Nagano's Hakuba Sees Biggest Land Value Rise: Will It Become the Next Niseko?

Hakuba, Nagano Prefecture, recorded the highest increase in roadside land prices nationwide, as announced by the National Tax Agency on July 1. Wadano Road, located in the Hokujo region, has surged in popularity as a budget-friendly ski resort, attracting significant foreign investment. Land values increased by 32.1% to ¥37,000 (around $230 USD) per square meter (10.8 sq ft) compared to 2023.

Some residents are concerned that the influx of foreign-led development could turn the area into the next Niseko, a town in Hokkaido experiencing overtourism.

*Wadano Road recorded the highest roadside land price increase. June 27. (©Sankei by Koya Kuhara)*

Popular Even in Summer

The entrance to Wadano Road is just a 10-minute drive from Hakuba Station, which faces the Northern Alps. This village road, surrounded by forest, is lined with upscale hotels.

Close to the station is Hakuba Iwatake Mountain Resort, a year-round tourist destination. It features a swing that offers the sensation of soaring into the Northern Alps and a terrace with sweeping mountain views. The resort's spokesperson emphasized, "It's important to attract fans regardless of the season."

A woman from Kyoto commented, "You can immerse yourself in vast nature here, unlike anything in the city. Hakuba is popular on social media even during the summer."

*Tourists enjoying a swing that gives the sensation of flying into the Northern Alps, at Hakuba Iwatake Mountain Resort on June 27. (©Sankei by Koya Kuhara)*

Half of Winter Ski Visitors Are Inbound Tourists

Land prices in Hakuba are rising due to redevelopment initiatives backed by both domestic and international capital. Hakuba is not only close to Tokyo and Kyoto but also offers high-quality snow. Now, around half of its winter ski visitors come from abroad. This influx has led to a wave of foreign investments, driven by expectations of increased tourism in Japan.

In 2018, Marriott International opened the first foreign-owned hotel in Hakuba. In 2026 or later, Japanese hotel operator Wealth Management plans to partner with the Singapore-based luxury hotel brand Banyan Tree to open a facility near one of Hakuba's largest ski areas.

A local real estate expert commented, "Hakuba's land prices still feel relatively affordable. With the weaker yen and the influx of foreign capital, roadside land values are expected to keep rising."

Rising Prices and Noise

At the same time, some residents have expressed concern about price increases. A woman in her 50s living in Hakuba noted, "Prices at restaurants have been gradually rising."

Koichi Suzuki, a 74-year-old hotel owner, pointed out: "Noise problems and littering by inbound tourists have become more prominent near the ski resorts."

In Hokkaido's Niseko district, foreign investment has similarly driven redevelopment, leading to overtourism and issues such as rising prices.

An official from Hakuba's construction division stated, "To avoid becoming the next Niseko, we are regulating the scale of land development and requiring developers to hold briefing sessions for residents."

(Read the article in Japanese.)

Author: Koya Kuhara, The Sankei Shimbun