Is a New Real Estate Boom Coming to Okinawa? Promising Investment Opportunities Around JUNGLIA

Okinawa’s real estate market is drawing significant attention from investors around the world. With the grand opening of the large-scale theme park “JUNGLIA Okinawa” scheduled for July 25, 2025, land prices—especially in the northern part of the island—are surging. Coupled with a weak yen, this presents an exceptional investment opportunity for foreign buyers.

1. What is Okinawa? The Allure of Japan’s Tropical Resort Islands

Okinawa is Japan’s southernmost prefecture, surrounded by the East China Sea and the Pacific Ocean, offering a subtropical paradise. With a population of approximately 1.38 million, the region comprises 48 inhabited and 112 uninhabited islands—each possessing its own unique charm.

Climate and Natural Environment

Okinawa enjoys a subtropical oceanic climate with an annual average temperature of 23°C (73°F), and even in summer, temperatures rarely exceed 30°C (86°F). Excluding the typhoon season (June to October), the weather remains warm and pleasant year-round. The emerald seas, white sand beaches, and vibrant coral reefs are among the most stunning in the world. In 2021, Northern Okinawa Island, along with Amami Oshima, Tokunoshima, and Iriomote Island, was inscribed as a UNESCO World Natural Heritage site.

Distinctive History and Culture

Once the independent Ryukyu Kingdom for over 450 years, Okinawa flourished through trade with China, Southeast Asia, and the Korean Peninsula. After World War II, it was placed under U.S. administration for 27 years before returning to Japan in 1972. This complex history has fostered a culture distinct from mainland Japan. The soothing sounds of the sanshin (traditional Okinawan instrument), the energetic Eisa dances, local dishes like Goya Champuru and Soki Soba, and the laid-back spirit embodied in the Okinawan phrase “Nankurunaisa”—meaning “Don’t worry, everything will be fine”—continue to captivate people from around the globe.

A Leading Tourist Destination

Before the COVID-19 pandemic, over 10 million tourists visited Okinawa annually, establishing it as a premier resort destination in the Asia-Pacific region. Since 2023, inbound tourism has rebounded rapidly, particularly from China, Taiwan, South Korea, and Southeast Asia. Attractions like the Churaumi Aquarium, Shurijo Castle, Ishigaki Island, and Miyako Island continue to support stable, year-round tourism.

2. Understanding Okinawa’s Real Estate Market: Island Geography and Area Characteristics

To navigate the Okinawan real estate market, it’s essential to understand its geographic layout and the distinct characteristics of each region.

Okinawa Main Island and Key Outer Islands

Okinawa Main Island (1,207 km², approx. 1.25 million residents) is the political, economic, and administrative heart of the prefecture, home to about 90% of its population. It stretches about 107 km north to south and 31 km east to west and is commonly divided into the southern, central, and northern regions.

Key outer islands include:

• Miyako Island: Known for pristine beaches and luxury resorts; second-home demand among high-net-worth individuals is rising rapidly.
• Ishigaki Island: Gateway to the Yaeyama Islands and a hotspot for diving and island-hopping.
• Iriomote Island: A lush natural reserve and World Heritage site; a mecca for ecotourism.
• Kume Island: Known as “Island of Beauty,” located about 100 km west of Naha.

Though the outer islands account for only about 9% of Okinawa’s population, land prices have been rising at faster rates than the mainland due to growing demand for luxury villas and resort properties.

Main Island Sub-Regions and Investment Characteristics

Southern Area (Naha, Urasoe, Tomigusuku, Itoman, etc.)

• The economic, political, and cultural hub centered around Naha, the capital city.
• Key tourist attractions include Naha Airport, Kokusai Street, and Shurijo Castle.
• High population density ensures stable demand for urban rentals.
• While land prices are the highest in the prefecture, the area remains popular with investors seeking convenience and reliability.

Central Area (Okinawa City, Uruma, Ginowan, Chatan, Onna, etc.)

• Home to many U.S. military bases, resulting in a high concentration of foreign residents.
• Onna Village features luxury resorts lining the scenic western coastline.
• American Village in Chatan offers a unique, international commercial experience.
• Strong demand for resort condos and rental properties catering to foreigners.

Northern Area (Nago, Nakijin, Motobu, Ogimi, etc.)

• Rich in natural beauty, including the UNESCO-recognized Yanbaru Forest.
• Home to major tourist attractions such as the Churaumi Aquarium and Kouri Island.
• Previously known for stable yet modest land prices—now rapidly changing due to the upcoming Jungleia project.
• Poised to become one of Okinawa’s fastest-growing investment zones.

3. Current Trends in the Okinawan Property Market

Exceptional Land Price Growth

According to official land value announcements in March 2025, Okinawa recorded Japan’s second-highest annual growth rate across all property categories at +7.2%. Residential land rose by 7.3% (No.1 nationwide), and commercial land by 7.0% (No.4 nationally)—marking 12 consecutive years of positive growth. These figures even surpass Okinawa’s “Minpaku boom” during the late 2010s, pointing to long-term, structural expansion rather than a temporary spike.

