Apartment prices up in Okinawa
Several high-rise residential buildings in Okinawa have seen an increase in re-sale prices over the past few years.
One of the recent residential developments, called RYU:X TOWER, sold out prior to completion. The twin tower condominium contains 676 apartments over 30 floors. The first tower was completed in 2013, and apartments have already been selling on the re-sale market for 10 ~ 25% higher than their price when new. Apartments can currently be found on the resale market for between 670,000 ~ 1,125,000 Yen/sqm. The second tower was completed in May 2015 and has already sold out. The most expensive apartment was priced at around 130 million Yen (1.07 million USD). This has been the largest condominium development in Okinawa to date.
Urtore Mihama is a 19-storey resort condominium in Chatan, and just south of the Kadena Air Base. The 421-unit complex was completed in 2010 at a time when Japan’s economy and property market was in a slump. Sales were off to a bad start at first, but saw an unexpected turnaround after the 2011 Tohoku Disaster led to an influx of families looking to move as far away from the Fukushima nuclear plant as possible. All apartments were eventually sold.Read more
Okinawa’s Naha Tower sold to hotel operator
Naha Tower, a local landmark and relic of the 1970s, has been purchased by a Kyushu-based hotel operator for an undisclosed price. The seller was Tokyo-based Intrance Co., Ltd.
In 2006, developer Zephyr Co., Ltd. acquired the building and renamed it ‘Zephyr Naha Tower’. They filed for bankruptcy in 2008 and the building’s tenants moved out one month later. The building has been empty ever since. Intrance acquired the building in 2011. Read more
Prices up in Karuizawa, down in Yuzawa - polarization in Japan's resort market
Japan's resort areas are seeing a dramatic polarization of their property markets. Some areas, such as Karuizawa and Okinawa are seeing prices rise, while other areas are seeing year-on-year falls. Why is this happening?Read more
Malaysian developer to build resort in Okinawa
Kin Town in Okinawa announced on October 18 that they have signed a contract to lease beachfront land to Malaysian property developer Dijiaya Land Development.Read more
800,000 sqm of land with unknown owners in Okinawa
The effects of the battle of Okinawa in 1945 still remain today with countless tracts of land left vacant as ownership records were lost during air raids. Just over 805,000 sqm (199 acres) of land is missing records of ownership as houses were burned down along with the land registers and title documents.
In Teruya, Itoman City, in the southern end of Okinawa, sugarcane farming and residential houses are gradually increasing. However, a small 74 sqm block of land remains vacant as no one knows who the rightful owner is.Read more
RYU:X TOWER - Okinawa's latest high-rise apartments
Three of Japan's major developers, Daiwa, Orix and Daikyo, have announced the details of their latest high-rise condominium project in Naha City, Okinawa. Called "RYU:X TOWER", the two 30 storey buildings will have 676 apartments ranging from one to three bedrooms, and priced from 28 to 69.2 million Yen.
The developers were selected by the city in 2006 to redevelop the site. The first stage of the redevelopment including building offices and hotel facilities. The second stage includes the two residential towers.Read more