Okinawa Housing Market 2026: Land Above Bubble-Era Prices
Data updated 2026-11-11 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2 · Transactions in 2025: 1,908
In short
- 1The only prefecture above its 1991 peak
On the government's fixed benchmark sites, Okinawa's residential land is now about 9% above its 1991 level, the only prefecture where that is true.
- 2Expensive relative to rents
A median condo in Okinawa costs about 49 years of the local median rent, far above the national 38 years and the highest of any prefecture.
- 3Houses hold their value
The median house sold for about 39 million yen in 2025, more than in Osaka, Kyoto or Fukuoka.
- 4Condo growth has slowed
Condo prices per m² rose almost 8% a year in the five years to 2020, but growth slowed to about 4.5% a year since.
- 5People: stable, but households booming
Okinawa's population was flat between 2020 and 2025, unlike most of Japan, while households grew 6%, the fastest of any prefecture.
The answers, compared
What does a home cost?
¥30.0M
median used condo · ¥453k/m²
19% below the Japan median
5 of 47 prefectures, highest first
Are prices rising?
+13.3%
over 5 years
Slower than Japan (+33.4%)
30 of 47 prefectures, highest first
Can local earners afford it?
9.2× income
median price ÷ average taxable income
Harder than Japan (6.6×)
1 of 47 prefectures, highest first
Rent or buy?
49years of rent
median price ÷ a year of median rent
Longer than Japan (38)
1 of 47 prefectures, highest first
Are people moving in?
+0.1%
population, 2020–25
Growing while Japan shrinks (-2.5%)
2 of 47 prefectures, highest first
How risky is it?
22%
chance of strong shaking (6-lower+) in 30 years
Lower than Japan (38%)
25 of 47 prefectures, highest first
Rent in Okinawa
The average private rental costs ¥54k a month (2023), +7.5% since 2018. Japan: ¥65k
| Floor area | Typical layout | Average rent / month | OkinawaJapan |
|---|---|---|---|
| under 30 m² studio / 1K | studio / 1K | ¥44k vs 2018 +9.4% · Japan: ¥53k | |
| 30–49 m² 1LDK / 2DK | 1LDK / 2DK | ¥51k vs 2018 +8.2% · Japan: ¥64k | |
| 50–69 m² 2LDK / 3DK | 2LDK / 3DK | ¥60k vs 2018 +5.7% · Japan: ¥75k | |
| 70–99 m² 3LDK / family | 3LDK / family | ¥72k vs 2018 +14.0% · Japan: ¥88k | |
| 100–149 m² mostly houses | mostly houses | ¥63k vs 2018 -9.7% · Japan: ¥84k | |
| 150 m² + mostly houses | mostly houses | ¥70k vs 2018 +10.5% · Japan: ¥91k |
- Rent per m²
- ¥1,295
- median, per month · Japan: ¥1,598
- The median used condo (¥30.0M, 65 m²) costs about 42 years of average rent for a similar-sized home (¥60k a month).
- Excludes management fees, repair reserve, property tax and mortgage interest.
Source: Statistics Bureau of Japan, Housing and Land Survey 2023. Privately owned rentals (excluding rent-free homes), monthly rent without management fees. These averages include older homes, so they run below asking rents for newly listed units. 278,100 rented homes.
The only prefecture above its 1991 peak
On the government's fixed benchmark sites, Okinawa's residential land is now about 9% above its 1991 level, the only prefecture where that is true. It has risen about 65% in ten years and 6% in the past year alone. Strong demand from mainland movers, tourism, and limited flat land on the islands keep pushing values up.
Expensive relative to rents
A median condo in Okinawa costs about 49 years of the local median rent, far above the national 38 years and the highest of any prefecture. Local incomes and rents are low, but prices are set by mainland and second-home buyers. For investors, that means thin yields; for local families, affordability is stretched.
Houses hold their value
The median house sold for about 39 million yen in 2025, more than in Osaka, Kyoto or Fukuoka. Most Okinawan houses are reinforced concrete, built to withstand typhoons, so they don't lose value like mainland wooden houses: prices per m² stop falling at about 13 years old.
Condo growth has slowed
Condo prices per m² rose almost 8% a year in the five years to 2020, but growth slowed to about 4.5% a year since. Urasoe has overtaken Naha on price per m² and risen about 47% in five years, while Naha has barely moved, suggesting the center has hit an affordability ceiling.
People: stable, but households booming
Okinawa's population was flat between 2020 and 2025, unlike most of Japan, while households grew 6%, the fastest of any prefecture. Smaller households need more homes, which supports demand even without population growth.
