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Land prices continue to fall in Okinawa

Date Posted: 2001-10-01

The Okinawa Prefectural Office published on Wednesday, Sep. 19, results of a survey on local land prices as of July 1. According to the survey, prices of residential land fell by 1.5 percent from last year marking consecutive three years of down trend. The price of commercial land fell by the second largest margin ever, 7.5 percent, marking the tenth year of continuous slide. The drop rate for the commercial land was the biggest in the Kyushu region. The rate of decline of both residential and commercial land increased.

Analyzing factors behind the drop of the residential land, the prefecture stated that the real estate market is struggling because of the difficult economic environment regarding the employment and income. As for the commercial land, the steep decline follows the decrease in demand for office space and shops. Another fact is the proliferation of large shopping malls that are being built outside conventional shopping streets causing the land prices to fall as shops on those streets cannot compete against the bigger and easier accessible malls.

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