Hakuba Village in Nagano Prefecture has become Japan’s hottest property investment destination, with land prices increase 32.4% in 2025. This marks the second consecutive year this mountain resort has topped the country’s land price growth rankings. What was once a quiet ski town is now being called the “second Niseko,” attracting investors and tourists from around the world.
The Numbers Behind Hakuba’s Property Boom
The transformation of Hakuba’s real estate market tells a remarkable story. In the early 2000s, following Japan’s economic bubble burst, you could buy a pension (small hotel) in Hakuba for around 4 million yen – and sometimes even those struggled to find buyers. Today, luxury villas in the area sell for over 100 million yen, showing just how dramatically the market has changed.
This year’s land price data from the National Tax Agency shows the area near Hakuba Iwatake Mountain Resort reached 49,000 yen per square meter. This is up 12,000 yen from last year. While these prices might seem high locally, they’re still much lower than established resort areas like Niseko, where land can cost 730,000 yen per square meter in Hirafu slope locations.
See the official National Tax Agency website land price data for the Ibaraki Prefecture (Japanese only) -> Here
What’s Driving Hakuba’s Growth?
The surge in Hakuba property values comes from several key factors that make it attractive to both tourists and investors. Unlike many ski resorts that go quiet in summer, Hakuba has successfully developed itself as a four-season destination. Winter brings world-class skiing and snowboarding, while summer offers mountain hiking, scenic chairlift rides, and outdoor adventures with stunning views of the snow-capped Northern Alps.
The area has also developed educational tourism through programs like Hakuba International School’s summer programs, which bring international students to the region for extended stays. These educational initiatives create longer-term connections to the area and can lead to property purchases by families who want to return regularly. This four-season appeal means rental properties can generate income throughout the year rather than sitting empty for months like traditional ski destinations. Tourist numbers hit 2.71 million in 2024, with visitors now including people who stay longer and return regularly.
The area first caught international attention in the late 2000s when Australian buyers discovered Hakuba’s potential. More recently, investors from Southeast Asia have joined the market, drawn by the combination of lower prices compared to Niseko and strong growth potential. A Major international hotel brands have announced plans to open new properties in 2026/27. This will create more accommodation options while also pushing up land values throughout the village.
Investment Opportunities in Hakuba
For those looking to enter Japan’s resort property market, Hakuba offers several advantages over more established destinations. Compared to Niseko’s premium prices, Hakuba still offers relatively affordable entry points for investors. The price difference means your investment dollar goes further while still giving you exposure to Japan’s growing resort property market.
With tourist numbers growing rapidly and new hotel developments planned, demand for vacation rental properties remains strong. The year-round appeal means properties can generate income in both winter and summer seasons, unlike traditional ski resorts that sit empty for months each year.
Real estate experts believe Hakuba’s upward trend will continue. The combination of actual tourist demand rather than pure speculation, plus the area’s lower starting point compared to other resorts, suggests there’s still room for significant growth. This creates an attractive opportunity for investors who want to enter the market while prices remain accessible.
Resort Japan’s Growing Presence in Hakuba
Resort Japan has established itself as more than just a property broker in the Hakuba area, they’re actively shaping the region’s hospitality landscape through strategic hotel investments and developments. This hands-on approach gives them unique insights into what makes properties successful in this growing market.
The company currently operates two distinctive hotels that showcase different aspects of Hakuba’s appeal. The Blue star Hotel in Tsugaike offers guests access to the powder snow and alpine adventures that have made the region famous among winter sports enthusiasts. Located in the heart of Tsugaike, this property serves both as a successful business model. It’s a demonstration of Resort Japan’s understanding of what international guests expect from a Hakuba experience.
Their second property, the Nomad Hakuba, targets a different segment of the growing tourism market. This hotel caters to the increasing number of travelers who seek authentic local experiences while still wanting modern comfort and convenience. Nomad is also in a great location in Echoland, with many bars and restaurants to enjoy after a Hike in the summer or a long day on the sloaps in Winter.
Looking ahead, Resort Japan has a new hotel project opening soon that will further expand their portfolio and demonstrate the continued growth potential in Hakuba’s hospitality sector. This upcoming property reflects their confidence in the area’s long-term prospects and their commitment to being active participants in Hakuba’s development rather than just facilitators.
Choosing the Right Partner for Hakuba Investment
When investing in Japan’s resort property market, working with experienced local partners makes a significant difference. Resort Japan’s combination of property expertise and operational hotel experience gives them a unique perspective on what makes investments successful in this market. They understand both the opportunities and challenges of Hakuba’s rapidly changing landscape because they’re living it daily through their own hotel operations.
This practical experience means they can help investors navigate everything from finding the right property to understanding local regulations and managing ongoing investments. Their track record of successful hotel operations also provides reassurance that their investment advice is based on real market knowledge rather than just theory.
Looking Ahead: Hakuba’s Investment Future
Property experts expect Hakuba’s growth to continue, driven by Japan’s tourism recovery and the area’s success in attracting international visitors year-round. The planned hotel developments and infrastructure improvements should support continued demand. For investors considering Japan’s resort property market, Hakuba represents a compelling opportunity. The combination of proven tourism growth, relatively affordable prices, and strong development pipeline creates conditions similar to Niseko’s early growth years.
Whether you’re looking for a vacation home, rental investment property, or land for development, Hakuba’s proven track record and continued growth potential make it worth serious consideration. With expert guidance from specialists like Resort Japan, investors can tap into one of Japan’s most dynamic property markets while it’s still in its growth phase.
The transformation from quiet mountain village to international resort destination shows no signs of slowing down, making Hakuba one of Japan’s most exciting property investment stories.