Risks
About 20% of benchmark sites are in tsunami inundation zones, mostly on the low coastal strips where towns are built. Flood exposure is low, and the chance of 6-lower shaking within 30 years is about 22%.
Living in Okinawa: people, homes and risks
- Population 2025
- 1,468,220
- +0.1% since 2020
- Japan: -2.5%
- Net moves in 2025
- -559
- -0.38 per 1,000 residents
- Vacant homes (2023)
- 9.3%
- 4.0% empty and not for rent or sale
- Japan: 13.8%
- Median rent (2023)
- ¥51k
- per month, all rented homes
- Japan: ¥57k
- Strong earthquake risk
- 22.2%
- chance of shaking of intensity 6-lower or more within 30 years
- Japan: 38.4%
- Average income per taxpayer
- ¥3.2M
- taxable income in 2023
- Japan: ¥3.9M
- Foreign residents
- 1.9%
- 28,780 registered residents in 2024
- Japan: 3.0%
- Clinics
- 6.3
- per 10,000 residents; 91 hospitals, 631 dental clinics (2020)
- Japan: 8.5
- Official land price 2026
- ¥120k/m²
- +6.3% in a year · +27.7% in 5 years
- Japan: ¥74k/m²
- Flood exposure
- 7.7%
- of 182 benchmark sites in a worst-case flood zone (0.0% 3 m or deeper)
- Japan: 42.6%
- Tsunami exposure
- 19.8%
- of 182 benchmark sites in a tsunami inundation zone
- Japan: 7.8%
- Landslide exposure
- 0.5%
- of 182 benchmark sites in a landslide warning area
- Japan: 2.6%
Urban renewal zones
Areas designated by the national government for priority redevelopment, with relaxed planning rules and financial support for large projects.
- Asahibashi Station East, Naha · 11 ha · designated 2003
Check flood, landslide and tsunami zones for a specific address on the government hazard map ↗
Sources: 2025 Census (preliminary), 2025 Internal Migration Report, 2023 Housing and Land Survey (Statistics Bureau of Japan); J-SHIS seismic hazard model (NIED, 2024); Land Price Publication (MLIT); recorded crime: Tokyo Metropolitan Police Department (Tokyo only); incomes: Ministry of Internal Affairs taxation survey via the Statistics Bureau's municipal indicators; foreign residents: Basic Resident Register; medical facilities and station passengers: MLIT National Land Numerical Information. Earthquake probability is measured at the municipal center.
Example sales in Okinawa
Real transactions from the last four quarters, picked near the lower (20th percentile), middle and upper (80th percentile) price points. Locations are shown at district level, as published by MLIT.
Condo
¥17.0M
¥283k/m²
- Tomari, Naha City
- Miebashi · 6 min walk
- 3DK · 60 m²
- Built 1984 (41 yrs) · RC
¥33.0M
¥550k/m²
- Aza Maeda, Urasoe City
- Kyozuka · 5 min walk
- 2LDK · 60 m²
- Built 2017 (8 yrs) · RC
¥52.0M
¥612k/m²
- Aza Oroku, Naha City
- Oroku · 14 min walk
- 2LDK · 85 m²
- Built 2023 (3 yrs) · RC
House
¥24.0M
¥369k/m²
- Aza Akamichi, Uruma City
- Land 240 m² · floor 65 m²
- Built 1974 (52 yrs) · RC
¥39.0M
¥411k/m²
- Aza Miyazato, Uruma City
- Land 120 m² · floor 95 m²
- Built 2026 (0 yrs) · Wood
¥70.0M
¥424k/m²
- Aza Kuwae, Chatan Town, Nakagami County
- Land 580 m² · floor 165 m²
- Built 1994 (32 yrs) · Light steel
Show data table
| Year | Condo | House |
