Updated: 2025.7.28
In July 2025, local newspapers such as Ryukyu Shimpo and Okinawa Times reported a key trend shaking up the real estate market in Okinawa: a slowdown in property sales due to prolonged high prices.
According to the reports, residential properties--particularly secondhand homes and high-end listings--are taking longer to sell, and inquiries have decreased significantly. The market is showing signs of a slowdown, or "inventory stagnation."
In this article, we'll explore why property prices in Okinawa have surged so dramatically, what's causing this recent slowdown, forecast future trends, and share tips for buyers, sellers, and investors looking to make smart decisions in 2025 and beyond.
Okinawa's real estate boom has been fueled by several overlapping factors:
A rebound in tourism demand after COVID-19, driving new hotel and resort development
An influx of domestic relocations driven by the rise of remote work
Prolonged low-interest mortgage rates, boosting affordability for buyers
Increased foreign interest, particularly from mainland China, Taiwan, and Hong Kong, in second homes, investments, and business setups
These trends pushed property prices up sharply. In popular areas such as Naha City, Chatan Town, and Onna Village, land prices have reached ¥500,000 or more per tsubo (≈3.3 m²), with new condominium listings often exceeding ¥1.5 million per m².
However, this price growth hasn't translated into smooth sales--especially in the secondhand market. We're now seeing:
Listings priced 1.5 to 2 times above market value
Fewer inquiries and sales timelines stretching beyond 2 years
Properties that don't adjust to fair market value simply won't sell
High-end listings above ¥100 million (~USD 700,000) in particular are seeing major buyer resistance unless prices are corrected significantly.
Many sellers still believe, "If a similar home sold for ¥200 million, so can mine." But if buyer demand doesn't support the asking price, months--or even years--can go by without offers.
Buyers today are comparing secondhand prices against the cost of building a new custom home. Consider this:
Land: 100 tsubo × ¥400,000 = ¥40 million
Building: 100 tsubo × ¥1.3 million = ¥130 million
Total: ¥170 million
If a 5-year-old resale home is listed for ¥220 million, buyers are likely to opt for a brand-new home at a lower cost with better specifications.
While condominiums allow easy price comparisons with similar units in the same building, detached houses are one-of-a-kind, making it difficult for buyers to judge pricing fairness--leading to hesitation.
Not all properties are struggling to sell. The ones that move within 6-12 months often meet these criteria:
Fair price based on nearby sales comps
Located in convenient or popular areas
Offer clear appeal such as ocean views or modern renovations
Are newly built or recently renovated
Properties with full oceanfront or panoramic views, though rare, can still sell for ¥300 million or more. But even then, if the land cost exceeds ¥3 million per tsubo, most buyers will hesitate unless it's a truly one-of-a-kind location.
Experts are divided on how the Okinawa property market will evolve.
Ongoing recovery in tourism and hospitality sectors
Continued urban migration and remote-worker relocation
Active investment from mainland Japan and overseas
Rising interest rates, making loans more expensive
Population decline in rural areas and islands
Oversupply in luxury listings, especially above ¥100 million
The consensus? A growing divide between high-demand and low-demand areas. Urban centers like Naha and Chatan will likely remain strong, while rural islands and depopulating towns may see price drops and longer time-to-sell.
Use real transaction data, not rumors or inflated expectations, to determine fair value--whether you're buying or selling.
With interest rates likely to rise, buyer enthusiasm may cool. Overpricing can hurt your chances more than help. Strategic pricing now could mean a quicker, better sale.
Hoping that a wealthy foreign investor will "buy it at any price"--especially from Taiwan or China--is not a reliable sales strategy in today's market. Price your property realistically for success.
As the political and commercial heart of Okinawa, Naha sees steady rental demand. Condos for singles and families alike remain in demand, but yields may be compressed due to high entry prices.
Home to the American Village and bustling nightlife, Chatan is popular among both tourists and residents. Foreign residents and short-term tenants help drive rental demand.
Ideal for holiday villas and short-term rentals, especially near luxury resorts. Watch out for seasonal tourism fluctuations and storm risks.
Prices have already surged dramatically. Finding properties with strong capital gain or rental yield potential is now difficult, and careful analysis is critical.
The Okinawa real estate market has been fueled by tourism, migration, and investment--but now, it's shifting toward a more selective, strategic phase.
The days of "buy now, prices will keep rising" are fading. Success in this market requires:
Accurate price evaluations
A sharp eye for location quality
Understanding future supply and demand trends
While headlines like "20% of Tokyo tower condos bought by Chinese buyers" may be true, Okinawa is a unique, limited market with only 1.3 million residents. Land and inventory are finite.
