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Cost of land down for 10th year in row

Date Posted: 2002-03-29

According to statistics published by the Okinawa Prefecture Planning and Development Section, the price of land in the prefecture is down an average 5.8 percent in 2002 compared to last year. This marks the tenth consecutive year that land prices have plummeted. The statistics show that the land cost in residential areas is down an average 4.6 percent and in industrial areas the cost is down a whopping 9.1 percents. The drop is the second largest since the oil shock in 1975.

Officials speculate that residential land price is down as people are reluctant to invest in new homes as the economic and employment situation continues to be bleak. As for the large drop in industrial area land prices, businesses are locating more and more in rural areas where the price of land is cheaper.

The most expensive land in Okinawa is in Kumoji Intersection area in Naha City where one square meter of land is valued at 960,000. Residential land at the same area is valued at 206,000 per square meter. The cheapest land on Okinawa main island is in Yomitan Village where residential land is valued at 36,100 per square meter and industrial land at 71,000.

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