NAHA, Japan — Prices for newly built condominiums are rising in Okinawa prefecture, with the average surging 40% in the past decade — and one luxury unit priced at over 200 million yen ($1.4 million) appeared in the prefectural capital of Naha.
The sharp rise is due to growing demand from customers outside the southwestern prefecture as well as soaring construction costs, such as building materials and labor.
Meanwhile, growth in land prices has accelerated again after slowing due to the COVID-19 pandemic, with those in residential areas posting one of the biggest increases in Japan.
A luxury condominium complex was completed close to Shuri Castle in Naha, Okinawa’s leading tourist spot, in March. It is nestled on a hillside in an area with a quaint cobblestone road and is reminiscent of the castle, with red-tiled roofs.
The condos, built by Daiwa House Industry, have 67 units, 13 of which are priced at more than 100 million yen. The average price is 95 million yen, and the most expensive unit costs 218 million yen.
The complex has two- and three-bedroom units with floor areas of between 75 and 185 square meters. The condos are spacious, with most having roof balconies more than 5 meters deep.
Source: Nikkei Asia