If you want to buy or sell smart in Okinawa, it's time to get data-driven, realistic, and strategic--ideally with a local expert by your side.
At VILLA IMG, we've become one of the most trusted real estate firms in Okinawa for high-end, luxury, and investment properties, ranking at the top of search results for keywords like Okinawa real estate luxury high-end property.
But we're not the type of company that promises inflated sales prices.
We take pride in fair, data-based valuations and creating long-term relationships with our clients--both buyers and sellers.
We also handle many practical relocation and family housing needs, not just resort properties. With local expertise and a multilingual team, we provide full support throughout your property journey.
Valuations and consultations are always free.
Contact us today to learn how we can help you navigate Okinawa's real estate market.
Updated: 2025.7.11
Selling Real Estate in Japan as a Foreign Resident: A Guide to Costs and Fees
If you're a foreign national living in Japan with a registered address (juminhyo), and you're planning to sell property you own in Japan, it's important to understand the various expenses involved in the process. Whether you bought the property as a personal residence, a second home, or an investment, here's a breakdown of the typical costs associated with selling real estate in Japan.
Who This Applies To
This guide is for:
1. Real Estate Agent Commission
Standard Rate:
Up to 3% of the sale price + 60,000 yen (+ 10% consumption tax)
Example:
For a sale price of 50 million yen:
→ 1.5 million yen (3%) + 60,000 yen = 1,560,000 yen
With tax (10%) → 1,716,000 yen
Note: The commission is negotiable in some cases but is usually calculated at the legal maximum rate for properties sold at over 4 million yen.
2. Capital Gains Tax (所得税・住民税)
If you sell your property for more than you purchased it for, you may be subject to capital gains tax.
The rate depends on how long you've owned the property:
|
Holding Period |
Income Tax |
Resident Tax |
Total Tax Rate |
|
Less than 5 years |
30% |
9% |
39% |
|
More than 5 years |
15% |
5% |
20% |
Important:
3. Legal & Administrative Fees
You may incur the following optional or necessary costs:
4. Stamp Duty (印紙税)
Stamp duty is required when you sign the real estate sales agreement.
|
Contract Amount |
Stamp Duty |
|
¥10-50 million |
¥10,000 |
|
¥50-100 million |
¥30,000 |
Paid by attaching a revenue stamp (inshi) to the contract.
5. Remaining Loan Prepayment Penalty (if applicable)
If you have a mortgage on the property, be aware of:
6. Other Possible Costs
Summary of Typical Selling Costs
|
Item |
Estimated Amount |
|
Real Estate Brokerage Fee |
~3% + ¥60,000 + tax |
|
Property Registration and License TaxRegistration Fee, |
¥30,000-¥100,000 |
|
Revenue Stamp Fee |
¥10,000-¥30,000 |
|
Capital Gains Tax (if any) |
20% or 39% |
|
Miscellaneous |
¥10,000-¥50,000 |
Why Work with a Professional Real Estate Agent?
At VILLA Group, we assist foreign residents through the entire property sale process in English, Chinese, and Vietnamese. Our services include:
We aim to help you sell your property quickly and at the best price possible with full transparency.
Contact us for a free consultation about selling your real estate in Japan as a foreign resident.
Let's make your sale smooth, successful, and stress-free.
Updated: 2025.7.11
Why Is a Brokerage Agreement Required When Selling Real Estate in Japan?
なぜ日本で不動産売却時に媒介契約が必要なのか？
<Legal Requirement under Japanese Law>
日本の法律による義務
In Japan, when selling a property through a real estate agency, it is legally required to sign a "brokerage agreement" (baikai keiyaku) before the agent can act on your behalf.
日本では、不動産を不動産会社を通じて売却する際、仲介業者が販売活動を開始する前に「媒介契約（ばいかいけいやく）」を締結することが法律で義務付けられています。
This requirement is based on the Real Estate Brokerage Act (Takuchi-Tatemono Torihiki Gyōhō), which aims to ensure transparency and protect both sellers and buyers.
この義務は、「宅地建物取引業法」に基づいており、不動産取引の透明性を確保し、売主・買主の双方を保護することを目的としています。
<Key Reasons for the Brokerage Agreement>
媒介契約を結ぶ主な理由
<Types of Brokerage Agreements in Japan>
日本における媒介契約書の種類と内容
In Japan, when selling property through a real estate agency, the seller is legally required to sign a brokerage agreement.
日本では、不動産会社を通じて不動産を売却する際、売主は法律により媒介契約書を締結する必要があります。
There are three types of brokerage agreements, depending on how many agencies you want to hire and whether you want to find a buyer yourself.
