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.
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