Official land values around Niseko keep rising, but they are thin: Kutchan has 6 sample points in the July survey and 4 in the January one, and Niseko Town has only 5 (and none in the January survey). In the 1 July 2026 survey Kutchan's commercial points rose +14.3% on average (+66.3% over five years) and Niseko Town's residential points +10.9% (+68.8% over five years). Hakuba rose even faster this year: its commercial point by the station was Japan's biggest commercial rise (+35.6%).
What these numbers are. Japan's official land prices are appraised benchmark values, not transaction prices: licensed appraisers value a fixed set of sample plots each year, per square metre of land, as if the plot were vacant. Two surveys: the Official Land Price (地価公示, chika kōji) values plots as of 1 January and is published in March; the Prefectural Land Price Survey (基準地価, kijun chika) values plots as of 1 July and is published in September. They are not the price of a condo (no building, no share of a site), and actual sales, especially of central commercial land and popular ski-resort plots, often happen well above them. Every median below shows its point count (n); where n is small, one plot can move the figure.
Why the official values look low for Niseko. The sample plots are mostly ordinary residential and shop plots in the towns (Kutchan town centre and Niseko Town). Only two sit in or near the ski village: the January survey's Kutchan-3 in Niseko Hirafu (the highest value in the area) and the July survey's Kutchan-2 in Kabayama. None is a ski-in/ski-out site in Hirafu, Hanazono or Annupuri, where plots trade for many times more. Read the benchmark as the trend for local land, and use actual sales (below) for the level.
Every sample point in Kutchan and Niseko Town
Both surveys, 2026. With this few points we show each one rather than an average. 10-yr = change since 2016 for points priced then.
| Town / point | Survey | Location | Use | ¥/㎡ | 1 yr | 5 yr | 10 yr |
|---|---|---|---|---|---|---|---|
| Niseko Town ニセコ5-1 | 基準 1 Jul 2026 | 虻田郡ニセコ町字本通83番1 Niseko, 600 m | Commercial | ¥32,500 US$206/㎡ | +10.2% | +51.2% | +90.1% |
| Niseko Town ニセコ-1 | 基準 1 Jul 2026 | 虻田郡ニセコ町字富士見2番8外 Niseko, 700 m | Residential | ¥27,000 US$171/㎡ | +11.6% | +63.6% | +154.7% |
| Niseko Town ニセコ-3 | 基準 1 Jul 2026 | 虻田郡ニセコ町字富士見129番2 Niseko, 1,200 m | Residential | ¥22,500 US$143/㎡ | +9.8% | +66.7% | +150.0% |
| Niseko Town ニセコ-2 | 基準 1 Jul 2026 | 虻田郡ニセコ町字有島8番51 Niseko, 1,300 m | Residential | ¥20,500 US$130/㎡ | +12.0% | +70.8% | +133.0% |
