Ishigaki
石垣市
OkinawaInvestment Index
Moderate Growth
Japan's subtropical island market. Remote but growing — limited data shows emerging foreign investor interest.
What buyers actually paid vs listing site prices
Listing sites
~¥49,294/m²
Actual price
¥44,012.82/m²
-11%
* Listing price estimated based on typical asking-to-transaction gaps.
Market Trends
Prices have risen 191% over the displayed period. Check whether current momentum is sustainable.
Median price per m² and transaction volume from MLIT government data. Tap data points for details.
Official Land Price Trend
Government-appraised land value per m², assessed annually by MLIT (国土交通省 地価公示).
| Year | Price/m² | Change |
|---|---|---|
| 2026 | ¥95,000 | +5.6% |
| 2025 | ¥90,000 | +8.4% |
| 2024 | ¥83,000 | +10.7% |
| 2023 | ¥75,000 | +13.6% |
| 2022 | ¥66,000 | +6.5% |
| 2021 | ¥62,000 | +1.6% |
| 2020 | ¥61,000 | +10.9% |
| 2019 | ¥55,000 | +14.6% |
| 2018 | ¥48,000 | +6.7% |
| 2017 | ¥45,000 | +2.3% |
| 2016 | ¥44,000 | - |
Source: MLIT Official Land Price (地価公示). Assessed as of Jan 1 each year.
Market Evidence
Recent transaction samples from MLIT
All transactions from MLIT Q3 2025 release
These are actual sale prices recorded by the government — typically 5-15% below listing site prices.
| Date | Price | Area | Price/㎡ | Built | Station |
|---|---|---|---|---|---|
| Q3 2025 | ¥33,000,000 $208,557 | 160.0 m² | ¥206,250 $1,303 | 1998 28 years | — |
| Q3 2025 | ¥12,000,000 $75,839 | 180.0 m² | ¥66,000 $417 | N/A | — |
| Q3 2025 | ¥2,800,000 $17,696 | 70.0 m² | ¥39,000 $246 | N/A | — |
| Q3 2025 | ¥50,000,000 $315,996 | 9999.0 m² | ¥4,500 $28 | N/A | — |
| Q3 2025 | ¥65,000,000 $410,794 | 450.0 m² | ¥144,444 $913 | 1997 29 years | — |
| Q3 2025 | ¥33,000,000 $208,557 | 135.0 m² | ¥244,444 $1,545 | 2025 1 years | — |
| Q3 2025 | ¥10,000,000 $63,199 | 8888.0 m² | ¥1,125 $7 | N/A | — |
| Q3 2025 | ¥34,000,000 $214,877 | 105.0 m² | ¥323,810 $2,046 | 2025 1 years | — |
| Q3 2025 | ¥190,000,000 $1,200,784 | 360.0 m² | ¥527,778 $3,336 | 2019 7 years | — |
| Q3 2025 | ¥160,000,000 $1,011,186 | 280.0 m² | ¥571,429 $3,611 | 2004 22 years | — |
* Data sourced from MLIT (Ministry of Land, Infrastructure, Transport and Tourism) public records. Sample transactions may not represent all market activity.
Who Invests in Ishigaki
Typical Investor
Remote island enthusiasts, subtropical resort investors, frontier market seekers
Investment Thesis
Growing tourism destination with new airport driving accessibility. Frontier pricing.
Key Risk
Extremely limited data. Remote management. Weather and infrastructure challenges.