Five Key Growth Drivers

1. Full Recovery of the Tourism Industry

Tourism has resumed its growth trajectory post-pandemic, driving investments in hotels and short-term accommodations and lifting land prices in key resort zones.

2. Rapid Rebound in Inbound Tourism

Since 2023, visitors from Asia have returned in large numbers, creating an acute shortage of accommodations and sparking renewed investor interest in hotels and Minpaku properties (short-term rentals).

3. Growing Relocation and Settlement Demand

The rise of remote work has prompted many mainland Japanese to relocate to Okinawa, driving up housing demand and residential land prices.

4. Increased Participation from Foreign Investors

The weak yen has incentivized investors from China, Taiwan, South Korea, and beyond to enter the Okinawan real estate market. In Naha, some commercial land prices now exceed ¥1 million per tsubo (approx. ¥303,000/m² or $1,900/m²).

5. Low Homeownership Rate

Okinawa’s homeownership rate is only around 45%, the lowest in Japan (national average: 61%). With a steadily growing population, the latent demand for home purchases remains strong.

4. What is JUNGLIA Okinawa? A One-of-a-Kind Theme Park

Project Overview

On July 25, 2025, “JUNGLIA OKINAWA” will officially open in Nakijin Village in the northern part of Okinawa’s main island. This major theme park is spearheaded by Japan Entertainment Inc., led by Takashi Morioka—the visionary behind the revitalization of Universal Studios Japan (USJ). JUNGLIA will be Okinawa’s first full-scale theme park of its kind.

An Innovative Concept: “Power Vacance!!”

Unlike traditional theme parks, JUNGLIA is designed as an immersive “experiential resort” that fuses nature, adventure, and relaxation. Set within the lush World Heritage-listed Yanbaru Forest, the park offers one-of-a-kind attractions.

Key Attractions

• Over 22 cutting-edge rides and experiences: including immersive VR rides, dinosaur safaris, and hot-air balloon adventures
• Forest Zipline: Thrilling rides through the canopy of the Yanbaru jungle
• Infinity Spa: A tranquil retreat blending seamlessly with nature
• Local Cuisine Restaurants: Showcasing Okinawa’s culinary heritage
• Original Shopping Complex: Featuring local crafts and limited-edition souvenirs

Economic Ripple Effect

JUNGLIA is more than just a tourist attraction—it’s a regional development engine:

• Job Creation: Approximately 1,500 direct employment opportunities
• Visitor Goal: Targeting over 1 million visitors annually
• Local Business Partnerships: Involving local producers, artisans, and service providers
• Infrastructure Development: Improvements to surrounding roads and transport access

5. How JUNGLIA is Transforming the Northern Real Estate Market

Land Price Data Highlights

Nago City

• Land price increase in 2024: +6.4%
• Strongest impact from JUNGLIA construction
• Growing demand for staff housing and tourism infrastructure

Nakijin Village

• 2024 land price increase: +10.3%
• Previously stagnant, now seeing rapid growth
• Average price: ¥10,500 → ¥11,400 per m² (avg. +9.7%)
• Tsubo price (3.3m²): Approx. ¥70,000—still ¥250,000 below the prefectural average, leaving ample room for appreciation

Onna Village

• Residential: +13.2%, Commercial: +29.0% (highest in Japan)
• Maoeda district saw a record-breaking 29% increase
• Compared to 9 years ago: +67.1%, avg. sale price rose by ¥199,000/m²

Motobu & Ogimi

• Emerging as high-potential areas near JUNGLIA
• Complementary tourism demand with nearby Churaumi Aquarium

Structural Changes in the Market

Shifting Land Value Patterns

While central and southern Okinawa traditionally led in land value growth, 2024 saw northern areas like Onna (3rd) and Nakijin (5th) enter the top 5 for residential land price gains—marking a clear geographical shift.

Diversifying Demand

• Staff Housing: 1,500 new jobs at JUNGLIA drive rental demand
• Tourism Facilities: Hotels, short-stay rentals, restaurants, and retail
• Vacation Homes: Increasing interest from affluent domestic and international buyers
• Investment Properties: Targeting future appreciation and passive income

Expert Market Analysis

Koichi Takahira, Chairman of the Okinawa Association of Real Estate Appraisers, states: “The demand surge in Nago is clearly driven by the JUNGLIA effect. It’s a uniquely visible form of growth, and we anticipate associated development in surrounding areas.”

He adds, “Northern Okinawa already had strong tourism potential. With the addition of JUNGLIA, the entire region—especially Nago—is likely to become a real estate hotspot over the coming years.”

6. Investment Opportunities and Risks for Foreign Buyers

Key Opportunities

1. Early-Stage Price Growth in the North

Nakijin Village still offers land prices well below the prefectural average, giving investors a chance to enter before further appreciation.

2. Weak Yen Advantage

Ongoing yen depreciation since 2024 increases purchasing power for overseas investors, amplifying potential capital gains via currency arbitrage.