媒介契約には、不動産会社への依頼の方法や、自分で買主を見つけたいかどうかに応じて、3つの種類があります。
1. Privileged and Exclusive Brokerage Service Agreement
専属専任媒介契約
You may hire only one real estate agency.
1社の不動産会社のみに依頼する契約です。
Even if you find a buyer on your own, you must go through the agent to complete the transaction.
自分で買主を見つけた場合でも、その不動産会社を通じて売買契約を結ぶ必要があります。
The agent must provide activity reports at least once a week.
仲介会社は少なくとも週に1回の業務報告を行わなければなりません。
The property must be registered on REINS (Real Estate Information Network System) within 5 business days.
物件は5営業日以内にREINS（不動産流通標準情報システム）に登録されなければなりません。
2. Exclusive Brokerage Service Agreement
専任媒介契約
You may hire only one real estate agency.
この契約でも1社の不動産会社のみに依頼します。
However, if you find a buyer yourself, you are allowed to make a direct deal without the agent.
ただし、自分で買主を見つけた場合は、不動産会社を通さずに直接契約することが可能です。
The agent must also report at least once a week.
この契約でも週に1回以上の業務報告が義務付けられています。
The property must be registered on REINS within 7 business days.
REINSへの登録は7営業日以内に行う必要があります。
3. Non-Exclusive Brokerage Service Agreement
一般媒介契約
You may hire multiple real estate agencies at the same time.
複数の不動産会社に同時に依頼することができます。
You can also find a buyer yourself and sell directly.
自分で買主を見つけた場合は、自由に直接契約が可能です。
There is no legal obligation for the agent to report progress or register the property on REINS.
この契約には、業務報告やREINSへの登録義務はありません。
|
Type of Agreement |
Hire Multiple Agents |
Find Buyer Yourself |
Reporting Obligation |
REINS Registration |
|
Exclusive |
No |
No |
Weekly |
Within 5 days |
|
Semi-Exclusive |
No |
Yes |
Weekly １－２w |
Within 7 days |
|
General |
Yes |
Yes |
None |
None |
Brokerage Commission and Duration
仲介手数料と契約期間
The brokerage fee is typically: 3% of the sale price + ¥60,000 + consumption tax.
仲介手数料は通常、売買価格の3%＋6万円＋消費税です。
The agreement is valid for a maximum of 3 months (can be renewed).
媒介契約の有効期間は最長3ヶ月で、更新も可能です。
Signing a brokerage agreement is not just a formality; it is a legal requirement to ensure a safe and fair real estate transaction in Japan.
媒介契約の締結は単なる形式ではなく、日本の不動産取引を安全かつ公正に行うための法的な手続きです。
It allows the agent to act on your behalf, protects your rights as a seller, and ensures compliance with Japanese law.
仲介業者が正式にあなたの代理人として活動できるようにし、売主としての権利を守り、日本の法律に則った取引を可能にします。
<Why Choose an Exclusive Brokerage Service Agreement with VILLA>
なぜ当社VILLAと専任媒介契約を結んだ方がいいか？
We do not limit exposure--we expand it.
「囲い込み」をせず、情報を広く開示します。
At VILLA, we operate on an agent-based system and do not restrict information to our own clients only.
当社VILLAはエージェント制を導入しており、物件情報を自社顧客のみに限定する「囲い込み」は一切行いません。
We actively share property information with partner agents and other real estate companies who have serious buyers.
物件情報は、他社を含む販売力のある仲介会社やエージェントとも積極的に共有し、より多くの買主との接点を作ります。
This increases your chances of a quicker sale at the best possible price.
それにより、より早く、より良い条件での売却を実現できる可能性が高まります。
Multilingual Marketing at No Cost
多言語対応の広告掲載も無料
With our international presence and marketing team, we promote your property in multiple languages (Japanese, English, Vietnamese, Chinese) at no charge.
当社では、日本語・英語・ベトナム語・中国語などの多言語でのプロモーションを無料で行っています。
Your property will be listed on:
以下の媒体に無料で掲載されます：
We cover all advertisement costs as part of our service.
これらの広告費はすべて当社が負担します。
Access to Domestic and International Buyers
国内外の買主へのアプローチ
With operations in both Okinawa and Da Nang, VILLA is well-positioned to reach not only local Japanese buyers, but also investors and second-home seekers from Taiwan, Vietnam, and English-speaking countries.
当社は沖縄とダナンに拠点があり、日本国内の買主はもちろん、台湾・ベトナム・英語圏の投資家・移住希望者にもリーチできます。
Centralized Management for Smooth Transactions
取引の一本化でスムーズな売却活動
All buyer inquiries, negotiations, and updates are coordinated through one point of contact--VILLA--ensuring efficient and professional communication.
