Okinawa residential land prices increase fastest pace in nation
The Land Policy Division of Okinawa Prefecture announced Tuesday results of its land price survey of July 1, 2016.
According to the survey, the price of residential, commercial, and industrial land, excluding forest areas, increased 2.2% from previous year, making the third consecutive year of increase.
The land in the residential districts rose 1.9% that is the fastest pace in the nation. The rate of increase in the commercial districts was 3.2% that is the fifth highest nationally. The increases are attributed to the favorable trend in the tourism industry and the population growth in the prefecture.
Regarding the residential districts, prices in 116 areas rose compared to last year’s 92 areas. The demand for residential land increased because of the population is increasing and the economic expansion in the prefecture. Especially prices of land for renovation projects, apartments, and condominiums increased.
The land price in areas like Naha City, Chatan Town and Okinawa City rose remarkably and pushed up the prices in Urasoe, and Ginowan City.
Commercial land prices rose in 57 areas when last year they increased in 44 areas. Increasing individual consumption and tourism boosted demand for commercial land in the central areas. The land prices in Yaese Town climbed higher as the area became easily accessible though the Okinawa Expressway bypass from and to Naha.
The highest residential land price is at Izumizaki 2-chome in Naha City, where the land is valued at ¥205,000 per square meter. The area has been ranked No.1 for 13 consecutive years. The most expensive commercial district is of Matsuyama, 1-chome in Naha City, where one square meter is valued at ¥652,000. The area has been No.1 for 26 consecutive years.