Okinawa land prices rose average 2.9% in 2016
The Okinawa Prefecture Department of Planning published Tuesday results of a survey on benchmark land prices in the prefecture as of July 1st.
On average, the price of all land except the forest areas rose 2.9% compared to the previous year, marking the 4th consecutive year of increase. The average increase is the second highest next to 3.0% in Tokyo.
The price in residential areas rose 2.4% on average, industrial land prices rose 5.2%, both the highest in the nation. The price of commercial land rose 4.2%, which is the fourth highest after Kyoto, Osaka, and Tokyo.
Officials at the department say the increases are mostly fueled by the continuing tourism boom and ensuing good overall economic environment.
The Department of Planning analysts conclude that, “It seems the demand for residential and commercial land is increasing. This has caused the average price for all land to rise from last year.”
The priciest square meters of residential areas are in Ameku, Naha City, there a square meter averages ¥226,000 (an increase of 13.0%). The highest land prices of commercial areas are in Matsuyama 1-chome, Naha City, at ¥698,000 (7.1% up), for the 27th consecutive year. The resident land increased the most at Aja 1-chome, Naha City, at 13.1%, which was is nationally the 3rd highest. Ameku 2-chome, Naha City, saw nationally 4th highest increase in land value.
In the commercial areas, land prices in Gushi 1-chome, Naha City, rose 10.9%. On the other hand, land price in Nakadomari, Kumejima Town, went down 9.8%.