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Land prices drop for 14th straight year

Date Posted: 2007-09-21

Okinawa land prices are tumbling for a 14th consecutive year, but Prefecture officials predict the spiral could soon stop.
The decline is pegged at 0.7% for the prefecture overall, with land for housing taking the larger hit. Commercial land prices have dropped 0.4% across the islands, and drops the remainder of the year are forecast to be small.
There are some bright spots, though. Prices are soaring in areas like Taketomi Village, Onna Village, Zamami Village and Ishigaki City, largely due to new environmentally pleasing developments and resorts springing up. A dozen areas of Ishigaki City have seen land prices double, with Miyara Village area up 2.3% Outside Ishigaki City, the remainder of that island’s housing area land prices dropped. Onna Village’s Maeda area is also seeing higher land prices being recorded. The prefecture pegs the average housing land cost at ¥42,300 per square meter.
The highest cost for land in Okinawa is in the capital city, the most expesive area being within Naha City’s Izumizaki area, near the Harborview Hotel. Lower sales prices are, in many areas like Itoman City, Tomishiro City and Yonabaru Town, being attributed to land reclamation projects.
“Commercial land demand is spreading over the suburbs,” a prefecture official says, “and the suburbs are being highly promoted. People want to move to the suburbs, and that’s leaving the old commercial areas like downtown empty.” He adds “that’s the reason some housing land prices are falling.”

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