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Real estate prices drop on Okinawa, but tempo slows

Date Posted: 2006-09-22

The real estate market continues to suffer on Okinawa, but the Okinawa Prefecture says the decline in land prices is not as steep as it was a year ago.

A new Land Price Inspection shows the commercial land prices in a spiral for the 15th straight year, while residential land dropped for an eighth straight year. The good news, Prefecture officials report, is that the average decline in 2005 was only 1.8%, compared to 3.3% a year earlier.

An exception was in Onna Village and Taketomi Town, where both commercial and residential land prices rose. The Prefecture says “land costs are becoming a little better than before, especially in the resort areas.” It notes, too, that construction on the new Graduate University is to begin soon, driving prices up.

The highest land prices on the island are in Naha City’s Matsuyama entertainment area, where the ¥530,000 per square meter price is the highest in 16 years. Naha City’s Izumizaki area has some steep real estate prices too. A square meter of land is now going for ¥178,000. The Akamine area in Naha City, adjacent to a monorail station, saw a 2.7% increase in land prices.

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