and strong net migration. Rental growth continues in earnest, with central wards seeing the strongest gains, while prices in the for-sale market continue to hit new highs due to firm demand and supply bottlenecks. Major upscale projects have transformed central areas and helped the luxury market to flourish. Meanwhile, inbound tourism demand has grown rapidly, and iconic projects such as Expo 2025 and Japan’s first Integrated Resort should bring a wide positive economic windfall, and strengthen residential markets in Osaka overall."

"Fundamentals are sound for Osaka City residential markets, with its population growing steadily from both domestic and foreign migration. Major developments in the pipeline, most notably the integrated resort, will be game changers for the city, and eventually the country as a whole. Prospects for Osaka City look bright going forward, with economic and wage growth in sight."

"The regional residential markets remain steady supported by stable demographic trends. Unlike Tokyo, the pandemic has not substantially affected demand in those markets, and rents have generally continued to grow moderately. With urbanisation expected to continue, the fundamentals of these regional markets appear sound. "

"The ban on international travel continues to be a major headache for Osaka's economy yet the residential market has proven to be resilient. Looking ahead, tailwinds in the form of positive demographic trends, as well as a strong pipeline of projects, should help revitalise both the city and the sector."