Nationwide land values increase for 2nd year in a row
The nationwide Assessed Land Values (koji-chika), as issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) saw a year-on-year increase in 2023. This is the second year in a row to see an increase. The growth is apparent not only in urban centers, but is also spreading to regional areas as the country emerges from the pandemic.Read more
450-room hotel for Niseko
Philippine real estate developer DoubleDragon Properties is about to embark on a 450-room hotel project in Niseko.
Foreclosure in Niseko sells for 2200% above reserve
A foreclosed block of land in Niseko ended up selling for over 22 times its auction reserve earlier this month. The 1,012 sqm (10,889 sq.ft) lot of non-zoned land is 6.3 kilometers from Niseko Station and in the Annupuri district with the Moiwa and Annupuri ski slopes nearby.
Niseko sees over 20 billion Yen a year in real estate sales
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.
Restrictions on resort development in Kutchan lagging behind schedule
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.
Land values drop nationwide for second year, but increase in Tokyo
Japan’s Standard Land Prices were announced yesterday by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The national average dropped by 0.4% from last year. This is the second year in a row to see a decline, but it is a slight improvement from last year’s 0.6% drop. The nationwide average has been in the negative for 27 of the past 30 years.
US$600million+ resort condo development for Niseko
Another week, another multi-billion Yen project announced for Niseko. Singapore-based Shenning Investments is developing a luxury Capella-branded resort in Niseko’s Hanazono district with a planned opening in 2024 ~ 2025. The total cost of the project has not been disclosed but some have estimated it to be over 70 billion Yen (approx. 664 million USD).