Naha land value sees first increase since 1992
The National Tax Agency Okinawa Division announced Jul. 1st estimated prefectural roadside land values, which are the standard used for calculating inheritance and gift taxes.
According to the tax agency, as of Jan. 1st, 2015, the average value or residential land in Okinawa increased 0.3 percent on year-on-year basis. This is the first increase in Okinawa since the bubble economy burst in 1992.
The highest valued roadside land in the prefecture is at 3-Chome, Kumoji, Naha City, on Kokusai Street. The land is located in front of Mizuho Bank Naha Branch and it has been valued as the most expensive piece of real estate in the prefecture for the past 14 consecutive years. The agency calculated that it’s value increased by 3.4 % from the previous year to ¥600,000 per one square meter.
The increase is based on the increase in the number of tourists visiting the prefecture, economic recovery outside of Okinawa, and increasing demand for real estate. Land prices on Okinawa rose at the seventh fastest pace on average in the nation.
According to local tax offices, the roadside land values in Naha and near-by municipalities north of Naha and Ishigaki Island increased, while land value in Nago and Okinawa City remained unchanged. Land prices on Miyako Island declined.