|---|---|---|
| 2007 | ¥9.9M | ¥20.0M |
| 2008 | ¥11.5M | ¥22.0M |
| 2009 | ¥15.0M | ¥22.0M |
| 2010 | ¥15.0M | ¥23.0M |
| 2011 | ¥15.0M | ¥24.0M |
| 2012 | ¥13.0M | ¥22.0M |
| 2013 | ¥15.0M | ¥27.0M |
| 2014 | ¥15.0M | ¥26.0M |
| 2015 | ¥16.0M | ¥28.0M |
| 2016 | ¥18.0M | ¥30.0M |
| 2017 | ¥21.0M | ¥31.0M |
| 2018 | ¥25.0M | ¥32.0M |
| 2019 | ¥22.0M | ¥33.0M |
| 2020 | ¥28.0M | ¥30.0M |
| 2021 | ¥28.0M | ¥36.0M |
| 2022 | ¥29.5M | ¥35.0M |
| 2023 | ¥26.0M | ¥36.0M |
| 2024 | ¥31.0M | ¥38.0M |
| 2025 | ¥30.0M | ¥39.0M |
| 2026 (partial) | ¥38.5M | ¥39.0M |
Show data table
| Year | Condo | House | Land |
|---|---|---|---|
| 2007 | ¥159k/m² | ¥170k/m² | ¥38k/m² |
| 2008 | ¥171k/m² | ¥175k/m² | ¥39k/m² |
| 2009 | ¥216k/m² | ¥176k/m² | ¥39k/m² |
| 2010 | ¥230k/m² | ¥169k/m² | ¥36k/m² |
| 2011 | ¥217k/m² | ¥167k/m² | ¥36k/m² |
| 2012 | ¥200k/m² | ¥167k/m² | ¥39k/m² |
| 2013 | ¥229k/m² | ¥191k/m² | ¥40k/m² |
| 2014 | ¥250k/m² | ¥180k/m² | ¥40k/m² |
| 2015 | ¥262k/m² | ¥200k/m² | ¥37k/m² |
| 2016 | ¥267k/m² | ¥208k/m² | ¥42k/m² |
| 2017 | ¥300k/m² | ¥240k/m² | ¥43k/m² |
| 2018 | ¥375k/m² | ¥264k/m² | ¥39k/m² |
| 2019 | ¥343k/m² | ¥280k/m² | ¥39k/m² |
| 2020 | ¥400k/m² | ¥277k/m² | ¥45k/m² |
| 2021 | ¥400k/m² | ¥323k/m² | ¥45k/m² |
| 2022 | ¥417k/m² | ¥313k/m² | ¥48k/m² |
| 2023 | ¥400k/m² | ¥294k/m² | ¥45k/m² |
| 2024 | ¥471k/m² | ¥315k/m² | ¥45k/m² |
| 2025 | ¥453k/m² | ¥329k/m² | ¥52k/m² |
| 2026 (partial) | ¥586k/m² | ¥313k/m² | ¥53k/m² |
Show data table
| Building age (years) | Condo | House |
|---|---|---|
| 0 | – | ¥400k/m² |
| 1 | ¥607k/m² | ¥376k/m² |
| 2 | ¥600k/m² | ¥440k/m² |
| 3 | ¥680k/m² | ¥429k/m² |
| 4 | ¥585k/m² | ¥406k/m² |
| 5 | ¥538k/m² | ¥388k/m² |
| 6 | ¥529k/m² | ¥379k/m² |
| 7 | ¥536k/m² | ¥363k/m² |
| 8 | ¥579k/m² | ¥333k/m² |
| 9 | ¥611k/m² | ¥365k/m² |
| 10 | ¥571k/m² | ¥318k/m² |
| 11 | ¥562k/m² | ¥328k/m² |
| 12 | ¥538k/m² | ¥281k/m² |
| 13 | ¥496k/m² | ¥350k/m² |
| 14 | ¥469k/m² | ¥281k/m² |
| 15 | ¥482k/m² | ¥286k/m² |
| 16 | ¥438k/m² | ¥338k/m² |
| 17 | ¥471k/m² | ¥282k/m² |
| 18 | ¥493k/m² | ¥333k/m² |
| 19 | ¥431k/m² | ¥282k/m² |
| 20 | ¥453k/m² | ¥325k/m² |
| 21 | ¥382k/m² | ¥283k/m² |
| 22 | ¥374k/m² | ¥264k/m² |
| 23 | ¥408k/m² | ¥268k/m² |
| 24 | ¥433k/m² | ¥318k/m² |
| 25 | ¥371k/m² | ¥303k/m² |
| 26 | ¥302k/m² | ¥255k/m² |
| 27 | ¥366k/m² | ¥209k/m² |
| 28 | ¥315k/m² | ¥252k/m² |
| 29 | ¥267k/m² | ¥252k/m² |
| 30 | ¥325k/m² | ¥250k/m² |
| 31 | ¥309k/m² | ¥271k/m² |
| 32 | ¥290k/m² | ¥200k/m² |
| 33 | ¥300k/m² | ¥218k/m² |
| 34 | ¥264k/m² | ¥208k/m² |
| 35 | ¥291k/m² | ¥231k/m² |
| 36 | ¥200k/m² | ¥200k/m² |
| 37 | ¥253k/m² | ¥164k/m² |
| 38 | ¥245k/m² | ¥238k/m² |
| 39 | – | ¥220k/m² |
| 40 | ¥309k/m² | ¥175k/m² |
| 41 | – | ¥200k/m² |
| 42 | – | ¥186k/m² |
| 43 | – | ¥212k/m² |
| 44 | – | ¥209k/m² |
| 45 | – | ¥231k/m² |
| 46 | – | ¥199k/m² |
| 47 | – | ¥163k/m² |
| 48 | – | ¥127k/m² |
| 49 | – | ¥148k/m² |
| 50 | – | ¥162k/m² |
Each line follows buildings from one construction period over time. 1981 is when Japan's current earthquake-resistance standard (shin-taishin) took effect.
