NAHA, Japan -- Miyakojima, in Japan's Okinawa prefecture, finds itself in the middle of a real estate frenzy as investors pour money into hotels and resorts in anticipation of a tourism boom as the COVID-19 pandemic subsides.
Known for its crystal-clear, "Miyako Blue" sea, Miyakojima and its sparkling white sand beaches have been attracting investors and tourists alike. Last year, land prices there soared 16.6% in what has been dubbed the "Miyakojima bubble." This compares with a 4.9% increase in Okinawa prefecture as a whole, which was the fastest rise in land prices of any prefecture in Japan. The figures are based on land zoned for all purposes, as of July 1.
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