The two resorts in one table
Everything below comes from the same official sources, so the two columns are comparable. Sale figures are medians of recorded land and house sales from MLIT's buyer survey (取引価格情報); there are no condominium sales in either data set, so the ski-in/ski-out apartments on international listing sites are not represented. Land prices are government appraisals of land as if vacant.
| Niseko area (Kutchan + Niseko Town) | Hakuba Village | |
|---|---|---|
| Recorded sales, 2021–2025 (land + houses) | 333 | 288 |
| Median sale, all types, 2025 | ¥36.0m (79 sales) | ¥18.5m (50 sales) |
| Median ¥/㎡ of land, all types, 2025 | ¥60,000 | ¥31,667 |
| Median house sale, 2021–2025 | ¥30.0m (137 sales) | ¥23.0m (110 sales) |
| Median house, 2025 only | ¥42.0m / ¥118,606 per ㎡ of land (35 sales) | ¥39.5m / ¥91,667 per ㎡ of land (20 sales) |
| Median land plot, 2021–2025 | ¥9.05m, ¥23,810/㎡ (196 sales) | ¥6.15m, ¥10,128/㎡ (178 sales) |
| Median land plot, 2025 only | ¥24.5m / ¥45,161 per ㎡ (44 sales) | ¥11.5m / ¥18,986 per ㎡ (30 sales) |
| Median sale, 2018–20 → 2023–25 | ¥13.0m → ¥18.0m (+38%) | ¥4.9m → ¥14.0m (+186%) |
| Official Land Price (公示地価, 1 Jan 2026) | Kutchan: 4 points, median ¥124,000/㎡, 1-yr +12.3%, 5-yr +36.6% | 3 points, median ¥27,400/㎡, 1-yr +26.9%, 5-yr +161.7% |
| Prefectural survey (基準地価, 1 Jul 2026) | Kutchan: 6 points, median ¥91,000/㎡, 1-yr +10.3%, 5-yr +52.5% Niseko Town: 5 points, median ¥22,500/㎡, 1-yr +10.8%, 5-yr +66.7% | 5 points, median ¥17,600/㎡, 1-yr +27.7%, 5-yr +67.4% |
| Highest benchmark point | Hirafu residential (ニセコひらふ): ¥200,000/㎡ (+10.5% / 5-yr +48.1%) Kutchan commercial: ¥192,000/㎡ (+15.0% / 5-yr +74.5%) | Commercial (基準地価(7/1)): ¥85,000/㎡ (+25.9% / 5-yr +205.8%) Residential: ¥27,400/㎡ (+33.0% / 5-yr +171.3%) |
| Short-term rental (minpaku) rule | Hokkaido ordinance. In designated residential zones (widened in Kutchan from 1 June 2026), absentee minpaku only on weekends, holidays and 31 Dec–3 Jan (about 120 nights). Hirafu resort districts and most of Niseko Town are outside those zones (national 180-night cap). | Nagano ordinance, among Japan's strictest: school surroundings, residential zones (weekdays barred) and designated ski-area surroundings in the winter peak, where absentee minpaku is barred. Owner-occupied minpaku is exempt from the ski-area rule. Exact area and period: confirm with the village. |
| Accommodation tax | Kutchan 3% of the room rate from 1 April 2026 plus Hokkaido's tax; Niseko Town 3% including the Hokkaido tax from 1 November 2026. | Nagano Prefecture ¥200 per night from 1 June 2026, plus Hakuba's village tax of ¥200–1,900 by rate band. |
| Hotel / inn licence instead | yes — most Hirafu condos/chalets operate as ryokan/simple lodging (year-round) | yes — standard route for Hakuba lodges/chalets (year-round incl. winter) |
| Access (operators' figures) | New Chitose Airport → Otaru about 72 min by Rapid Airport train, then Otaru → Niseko about 90 min by local train; by road from Sapporo about 92 km via Route 230 (Niseko United). | Nagano Station → Hakuba express bus 1 h 10 min to 2 h 05 min (Alpico guideline figure); Tokyo → Hakuba by Hokuriku Shinkansen and express bus from about 2 h 50 min (Hakuba Valley). |
Full series, districts and stations: Niseko property prices · Hakuba property prices. All six Japanese ski areas we track: Japan ski property for sale.
Year by year, 2015–2025
Median of all recorded land and house sales and median price per ㎡ of land, each year. Niseko's 2019 figure is lifted by about 90 house sales recorded in Kutchan's town centre in one year (possibly one development); Hakuba's medians rise partly because the mix shifted toward houses from 2024.
