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Okinawa land prices continue to fall

Date Posted: 2001-08-09

The National Tax Administration Office of Okinawa announced the prices of land fronting major roads in Okinawa, Friday. The announced prices will be used as the standard for calculating inheritance and gift taxes of the year 2001.

According to the tax office, the average price of residential land in the prefecture is ¥88,000 per square meter, marking a 5.4 percent decrease compared to the previous year. The price has decreased continuously for the past nine years since 1993.

The most expensive land in Okinawa is on the Kokusai Street in Naha City in front of Mitsukoshi Department Store that is valued at ¥750,000 per square meter. Its value is down 16.7 percent from the previous year when it was appraised at ¥900,000 per square meter. That in turn was the first time the value of Okinawa’s most expensive land broke the ¥1 million line in 12 years. The location has been ranked the top for 28 consecutive years. At its peak it was valued at ¥3.08 million in 1992 but is now about the same price as it was back in 1987.

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