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Local land prices slip for 18th straight year

Date Posted: 2010-03-25

Land values on Okinawa are continuing a trend that began in 1992. Downward.

The Ministry of Land, Infrastructure, Transport and Tourism says land prices have dropped 2.3% this year, the 18th consecutive year the value of Okinawa land has fallen. The average land price is ¥89,800 per square meter, down from ¥92,000 per sq.m. one year ago.

The top price for commercial real estate lies in the Kumoji district of Naha City, where the Nihon Life Insurance Naha Building was valued at ¥737,000 per square meter. Still, officials say, that value is ¥35,000 below the 2008 value. In the residential realm, the most popular and highest valued land is in Naha City’s Omoromachi area, where land is selling for ¥186,000 per square meter, a decline of ¥3,000 from a year ago.

Housing, commercial and farm land prices are all different. Housing land is down 2.1% overall, with an average price of ¥72,900 per square meter. Commercial land is down 2.6%

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