Naha / Kokusai Street
那覇・国際通り
OkinawaInvestment Index
Significant Decline
Okinawa's capital and largest city. Military base proximity and tourism create a unique demand mix.
What buyers actually paid vs listing site prices
Listing sites
~¥527,059/m²
Actual price
¥470,588.24/m²
-11%
* Listing price estimated based on typical asking-to-transaction gaps.
Market Trends
Prices have risen 31% 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.
Price vs Building Age
A 40-year-old building trades at roughly half the price of a new one. Building age is one of the biggest price drivers in this area.
Investment Guide by Building Age
Recommendations for foreign investors based on seismic standards, depreciation, and financing.
| Age | Median/m² | Count | Seismic | Tax Life | Verdict |
|---|---|---|---|---|---|
| 0–10 yrs | ¥675,962 | 10 | ✓ Modern | 37–47 yrs remaining | ● Recommended |
| 11–20 yrs | ¥520,000 | 13 | ✓ Modern | 27–36 yrs remaining | ● Recommended |
| 21–30 yrs | ¥446,667 | 8 | △ Post-1981 | 17–26 yrs remaining | ◐ Caution |
| 31–40 yrs | ¥320,000 | 7 | △ Post-1981 | 7–16 yrs remaining | ○ High Risk |
| 40+ yrs | ¥283,333 | 11 | ✗ Pre-1981 | 0–6 yrs remaining | ○ High Risk |
● Recommended = Post-2000 seismic standard, financeable, strong resale · ◐ Caution = Post-1981, verify repair history · ○ High Risk = Pre-1981, limited financing, higher insurance
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 | ¥23,000,000 $145,358 | 40.0 m² | ¥575,000 $3,634 | 2013 13 years | Asahibashi |
| Q3 2025 | ¥48,000,000 $303,356 | 75.0 m² | ¥640,000 $4,045 | 2015 11 years | Shuri |
| Q3 2025 | ¥34,000,000 $214,877 | 65.0 m² | ¥523,077 $3,306 | 2000 26 years | Tsubogawa |
| Q3 2025 | ¥24,000,000 $151,678 | 85.0 m² | ¥282,353 $1,784 | 1991 35 years | Shuri |
| Q2 2025 | ¥36,000,000 $227,517 | 80.0 m² | ¥450,000 $2,844 | 2006 20 years | Furujima |
| Q2 2025 | ¥21,000,000 $132,718 | 50.0 m² | ¥420,000 $2,654 | 1991 35 years | Furujima |
| Q2 2025 | ¥35,000,000 $221,197 | 65.0 m² | ¥538,462 $3,403 | 2013 13 years | Oroku |
| Q2 2025 | ¥50,000,000 $315,996 | 50.0 m² | ¥1,000,000 $6,320 | 2022 4 years | Asahibashi |
| Q2 2025 | ¥31,000,000 $195,917 | 65.0 m² | ¥476,923 $3,014 | 2005 21 years | Shuri |
| Q2 2025 | ¥33,000,000 $208,557 | 75.0 m² | ¥440,000 $2,781 | 2001 25 years | Oroku |
* Data sourced from MLIT (Ministry of Land, Infrastructure, Transport and Tourism) public records. Sample transactions may not represent all market activity.
Who Invests in Naha / Kokusai Street
Typical Investor
Okinawa urban investors, military base rental operators, tourism-adjacent buyers
Investment Thesis
Okinawa's only true urban market. Military base proximity provides stable rental floor.
Key Risk
Military base policy changes. Island economy limitations on capital appreciation.