Hakuba Tourism and Property Market Review 2023

Overview

Hakuba, renowned for being part of the 1998 Nagano Winter Olympics, has evolved from a seasonal Australian-focused skiing destination into a year-round getaway. It is located within a three-hour drive from Tokyo. The Hakuba tourism and real estate market has witnessed increasing development, attracting emerging markets from Asia, notably Taiwan, Hong Kong, and Singapore. Furthermore, the COVID-19 pandemic rejuvenated the appeal of high-quality ski destinations in the domestic market.

HAKUBA PROPERTY MARKET PERFORMANCE

The robust growth extends beyond tourism to the property market, driven by a rising demand for holiday rental homes. Traditionally, Hakuba focused on the development of ski chalets with classic alpine designs, which remain prominent. Nevertheless, the market is now witnessing an influx of condominium projects, exemplified by the successful ROKA Residences development. Offering units ranging from two to five bedrooms with ski-in/ski-out access, this luxury project by Hakuba Mirai experienced strong sales during the pandemic.

A noteworthy development generating excitement in the market is the debut of the Banyan Tree Resort and Branded Residences in Hakuba. This represents the first entry of a hotel and branded residences into the market. Situated in the Wadano and Hoppa areas of Hakuba, the project encompasses 105 hotel rooms and 32 condominium units available for purchase, all providing convenient ski-in/ski-out access to the Hoppa-one ski resort.

In line with the Niseko real estate market, ski-in/ski-out access on prime land continues to be the preferred choice. Given the presence of undeveloped, affordable land in Hakuba, we view the market fundamentals favorably.

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