A 2.5-year closure to inbound travel hasn’t slowed investment in Niseko’s ski resort market with the Nikkei Shimbun reporting that the ‘Aspen of Asia’ has seen over 20 billion Yen (approx. US$138 million) in known real estate purchases by foreigners each year. The very recent weakening of the Yen this year is said to be contributing further to demand.
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An historic merchant house in Hokkaido has apparently been listed for sale for just 30 million Yen (US$210,000). The heritage-listed Yokoyama Residence was built in the 1860s and later.
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New restrictions on resort development in Kutchan Town, near the popular Niseko ski resort, were scheduled to be introduced this fall, but have been pushed back. These restrictions are aimed at protecting the town’s natural environment and scenery from an unchecked surge in development by foreign funds in the Hirafu and Hanazono districts.
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On June 28, NTT Urban Development announced that Hyatt Hotels Corporation will by opening the Hyatt Centric Sapporo in NTT’s Sapporo Kita 1 Nishi 5 Project.
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Hokkaido Prefecture is facing a growing demolition bill for the Hokkaido Centennial Memorial Tower.
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Like other cities across Japan, Sapporo is no stranger to rising home prices. New apartment prices have risen by 37.3% over the past ten years. One new luxury condominium in the city has gone on sale this June with all apartments priced over 200 million Yen.
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Hakodate City in Hokkaido has decided on a buyer for the former Russian Consulate. Built in 1908, this is the only consulate remaining from the Russian Empire era, with the interior still retaining its elaborate and decorative details.
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A survey by public broadcaster NHK has found that the there were 4,406 buildings and land parcels in Hokkaido owned by foreign funds and corporations as of January 2020. This is a 12% increase from 2019. Even with the international travel bans, some industry experts say acquisitions have continued throughout 2020 as foreign investors are confident that things will return to normal post-covid.
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Only a year after purchasing the resort and related hotels, the owner-operator of the Yubari Mount Racey Ski Resort is filing for bankruptcy. The closure of the city’s only ski resort and the only three hotels nearby have devastated the local tourism industry.
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Apex Property Limited, a Hong Kong developer founded by two female entrepreneurs, is launching a major resort and holiday villa project in Niseko’s Hanazono district.
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