| Niseko Town ニセコ-4 | 基準 1 Jul 2026 | 虻田郡ニセコ町字中央通94番11 Niseko, 210 m | Residential | ¥17,200 US$109/㎡ | +10.3% | +72.0% | — |
| Kutchan 倶知安5-1 | 基準 1 Jul 2026 | 虻田郡倶知安町北1条西2丁目18番 Kutchan, 350 m | Commercial | ¥192,000 US$1,218/㎡ | +15.0% | +74.5% | +638.5% |
| Kutchan 倶知安-2 | 基準 1 Jul 2026 | 虻田郡倶知安町字樺山65番132外 Hirafu, 3,600 m | Residential | ¥150,000 US$952/㎡ | +8.7% | +64.8% | +614.3% |
| Kutchan 倶知安5-2 | 基準 1 Jul 2026 | 虻田郡倶知安町北3条西1丁目1番4 Kutchan, 620 m | Commercial | ¥125,000 US$793/㎡ | +13.6% | +58.2% | — |
| Kutchan 倶知安-1 | 基準 1 Jul 2026 | 虻田郡倶知安町南8条西1丁目3番22 Kutchan, 1,400 m | Residential | ¥57,000 US$362/㎡ | +7.5% | +29.5% | — |
| Kutchan 倶知安-4 | 基準 1 Jul 2026 | 虻田郡倶知安町北3条東5丁目2番39 Kutchan, 1,700 m | Residential | ¥51,000 US$324/㎡ | +8.5% | +37.8% | — |
| Kutchan 倶知安-3 | 基準 1 Jul 2026 | 虻田郡倶知安町南4条東5丁目1番67 Kutchan, 1,900 m | Residential | ¥45,500 US$289/㎡ | +8.3% | +46.8% | +203.3% |
| Kutchan 倶知安-3 | 公示 1 Jan 2026 | 虻田郡倶知安町ニセコひらふ5条3丁目83番29 Kutchan, 6,500 m | Residential | ¥200,000 US$1,269/㎡ | +10.5% | +48.1% | — |
| Kutchan 倶知安5-1 | 公示 1 Jan 2026 | 虻田郡倶知安町南1条西1丁目40番1外 Kutchan, 620 m | Commercial | ¥181,000 US$1,149/㎡ | +16.0% | +49.6% | +570.4% |
| Kutchan 倶知安-2 | 公示 1 Jan 2026 | 虻田郡倶知安町南3条東1丁目16番9外 Kutchan, 850 m | Residential | ¥67,000 US$425/㎡ | +11.7% | +25.2% | +238.4% |
| Kutchan 倶知安-1 | 公示 1 Jan 2026 | 虻田郡倶知安町北7条西2丁目2番28 Kutchan, 1,300 m | Residential | ¥35,000 US$222/㎡ | +11.1% | +21.5% | — |
Twenty years: Kutchan, Niseko Town and Hakuba
Kutchan, Niseko Town and Hakuba: median 基準地価, 2006–2026
Table view
| Year | Kutchan (¥/㎡) | Niseko Town (¥/㎡) | Hakuba (¥/㎡) |
|---|---|---|---|
| 2006 | ¥21,500 | ¥11,750 | ¥12,550 |
| 2007 | ¥20,250 | ¥11,750 | ¥11,525 |
| 2008 | ¥19,500 | ¥11,500 | ¥11,010 |
| 2009 | ¥18,900 | ¥11,000 | ¥10,490 |
| 2010 | ¥18,900 | ¥10,900 | ¥9,950 |
| 2011 | ¥18,900 | ¥10,700 | ¥9,500 |
| 2012 | ¥18,900 | ¥10,450 | ¥9,250 |
| 2013 | ¥18,900 | ¥10,200 | ¥9,000 |
| 2014 | ¥18,900 | ¥9,950 | ¥8,760 |
| 2015 | ¥19,650 | ¥9,700 | ¥8,590 |
| 2016 | ¥20,500 | ¥9,800 | ¥8,440 |
| 2017 | ¥23,500 | ¥10,700 | ¥8,355 |
| 2018 | ¥32,500 | ¥11,700 | ¥8,335 |
| 2019 | ¥51,000 | ¥13,300 | ¥8,385 |
| 2020 | ¥64,500 | ¥14,500 | ¥8,435 |
| 2021 | ¥70,500 | ¥15,000 | ¥8,485 |
| 2022 | ¥76,500 | ¥16,000 | ¥8,585 |
| 2023 | ¥82,500 | ¥17,700 | ¥8,720 |
| 2024 | ¥91,000 | ¥19,750 | ¥8,915 |
| 2025 | ¥104,500 | ¥22,350 | ¥10,150 |
| 2026 | ¥118,750 | ¥24,750 | ¥12,800 |
Niseko vs Hakuba and other resorts
Resort towns side by side. Medians of every sample point in the town, with n; one-year change is the average of continuing points, five-year change the median.