Show data table
| Year | 1981-2000 | 2001-2010 | 2011-2020 |
|---|---|---|---|
| 2007 | ¥159k/m² | – | – |
| 2008 | ¥158k/m² | ¥333k/m² | – |
| 2009 | ¥163k/m² | ¥376k/m² | – |
| 2010 | ¥168k/m² | ¥400k/m² | – |
| 2011 | ¥200k/m² | ¥373k/m² | – |
| 2012 | ¥183k/m² | ¥345k/m² | – |
| 2013 | ¥200k/m² | ¥318k/m² | – |
| 2014 | ¥209k/m² | ¥329k/m² | – |
| 2015 | ¥200k/m² | ¥338k/m² | ¥475k/m² |
| 2016 | ¥231k/m² | ¥400k/m² | – |
| 2017 | ¥257k/m² | ¥386k/m² | ¥500k/m² |
| 2018 | ¥283k/m² | ¥400k/m² | ¥500k/m² |
| 2019 | ¥272k/m² | ¥429k/m² | ¥514k/m² |
| 2020 | ¥296k/m² | ¥422k/m² | ¥531k/m² |
| 2021 | ¥289k/m² | ¥436k/m² | ¥531k/m² |
| 2022 | ¥306k/m² | ¥450k/m² | ¥557k/m² |
| 2023 | ¥290k/m² | ¥453k/m² | ¥533k/m² |
| 2024 | ¥312k/m² | ¥496k/m² | ¥600k/m² |
| 2025 | ¥340k/m² | ¥453k/m² | ¥587k/m² |
Each line follows buildings from one construction period over time. 1981 is when Japan's current earthquake-resistance standard (shin-taishin) took effect.
Show data table
| Year | 1971-1980 | 1981-2000 | 2001-2010 | 2011-2020 |
|---|---|---|---|---|
| 2007 | ¥147k/m² | ¥167k/m² | ¥262k/m² | – |
| 2008 | ¥118k/m² | ¥182k/m² | ¥280k/m² | – |
| 2009 | ¥140k/m² | ¥167k/m² | ¥262k/m² | – |
| 2010 | ¥133k/m² | ¥168k/m² | ¥242k/m² | – |
| 2011 | ¥150k/m² | ¥160k/m² | ¥192k/m² | ¥289k/m² |
| 2012 | ¥130k/m² | ¥167k/m² | ¥200k/m² | ¥306k/m² |
| 2013 | ¥143k/m² | ¥163k/m² | ¥237k/m² | ¥325k/m² |
| 2014 | ¥151k/m² | ¥167k/m² | ¥212k/m² | ¥326k/m² |
| 2015 | ¥160k/m² | ¥186k/m² | ¥224k/m² | ¥316k/m² |
| 2016 | ¥142k/m² | ¥166k/m² | ¥208k/m² | ¥320k/m² |
| 2017 | ¥172k/m² | ¥211k/m² | ¥260k/m² | ¥326k/m² |
| 2018 | ¥190k/m² | ¥225k/m² | ¥293k/m² | ¥330k/m² |
| 2019 | ¥173k/m² | ¥200k/m² | ¥282k/m² | ¥342k/m² |
| 2020 | ¥179k/m² | ¥200k/m² | ¥300k/m² | ¥333k/m² |
| 2021 | ¥200k/m² | ¥233k/m² | ¥282k/m² | ¥354k/m² |
| 2022 | ¥188k/m² | ¥238k/m² | ¥282k/m² | ¥408k/m² |
| 2023 | ¥177k/m² | ¥208k/m² | ¥314k/m² | ¥353k/m² |
| 2024 | ¥168k/m² | ¥239k/m² | ¥300k/m² | ¥333k/m² |
| 2025 | ¥174k/m² | ¥240k/m² | ¥320k/m² | ¥353k/m² |
| 2026 (partial) | – | ¥263k/m² | – | ¥370k/m² |
Prices by area in Okinawa
Median prices for 2025. Sorted by condo price per m² (or house price per m² where there are few condo sales).