| Year | Niseko area | Hakuba | ||||
|---|---|---|---|---|---|---|
| Sales | Median | ¥/㎡ | Sales | Median | ¥/㎡ | |
| 2015 | 68 | ¥6.65m | ¥13,750 | 41 | ¥4m | ¥7,736 |
| 2016 | 92 | ¥7.15m | ¥17,391 | 66 | ¥4.45m | ¥5,395 |
| 2017 | 86 | ¥6.75m | ¥16,162 | 51 | ¥5m | ¥9,250 |
| 2018 | 66 | ¥5m | ¥17,444 | 61 | ¥5m | ¥9,126 |
| 2019 | 161 | ¥31.0m | ¥93,333 | 61 | ¥5m | ¥9,195 |
| 2020 | 84 | ¥8.30m | ¥23,611 | 64 | ¥4.50m | ¥9,103 |
| 2021 | 67 | ¥8.20m | ¥26,744 | 58 | ¥6.35m | ¥7,742 |
| 2022 | 60 | ¥11.0m | ¥33,333 | 61 | ¥6.50m | ¥12,518 |
| 2023 | 63 | ¥12.0m | ¥27,055 | 66 | ¥8.45m | ¥13,231 |
| 2024 | 70 | ¥14.5m | ¥25,000 | 53 | ¥20.0m | ¥23,974 |
| 2025 | 79 | ¥36.0m | ¥60,000 | 50 | ¥18.5m | ¥31,667 |
How to read this
- Different products. Niseko's record is dominated by Kutchan's town-centre grid (486 of 896 sales since 2015; median ¥56,000/㎡ in 2023–25). Hakuba's is three-quarters Hokujo (483 of 632; ¥26,316/㎡ in 2023–25). Neither captures the resort condo market.
- Levels vs. change. Niseko's recorded prices are higher in every row; Hakuba's five-year change is larger from a lower base. Land-price appraisals point the same way: Kutchan benchmark points +37% / +52% over five years, Hakuba +162% / +67%. Past change is not a forecast.
- Small samples. 50–80 sales a year per resort, 20–35 of them houses. One season of unusual deals moves a median; prefer the five-year rows.
- Rental rules shape the economics. An absentee owner in a Hakuba designated ski-area zone cannot run minpaku in the winter peak; in Hirafu's resort zones the 180-night cap applies, and most operators use a hotel or inn licence anyway. Check the zoning of a specific lot before pricing in rental income: minpaku rules by city.
- Ownership costs. A holiday home gets no residential land reduction on fixed asset tax (property tax); buying costs run about 6–8% (cost of buying); resort management fees are in management fees (of 9 Niseko managers checked, two publish fees: 15% of gross plus a fixed monthly charge, and 25% of the nightly rate; all 6 Hakuba managers checked keep fees private).
FAQ
Is Niseko or Hakuba more expensive?
In the official sale record, Niseko: the median house sold for ¥30.0m in 2021–2025 against ¥23.0m in Hakuba, and land for ¥23,810/㎡ against ¥10,128/㎡. In 2025 alone the house medians were ¥42.0m and ¥39.5m. Resort condos are not in either data set.
Which has risen more, Niseko or Hakuba?
Hakuba, in both sales and appraisals: the median recorded sale rose +186% from 2018–20 to 2023–25 (¥4.9m to ¥14.0m) against +38% in the Niseko area (¥13.0m to ¥18.0m), and Hakuba's Official Land Price points rose a median +162% in five years against +37% in Kutchan. That describes the past, not the future.
Can I run an Airbnb in Niseko or Hakuba?
Both are limited by prefectural ordinance. In Kutchan's designated residential zones absentee minpaku is limited to weekends and holidays (about 120 nights); Hirafu's resort zones fall under the national 180-night cap. In Hakuba's designated ski-area surroundings absentee minpaku is barred in the winter peak. Many owners use a hotel or inn licence through a local manager instead.
How do I get to each resort?
Niseko: from New Chitose Airport, train to Otaru (about 72 min) then a local train to Niseko (about 90 min), or about 92 km by road from Sapporo, per Niseko United. Hakuba: express bus from Nagano Station, 1 h 10 min to 2 h 05 min per the operator Alpico; from Tokyo about 2 h 50 min at best by Shinkansen and bus, per Hakuba Valley.
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Sources
- MLIT Real Estate Information Library (不動産情報ライブラリ), transaction prices (buyer survey) for Kutchan, Niseko Town and Hakuba, 2015Q1–2025Q4: reinfolib.mlit.go.jp (data fetched 29 September 2026; same figures as the Niseko and Hakuba price pages)
- MLIT, Official Land Price (地価公示) 1 January 2026 and prefectural land price surveys (都道府県地価調査) 1 July 2026, National Land Numerical Information L01/L02 (CC BY 4.0)
- Hokkaido Prefecture, minpaku ordinance areas: pref.hokkaido.lg.jp; Kutchan Town notice on the June 2026 expansion: town.kutchan.hokkaido.jp; Niseko Town accommodation tax: town.niseko.lg.jp; Nagano Prefecture accommodation tax: pref.nagano.lg.jp (rules checked 27 September 2026; details on minpaku rules by city)
- Niseko United, access page (train and road figures): niseko.ne.jp (checked 7 October 2026)
- Alpico Kotsu, Nagano–Hakuba express bus, guideline journey time 1 h 10 min–2 h 05 min: alpico.co.jp; Hakuba Valley Promotion Board, access (Tokyo about 2 h 50 min): hakubavalley.com (checked 7 October 2026)
- Management fee disclosure: company pages collected 28 September 2026, see property management fees
Last reviewed: 7 October 2026. Prices are medians of past recorded sales, not valuations or forecasts. Travel times are the operators' own figures and vary by season.
Disclaimer. General information, not legal or tax advice. Japan House Prices is not a real estate broker (宅地建物取引業者), a law firm or a tax adviser. If you request an introduction, a licensed Japanese professional handles your case. We may receive a referral fee from the broker; you pay nothing to us.