Niseko land prices continue to surge

Highest increases in Japan for 6 years running

Information release by the National Tax Administration Agency on 1st July shows that Niseko has continued to lead the way in Japan for land price increases. Prices of land near the top of Hirafu-zaka, the street leading up to the Grand Hirafu Resort, rose 50% over the past year to be 720,000 yen per square metre. Niseko has now shown the highest rates of growth in Japan in each of the past 6 years with prices now 14 times higher than in 2014.

Across the whole of Japan, land prices increased 1.6% continuing the upward trend of the past 5 years. The current data released is for land prices as of 1st January, 2020 so it is yet to be seen how COVID-19 impacts land prices going forward.