The most expensive neighborhoods in the Kansai area are typically considered to be Ashiya and Kurakuen, both in Hyogo Prefecture.
However, according to the kouji-chika land assessment values, the most expensive residential land in Kansai is in the Shinpoincho area in Osaka’s Tennoji-ku.
Shinpoincho has been in the number one spot for the past eleven years, yet remains relatively unknown as it does not have the same name recognition as the Ashiya, Tezukayama or Nara’s Gakuenmae neighborhoods.
Shinpoincho is located between Momodani Station on the JR Loop Line and Shitennojimae Yuhigaoka Station on the Tanimachi Line, and is only a five minute walk to each station. Despite being in the middle of bustling Osaka, the neighborhood is surprisingly quiet and peaceful.
According to the local ward office, many large homes were built in the area from the beginning of the Showa era (from 1926). In recent years, the number of apartment buildings has been increasing.
The average price for land in this area is 540,000 Yen per square meter. It has increased by 1.9% over the past year, despite poor economic conditions. The reason for the rising values is its popularity and convenient location. It is also in a school zone with several well-known schools.
Last April, “Abeno Market Park Q’s Mall” opened in front of nearby Tennoji Station. In 2014, Japan’s tallest building “Abeno Harukas” will be completed in the same area. The average price for land in Tennoji-ku is the highest in Osaka at 432,100 Yen/sqm. This year, three of the top five expensive residential locations in Osaka were in Tennoji-ku.
So how does Shinpoincho compare to Japan’s leading exclusive residential neighborhoods in Ashiya?
Ashiya City has the highest residential land values in Hyogo Prefecture. Values increased by 0.4% over the past year to 283,800 Yen/sqm. Within Ashiya, the neighborhood of Iwazonocho, which is near Rokurokuso-cho and is filled with stately residences, has land valued at 276,000 Yen/sqm – comparatively cheap when compared to Tennoji. In Rokurokuso, local laws require that all houses must be at least 400 sqm in size.
A representative from the Ministry of Land, Infrastructure, Transport and Tourism, said that the exclusive image of a neighborhood does not always correlate to land values.
Source: The Sankei Shimbun, April 8, 2012.