| Area | Condo price per m² | Median used condo price | Median house price (land + building) | Residential land per m² (sales) | Condo 5-yr change |
|---|---|---|---|---|---|
| Urasoe City | ¥538k/m² | ¥37.0M | ¥52.0M | ¥190k/m² | +47.4% |
| Naha City | ¥441k/m² | ¥30.0M | ¥60.0M | ¥170k/m² | +5.6% |
| Ginowan City | – | – | ¥46.0M | ¥140k/m² | – |
| Nago City | – | – | ¥44.5M | ¥45k/m² | – |
| Okinawa City | – | – | ¥40.0M | ¥87k/m² | – |
| Tomigusuku City | – | – | ¥35.5M | ¥110k/m² | – |
| Nanjo City | – | – | ¥33.5M | ¥23k/m² | – |
| Yomitan Village, Nakagami County | – | – | ¥48.0M | ¥64k/m² | – |
| Yaese Town, Shimajiri County | – | – | ¥29.0M | – | – |
| Itoman City | – | – | ¥32.0M | ¥54k/m² | – |
| Uruma City | – | – | ¥34.0M | ¥44k/m² | – |
| Ishigaki City | – | – | ¥39.0M | ¥39k/m² | – |
| Miyakojima City | – | – | ¥38.0M | ¥39k/m² | – |
| Motobu Town, Kunigami County | – | – | – | ¥16k/m² | – |
| Kitanakagusuku Village, Nakagami County | – | – | – | ¥10k/m² | – |
| Nishihara Town, Nakagami County | – | – | – | ¥83k/m² | – |
Prices near train stations in Okinawa
Sales from 2023–2025, grouped by nearest station.
| Station | Median used condo price | Condo price per m² | Median house price (land + building) | Walk (min) | Sales |
|---|---|---|---|---|---|
| Asato (安里) | ¥18.0M | ¥308k/m² | ¥46.0M | 11 | 64 |
| Miebashi (美栄橋) | ¥29.0M | ¥443k/m² | ¥88.0M | 7 | 63 |
| Omoromachi (おもろまち) | ¥51.5M | ¥735k/m² | – | 8 | 54 |
| Asahibashi (旭橋) | ¥32.0M | ¥480k/m² | ¥290M | 9 | 43 |
| Tsubogawa (壺川) | ¥37.0M | ¥601k/m² | ¥51.5M | 8 | 40 |
| Furujima (古島) | ¥27.5M | ¥420k/m² | ¥76.0M | 13 | 36 |
| Akamine (赤嶺) | ¥27.0M | ¥418k/m² | – | 10 | 34 |
| Makishi (牧志) | ¥37.5M | ¥522k/m² | ¥170M | 4 | 34 |
| Shuri (首里) | ¥32.0M | ¥422k/m² | ¥35.0M | 9 | 27 |
| Urasoe Maeda (浦添前田) | – | – | ¥54.0M | 25 | 27 |
| Oroku (小禄) | ¥24.0M | ¥1.0M/m² | – | 6 | 25 |
| Prefectural Office(Okinawa) (県庁前(沖縄)) | ¥24.5M | ¥361k/m² | ¥68.5M | 8 | 24 |
| Onoyama Park (奥武山公園) | ¥32.0M | ¥496k/m² | – | 14 | 23 |
| Kyozuka (経塚) | – | – | ¥53.0M | 11 | 19 |
| Gibo (儀保) | ¥22.0M | ¥331k/m² | – | 5 | 18 |
Used condo prices by layout in Okinawa
Sales from 2023–2025.
| Layout | Median used condo price | Typical size | Sales |
|---|---|---|---|
| 3LDK | ¥33.0M | 70 m² | 239 |
| 2LDK | ¥30.5M | 65 m² | 110 |
| 4LDK | ¥33.5M | 80 m² | 50 |
| 1LDK | ¥22.0M | 45 m² | 22 |
| 2DK | ¥16.0M | 55 m² | 21 |
| 3DK | ¥16.0M | 55 m² | 15 |
How much does an apartment cost in Okinawa?
The median used condo (mansion) in Okinawa sold for ¥30.0M in 2025, about ¥453k/m², based on 161 recorded sales.
How much does a house cost in Okinawa?
The median house sale, including the land, was ¥39.0M in 2025 across 825 sales.
Are property prices in Okinawa going up?
Over the five years to 2025, condo prices per m² changed +13.3% and residential land prices changed +14.4%.
About this data
Figures are medians of real transactions reported to Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) through its quarterly price survey. House prices per m² divide the total price (land and building) by the floor area. Medians based on fewer than 20 sales are not shown. The latest quarters are preliminary and are revised as more survey responses arrive.
Information only, not investment advice.