Kouri Island, Okinawa
Photo: Kouri Island, Okinawa · Zion C / Unsplash

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

  1. 1
    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.

  2. 2
    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.

  3. 3
    Houses hold their value

    The median house sold for about 39 million yen in 2025, more than in Osaka, Kyoto or Fukuoka.

  4. 4
    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.

  5. 5
    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.

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 areaAverage rent / month
under 30 m²
studio / 1K
¥44k
vs 2018 +9.4% · Japan: ¥53k
30–49 m²
1LDK / 2DK
¥51k
vs 2018 +8.2% · Japan: ¥64k
50–69 m²
2LDK / 3DK
¥60k
vs 2018 +5.7% · Japan: ¥75k
70–99 m²
3LDK / family
¥72k
vs 2018 +14.0% · Japan: ¥88k
100–149 m²
mostly houses
¥63k
vs 2018 -9.7% · Japan: ¥84k
150 m² +
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

Lower-priced2025 Q4

¥17.0M

¥283k/m²

  • Tomari, Naha City
  • Miebashi · 6 min walk
  • 3DK · 60 m²
  • Built 1984 (41 yrs) · RC
Typical2025 Q4

¥33.0M

¥550k/m²

  • Aza Maeda, Urasoe City
  • Kyozuka · 5 min walk
  • 2LDK · 60 m²
  • Built 2017 (8 yrs) · RC
Higher-priced2026 Q1

¥52.0M

¥612k/m²

  • Aza Oroku, Naha City
  • Oroku · 14 min walk
  • 2LDK · 85 m²
  • Built 2023 (3 yrs) · RC

House

Lower-priced2026 Q1

¥24.0M

¥369k/m²

  • Aza Akamichi, Uruma City
  • Land 240 m² · floor 65 m²
  • Built 1974 (52 yrs) · RC
Typical2026 Q1

¥39.0M

¥411k/m²

  • Aza Miyazato, Uruma City
  • Land 120 m² · floor 95 m²
  • Built 2026 (0 yrs) · Wood
Higher-priced2026 Q1

¥70.0M

¥424k/m²

  • Aza Kuwae, Chatan Town, Nakagami County
  • Land 580 m² · floor 165 m²
  • Built 1994 (32 yrs) · Light steel
Median transaction price by year
¥0¥10.0M¥20.0M¥30.0M¥40.0M2007200920112013201520172019202120232025
Show data table
YearCondoHouse
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
Median price per m² by yearHouses are the better deal on space — A m² of house floor space costs about 30% less than a m² of condo, even though the house price includes land. If you need room more than convenience, a house buys considerably more space.
¥0¥200k¥400k¥600k2007200920112013201520172019202120232025
Show data table
YearCondoHouseLand
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
Price per m² by building age (2021–2025 sales)How condos age here — In recent sales, condos lose about a quarter of their per-m² value by around 20 years old and half by around 31. After about 25 years the decline nearly stops, so a well-maintained older condo holds its price. That makes 25–35-year-old buildings with sound repair funds a value sweet spot.Houses bottom out at around 13 years — House prices per m² drop about 30% from new by age 13, then flatten, because by then buyers are mostly paying for the land. A house older than that costs little more than its plot, a good option if you plan to renovate or rebuild.
¥0¥200k¥400k¥600k¥800k05101520253035404550
Show data table
Building age (years)CondoHouse
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
Condo price per m² by construction period
¥0¥200k¥400k¥600k2007200920112013201520172019202120232025

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
Year1981-20002001-20102011-2020
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
House price per m² by construction period
¥0¥200k¥400k¥600k2007200920112013201520172019202120232025

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
Year1971-19801981-20002001-20102011-2020
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).

AreaCondo price per m²Median used condo priceMedian 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.

StationMedian used condo priceCondo price per m²Median house price (land + building)Walk (min)Sales
Asato (安里)¥18.0M¥308k/m²¥46.0M1164
Miebashi (美栄橋)¥29.0M¥443k/m²¥88.0M763
Omoromachi (おもろまち)¥51.5M¥735k/m²–854
Asahibashi (旭橋)¥32.0M¥480k/m²¥290M943
Tsubogawa (壺川)¥37.0M¥601k/m²¥51.5M840
Furujima (古島)¥27.5M¥420k/m²¥76.0M1336
Akamine (赤嶺)¥27.0M¥418k/m²–1034
Makishi (牧志)¥37.5M¥522k/m²¥170M434
Shuri (首里)¥32.0M¥422k/m²¥35.0M927
Urasoe Maeda (浦添前田)––¥54.0M2527
Oroku (小禄)¥24.0M¥1.0M/m²–625
Prefectural Office(Okinawa) (県庁前(沖縄))¥24.5M¥361k/m²¥68.5M824
Onoyama Park (奥武山公園)¥32.0M¥496k/m²–1423
Kyozuka (経塚)––¥53.0M1119
Gibo (儀保)¥22.0M¥331k/m²–518

Used condo prices by layout in Okinawa

Sales from 2023–2025.

LayoutMedian used condo priceTypical sizeSales
3LDK¥33.0M70 m²239
2LDK¥30.5M65 m²110
4LDK¥33.5M80 m²50
1LDK¥22.0M45 m²22
2DK¥16.0M55 m²21
3DK¥16.0M55 m²15

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.