3. Multiple Revenue Models

• Short-Term Rentals (Minpaku): High-yield options targeting tourists
• Long-Term Rentals: Stable income targeting staff or new residents
• Vacation Homes: Combine personal use with rental income
• Commercial Properties: Restaurants, shops, or service businesses

4. Ongoing Infrastructure Expansion

Roads, transport, and retail infrastructure are being upgraded in tandem with the park’s launch—supporting asset value increases.

5. Government Support

Okinawa benefits from special tax incentives under the Okinawa Promotion Special Measures Law, as well as long-term tourism promotion initiatives.

Investment Risks

1. Price Surge from Tight Supply

Popular areas may see prices rise too quickly, affecting investment returns.

2. Increasing Upfront Costs

Land acquisition costs may climb faster than rental yields, reducing profitability.

3. Local Legal and Regulatory Risks

• Zoning restrictions
• Short-term rental regulations (Minpaku Act)
• Building restrictions under scenic ordinances
• Development limitations in conservation zones

4. Property Management Challenges

• Typhoons and natural disaster risk
• Managing properties from abroad
• Reliance on local management partners

5. Market Volatility

• Interest rate hikes due to policy changes
• Tourism demand fluctuations from global events
• Impact from competing developments

7. Key Strategies for Real Estate Investment in Okinawa

Regional Investment Tactics

Northern Okinawa (Nago, Nakijin, Motobu)

• Highlights: The most promising growth area
• Targets: Rental housing for staff, Minpaku for tourists, future vacation homes
• Watch Points: Progress of infrastructure and competing projects

Central Okinawa (Onna, Chatan, Okinawa City)

• Highlights: Established resort areas with stable demand
• Targets: High-end condos, foreigner-friendly rentals
• Watch Points: Already high prices may limit yield

Southern Okinawa (Naha, Urasoe, Tomigusuku)

• Highlights: Urban investment zone with consistent rental demand
• Targets: Condos, commercial buildings, office space
• Watch Points: Highest land prices; large initial investments required

Outer Islands (Miyako, Ishigaki)

• Highlights: Premium villas and luxury resort areas
• Targets: Luxury vacation homes, resort hotels, private villas
• Watch Points: High management costs and access limitations

Purpose-Based Investment Tips

Vacation Home / Second Residence

• Location: Sea or forest views with good access
• Building Specs: Storm resistance, corrosion protection, low maintenance
• Management: Trustworthy property management firm

Short-Term Rental (Minpaku)

• Regulatory Check: Compliance with laws, zoning, and neighborhood relations
• Differentiation: Unique concept and value-added services
• Operations: Cleaning, booking, and issue resolution systems

Long-Term Rental

• Target Demographic: Staff, relocators, foreign residents
• Location: Proximity to workplaces, schools, amenities
• Features: Layout, facilities, parking availability

Commercial Facility Investment

• Location Strategy: Foot traffic, competition, nearby development
• Tenant Strategy: Balancing tourist and local demand
• Profitability: Rental rates, vacancy risk, management costs

Practical Considerations

Legal & Tax Knowledge

• Foreign Land Ownership: No restrictions, but registration procedures required
• Taxation: Includes property tax, city planning tax, income and inheritance taxes
• Building Code: Regulations on height, storm resistance, and land use

Choosing Local Partners

• Real Estate Agents: Track record, local knowledge, after-sales service
• Property Managers: Rental and maintenance handling
• Experts: Lawyers, tax advisors, architects, appraisers

Financial Planning & Risk Management

• Initial Costs: Property price, closing costs, renovation
• Operating Costs: Management, repairs, taxes, insurance
• Revenue Strategy: Rental income, occupancy, ROI
• Exit Strategy: Sale timing, price, and tax planning

8. Summary: Why NOW is the Best Time to Invest in Okinawa—Especially Near JUNGLIA

Okinawa’s Long-Term Real Estate Growth Potential

Okinawa is more than a tourist destination; it’s becoming a strategic hub in the Asia-Pacific. With over 10 million tourists annually, a growing population, and increasing foreign investment, the property market has a firm structural growth foundation.

JUNGLIA: A Game-Changing Development

The opening of JUNGLIA on July 25, 2025 will mark a new chapter for Okinawan tourism. With expected annual visitors exceeding one million, and massive regional revitalization projects underway, the northern area is set to become a major growth engine.

A Perfect Entry Point for Foreign Investors

The weak yen and early-stage land appreciation create ideal conditions for foreign buyers. Activity from Chinese, Taiwanese, and Korean investors is increasing, with some commercial land in Naha exceeding ¥1 million per tsubo. This trend is expected to expand further.

Flexible Investment Strategies

From tourism to migration and vacation housing, Okinawa offers diverse real estate models—including short-term rentals, long-term leases, second homes, and commercial use.

The Forefront of a Sustainable “Resort Boom”

Unlike speculative bubbles, Okinawa’s growth is backed by solid fundamentals—tourism recovery, residential demand, international capital, and the arrival of JUNGLIA. Low homeownership rates (45%), population growth, and high birthrates provide long-term momentum.

Okinawa—especially the areas surrounding JUNGLIA—is attracting global attention. Are you ready to seize this rare investment opportunity?

Now is the time to invest in Okinawa’s growth. With the right strategy and partners, you can unlock both stable income and long-term value appreciation.