買主からの問い合わせ、内見、交渉、報告などはすべてVILLAが窓口となって一元管理し、迅速で正確な対応を実現します。
Updated: 2025.7. 2
Q1. Can foreign nationals purchase real estate in Japan?
Yes. In Japan, foreign individuals and corporations are legally allowed to purchase and own land and buildings, regardless of nationality or residency status. This makes Japan one of the more open real estate markets globally.
However, certain transactions may require post-acquisition or prior notification under specific regulations, such as:
Q2. How can I search for properties in Japan?
The property search process depends on the intended purpose--residential use, a second home, or investment.
▶ Common search methods:
▶ Key considerations by purpose:
|
Purpose |
Due Diligence Focus |
|
Residential |
School district, safety, disaster risk, building age, neighborhood |
|
Second home |
Scenic view, local zoning laws, HOA fees, accessibility |
|
Investment |
Gross/net yield, occupancy rate, master lease conditions, hospitality licensing (hotel, minpaku), market demand |
Q3. What is the typical property purchase process in Japan?
The general timeline and steps for acquiring property in Japan are as follows:
Average duration: 30-45 days. In cash transactions, the process can be completed within 2 weeks.
※A disclosure document that purchasers of real estate receive to execute a binding agreement. Any material related to a real estate investment decision should be disclosed to the purchaser in the Juuyoujikousetsumeisho.
Q4. What is a "Letter of Intent"?
A Letter of Intent (買付証明書) is a non-binding written offer from the buyer to the seller indicating their intent to purchase the property.
It typically includes:
While not legally binding, the LOI serves as the basis for negotiation. A formal SPA is only concluded once both parties agree on terms.
Q5. Can foreigners apply for mortgage financing in Japan?
Yes, under certain conditions. While most Japanese banks require applicants to be residents with stable income, some financial institutions provide home loan options for foreign nationals.
▶ Example lenders:
|
Lender |
Eligibility |
LTV (Loan-to-Value) |
|
Shinsei Bank Investment |
No residency; e.g. Hong Kong buyers |
50-70% |
|
SMBC Trust Bank PRESTIA |
Japanese bank account + payroll |
~60% |
|
Regional banks (locals) |
With PR status or Japanese spouse |
Up to 80% |
▶ Typical lending requirements:
Q6. How do I remit purchase funds from overseas?
International wire transfer via SWIFT is the standard method. The recipient account depends on the property type.
▶ Differences in remittance destinations:
|
Property Type |
Recipient Bank Account |
Market Practice |
|
New development |
Seller developer's corporate account |
Common |
|
Resale property |
Seller's individual/corporate account |
Most common |
|
Exceptional case |
Judicial scrivener's escrow account |
Rare/limited use |
▶ Key remittance notes:
Q7. What legal disclosures are required at the time of contract?
A licensed real estate transaction agent (宅建士) must provide a Legal Disclosure Statement (重要事項説明, "jūyō jikō setsumei") prior to signing the SPA.
Key items disclosed include:
Upon understanding and accepting these disclosures, the buyer signs the formal Sales and Purchase Agreement.
Q8. What happens on the settlement (closing) day?
The closing process includes:
After submission, ownership registration is usually completed within 1 week.
Q9. How is the title transferred?
The title transfer (ownership registration) is filed electronically by a judicial scrivener (司法書士) on the buyer's behalf.
Required documents include:
The buyer must also pay the registration and license tax, ranging from 0.1% to 2%, with reduced rates (0.1%) available for certain residential properties.
Q10. What are the tax implications after purchase? (Resident vs. Non-resident)
|
Tax Type |
Resident in Japan |
Non-resident |
|
Fixed Asset Tax & City Planning Tax |
Paid quarterly; auto-debit possible |
Must appoint a Tax Administrator in Japan |
|
Rental Income Tax |
Progressive (5-45%) |
20.42% withheld + annual tax return |
|
Resident Tax (Juminzei) |
Based on previous year's income |
Not applicable |
|
Inheritance & Gift Tax |
Global assets taxable |
Only Japanese assets are taxable |
Even for non-residents, ownership of property in Japan triggers the obligation to pay annual fixed asset tax. Appointing a tax agent is required.
Q11. How should I manage the property after purchase?
You have two main options:
▶ Self-management
▶ This is time-consuming and not recommended for overseas owners.
▶ Property Management Company (Recommended)
▶ Note: For short-term rentals (Minpaku)
If operating Airbnb or similar, registration under the Japanese Private Lodging Business Act (住宅宿泊事業法) is mandatory. Note the annual 180-day operation limit, and some areas prohibit short-term rentals by local ordinances.
Summary
Your trusted partner for property acquisitions in Okinawa, Japan and Da Nang, Vietnam - VILLA Group International.
