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Land values dip for 15th straight year

Date Posted: 2008-10-03

Okinawa land values have seen an overall decline in the past year, but the pace has slowed.

The Okinawa Prefectural Planning Section says assessed land value dropped 9.6% prefecture-wide, while Taketomi Town and Naha City saw prices rising. The capital city’s average price for one square meter of land is now ¥182,000 ($1,767), an increase of 1.1%. Officials say land near monorail stations are popular for hotels and related facilities. Taketomi Town’s land value soared 3% over the past year, attributed to commercial development including resort hotels.

While the decline has continued since 1994, officials say the rate was slower than a year ago. In fact, 20 municipalities including Itoman, Ginowan, Tomishiro, Nago, Uruma and Okinawa Cities, as well as Yaese, Onashiro and Chatan Towns had prices remain instead.

A total of 23 municipalities had land values drop, while Onna Village, Taketomi, Zamami and Ishigaki Island land costs were higher because the rich natural environment is attracting developers from mainland Japan.

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