News On Japan

Why Onna Village Leads Japan's Growth in Land Prices

OKINAWA, Sep 18, 2024 (News On Japan) - The village of Onna in Okinawa has recorded the highest land price increase in Japan, with prices for some areas rising by 29%. The average nationwide land price has increased by 1.4% for the third consecutive year, but the sharpest growth is seen in residential areas like Onna Village.

Situated along the central coast of Okinawa Island, Onna is famous for its clear blue waters, perfect for snorkeling and diving, and beautiful coral reefs.

A key factor behind this surge is the growing number of people relocating to the village. One such family, the Michi family, moved from Osaka last year. The husband, who previously worked in construction, now runs a print shop in Okinawa. Their move was prompted by a suggestion from the wife after frequent trips to the island. “We used to visit Okinawa twice a month for vacations. One day we wondered, why not just live here?” explained the wife.

With the influx of new residents, Onna Village's population has now exceeded 11,000. Many newcomers are also from Osaka, and they bring a sense of community to the growing village. However, living in Okinawa comes with its own challenges. The cost of vegetables can be three times higher than on the mainland, and importing goods from outside Okinawa further increases expenses. Despite these challenges, the family finds that their overall lifestyle is more economical, and they enjoy a simpler way of life with easy access to the beach.

The booming demand for property has also attracted the construction of resort hotels along the coast, catering to the growing tourist demand. In Onna Village, rents can reach 200,000 yen, and the number of foreign residents has also been steadily rising. The village’s natural beauty and the increasing flow of both domestic and international tourists suggest that its popularity will only continue to grow.

Source: ANN

News On Japan
POPULAR NEWS

Large Typhoon No. 25 was moving northwest over waters south of Japan at 3 p.m. on September 19 and is forecast to strengthen as it approaches Kanto and the Izu Islands from September 20 through September 21, bringing the risk of torrential rain, violent winds and further damage in areas still recovering from last year's typhoon.

A black bear has been spotted near one of the most popular hiking trails on Mount Takao in western Tokyo, prompting authorities to urge visitors to take precautions ahead of the five-day Silver Week holiday and the approaching autumn foliage season.

Starbucks is considering selling a majority stake in its Japanese business, potentially valued at as much as $3 billion, or about 470 billion yen, as the U.S. coffee chain seeks to concentrate management resources on its struggling North American operations.

Japan's Halloween Jumbo Lottery went on sale nationwide on September 16, offering a combined top payout of 400 million yen for the first prize and its adjacent-number prizes.

A new top-tier "Supreme Class" offering fully private compartments above the level of Green Car service will debut on the Tokaido and Sanyo Shinkansen on October 1, with passengers able to experience the new seating at a demonstration booth at Shin-Osaka Station.

MEDIA CHANNELS
         

MORE Business NEWS

The yen strengthened by more than 1 yen against the dollar in a short period late on September 18 after the Bank of Japan conducted a rate check, a step commonly taken in preparation for possible intervention in the foreign exchange market.

Tokyo stocks rose sharply on September 18, with the Nikkei 225 climbing to around 65,350 in afternoon trading after the Bank of Japan raised interest rates to 1.25%, as the yen weakened and investors bought artificial intelligence and semiconductor-related shares.

The Bank of Japan raised its policy interest rate from 1.0% to 1.25% on September 18, lifting borrowing costs to their highest level in 31 years as policymakers moved to contain growing inflation risks, but the yen weakened sharply after the decision as markets focused on two dissenting votes and uncertainty over the pace of further increases.

A market spread is generally the difference between two market prices. Most commonly, traders use the term to describe the bid-ask spread: the difference between the highest price a buyer is currently prepared to pay and the lowest price a seller is prepared to accept.

Tokyo stocks rose on September 17, with the Nikkei 225 closing at 64,136, up 213.25 points, as investors bought selected technology, pharmaceutical, insurance and consumer-related shares after the Federal Reserve’s rate hike, though gains were capped by a stronger dollar, renewed yen weakness and caution before the Bank of Japan’s policy decision.

Hakone, one of the Kanto region's most popular tourist destinations, has been left with just two operating gas stations after a series of closures, prompting the town to provide more than 10 million yen in subsidies to help reopen a shuttered facility.

Japan's Halloween Jumbo Lottery went on sale nationwide on September 16, offering a combined top payout of 400 million yen for the first prize and its adjacent-number prizes.

Japan's National Tax Agency is preparing a major overhaul of the way unlisted shares are valued for inheritance tax, a reform that could significantly affect business succession at profitable, asset-rich companies and would mark the first fundamental revision of the rules since they were introduced in 1964.