Building costs rise 8.8% in Okinawa
According to a survey by the Okinawa branch of Tokyo Shoko Research, Ltd., building costs per one square meter in Okinawa Prefecture rose 8.8% in fiscal 2015 from the year before.
The cost per square meter of residential and commercial buildings is now ¥196,000 showing an increase for the 4th consecutive year. As for reasons, Shoko Research cites an increasing demand and shortage of workers, which is also causing some construction projects to be behind of schedule.
The average construction cost of residential buildings, including single houses and apartments, is ¥181,600 per sq.m., which is 6.1% higher than last year. The building cost of commercial buildings including stores, factories and schools, is ¥214,500 per sq.m., which is 11,4% higher.
For a residential building, a steel-framed reinforced concrete construction is the most common, as it’s resistant to typhoons and termites. Its building costs are ¥182,000 per sq.m., an increase of 6.8%. A concrete-block construction cost ¥176,500 on average, which is 3% higher. A wooden construction cost ¥170,900, which is 0.4% lower than the last year.
A total of 5677 buildings were constructed in the prefecture in fiscal 2015, which is 14.3% higher than a year before. The number has recovered from the slump in fiscal 2013 when people rushed to purchase houses and condominiums before the consumption tax increase.