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Opinion & Analysis |
The ’desirability’ theory
by The Luxury Expert
Despite rankings of various ’best’ cities around the globe, Alex Shlaen feels that the data is not accurate enough
Malaysia: An investor’s look
by Tay Han Chong
Tay Han Chong tells Property Report the pros and cons of investing in Malaysia.
Property Investment : The Basics
by Annie Lim
Annie Lim explains the ups and downs of property investment and some of the basics knowledge that one needs when investing.
Legal issues with the transfer process.
by Desmond Hughes & Timo Bauer
If you want to make a point about the nonchalant attitude of a developer and agent to timing, what can you legally do?
Good deeds. How good is your title?
by Julian Male
The dream of owning your own piece of paradise can turn into an investor’s worst nightmare unless you know your legal rights.
2008/2009What an eventful year
by Dr Chua Yang Liang
Despite the weak economic outlook, 2009 took the property market by surprise doing much better than expected.
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Okinawa real estate guide |
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Okinawa, long a favourite with Japanese tourists, is rapidly increasing its profile on the world stage. A massive range of big name international hotel and resort brands have been setting up shop in the resort city. News broke recently that the Sheraton is to add its name to the list in a move that many feel will help Japan's southernmost prefecture become a hot destination for holidaymakers from all over the world. It should also help build confidence in Okinawa's long term viability as an investment locale among overseas property buyers.
Starwood Hotels & Resorts Worldwide Inc. is another outfit to back Okinawa and is due to open its doors in late 2010. The Sheraton meanwhile, will be sited in Ginowan with 245 guest rooms, about 10 per cent of which will be suites. The project will be owned by property developer Joint Corp. A Marriott hotel made its debut in 2005, and two InterContinental hotels are due to open in 2009. The Hilton Group has indicated that it too may join the market.
The boost these chains will bring to Okinawa's real estate industry is sorely needed at present as generally, times are tough in Okinawa's property market. In fact, one of the country's largest developers who had planned a range of projects on the archipelago recently declared bankruptcy, throwing its developments into doubt in the process. Tokyo-based Zephyr had over a dozen projects in various stages of completion in Okinawa alone when the fallout from the American sub prime mortgage loan crisis prompted it to appeal to the Tokyo District Court for help in dealing with swarming creditors. The firm was in some ?94.9 billion worth of debt and was promptly delisted from the Tokyo Stock Exchange. The announcement is sending shockwaves through the Okinawa property industry where Zephyr had pledged to build key aspects of a range of multi-use projects. Among them was the Tomigusuku City's Toyozaki area where Zephyr was to build key aspects of a new development, including a shopping centre.
Among other projects being handled by Zephyr are Itoman City Resort Hotel, Fuchaku Resort Condominium Hotels near Hotel Moon Beach Resort in Onna Village, the Naha City Naha Tower project, the Zephyr Naha building, Miyakojima City's Sunayama Resort Hotel and Golf Course, and Ishigaki's Oceanside housing area project. The scale of the problem is such that a development blueprint for the whole region is in danger of being torn up.
Condos in Okinawa
Condominiums dot Okinawa's beachfront and Naha city centre. The Omoromachi district, styling itself Naha's new 'heart of the city', has been the focus of a significant proportion of new condominium development. Its geography, atop of a hill, means it offers panoramic views of the city, sea and various islands. However, those looking to buy into the area can expect to pay for the privilege, with average condo unit prices now around Y160,000,000. More on buying condos in Okinawa.
Houses and land in Okinawa
When the global financial downturn began to make its presence felt, land prices in the Okinawa prefecture were showing signs of growth after having been falling an extremely lengthy period. Commercial land prices had been dropping every year for the past 15 in a row while residential land dropped for eighth straight years to 2008. In 2007 there were signs that the long decline was coming to an end. Officials reported that the average decline had slowed to just 1.8 or around half of what it was three years previous. More on buying houses and land in Okinawa.
Top tips for Okinawa property
Guide to buying condos in Okinawa
Guide to buying houses and land in Okinawa
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