| Resort town | 基準地価, 1 Jul 2026 | 公示地価, 1 Jan 2026 | ||||
|---|---|---|---|---|---|---|
| Residential median | Commercial median | 1 yr, all uses | 5 yr, all uses | Median, all uses | 5 yr | |
| Kutchan 倶知安町 Niseko (Hirafu), Hokkaido · sale prices | ¥54,000 US$343/㎡ · n=4 | ¥158,500 US$1,006/㎡ · n=2 | +10.3% n=6 | +52.5% n=6 | ¥124,000 US$787/㎡ · n=4 | +36.6% n=4 |
| Niseko Town ニセコ町 Hokkaido · sale prices | ¥21,500 US$136/㎡ · n=4 | ¥32,500 US$206/㎡ · n=1 | +10.8% n=5 | +66.7% n=5 | — | — |
| Hakuba 白馬村 Nagano · sale prices | ¥8,000 US$51/㎡ · n=3 | ¥58,500 US$371/㎡ · n=2 | +27.7% n=5 | +67.4% n=5 | ¥27,400 US$174/㎡ · n=3 | +161.7% n=3 |
| Otari (Hakuba Cortina) 小谷村 Nagano | ¥7,325 US$46/㎡ · n=2 | — | +1.6% n=2 | +2.5% n=2 | — | — |
| Nozawa Onsen 野沢温泉村 Nagano · sale prices | ¥30,700 US$195/㎡ · n=1 | ¥50,800 US$322/㎡ · n=1 | +24.4% n=2 | +105.7% n=1 | ¥29,350 US$186/㎡ · n=2 | +69.9% n=2 |
| Furano 富良野市 Hokkaido · sale prices | ¥20,300 US$129/㎡ · n=3 | ¥56,800 US$360/㎡ · n=1 | +9.8% n=4 | +13.8% n=4 | ¥25,000 US$159/㎡ · n=5 | +2.5% n=5 |
| Rusutsu 留寿都村 Hokkaido · sale prices | ¥5,800 US$37/㎡ · n=2 | — | +3.6% n=2 | +53.0% n=2 | — | — |
| Shimukappu (Tomamu) 占冠村 Hokkaido | ¥2,425 US$15/㎡ · n=2 | — | −2.2% n=2 | −9.9% n=2 | — | — |
| Myoko 妙高市 whole city; points mostly in downtown Arai, not the Myoko Kogen ski side, Niigata · sale prices | ¥7,880 US$50/㎡ · n=9 | ¥21,150 US$134/㎡ · n=2 | +0.6% n=12 | −12.4% n=11 | ¥20,600 US$131/㎡ · n=9 | −12.7% n=7 |
| Karuizawa 軽井沢町 Nagano | ¥83,000 US$527/㎡ · n=6 | ¥250,000 US$1,586/㎡ · n=3 | +14.5% n=9 | +48.0% n=9 | ¥66,150 US$420/㎡ · n=8 | +49.6% n=8 |
Land price vs what land actually sold for
| Area | 公示地価 1 Jan 2026 (median) | 基準地価 1 Jul 2026 (median) | Actual sales, MLIT buyer survey 取引価格・アンケート (median) | |||
|---|---|---|---|---|---|---|
| Residential | Commercial | Residential | Commercial | Land-only sales, ¥/㎡ of land | Resale condos, ¥/㎡ of floor | |
| Kutchan 倶知安町 | ¥67,000 US$425/㎡ · n=3 | ¥181,000 US$1,149/㎡ · n=1 | ¥54,000 US$343/㎡ · n=4 | ¥158,500 US$1,006/㎡ · n=2 | ¥48,690 2025 · US$309/㎡ · n=31 | — |
| Niseko Town ニセコ町 | — | — | ¥21,500 US$136/㎡ · n=4 | ¥32,500 US$206/㎡ · n=1 | ¥24,242 2025 · US$154/㎡ · n=13 | — |
| Hakuba 白馬村 | ¥18,185 US$115/㎡ · n=2 | ¥40,300 US$256/㎡ · n=1 | ¥8,000 US$51/㎡ · n=3 | ¥58,500 US$371/㎡ · n=2 | ¥18,986 2025 · US$120/㎡ · n=30 | — |
The last two columns are medians of recorded sales from MLIT's Real Estate Information Library (our price pages), for the latest full year, from MLIT's buyer survey (取引価格・アンケート) only: brokers' closed prices (成約価格) contain almost no sales in these towns, so those few records are left out rather than mixed in. Land-only sales are per ㎡ of land and are the closest like-for-like comparison with the benchmark values; there are no resale-condo sales in this data. Sales mix differs from the sample plots, and small n moves medians a lot.
How we calculated this
- Data: every sample point of the 2026 Official Land Price (公示地価, 1 Jan 2026, 25,565 points nationwide) and the 2026 Prefectural Land Price Survey (基準地価, 1 Jul 2026, 21,456 points), from MLIT's National Land Numerical Information files. Forest land is excluded (the survey values it per 10 ares, not per ㎡).
- The two surveys are never mixed. They are six months apart, so every median and average is for one survey; where both are shown they sit side by side.
- Median ¥/㎡ is the middle value of the points in that ward, town or station catchment. n is the number of points.
- Year-on-year change is the simple average of each continuing point's change (MLIT's own method); points that are new, re-selected or back from a pause have no change and are not counted (n shows how many were).
- 5-year change is the median change since 2021 of points priced in all six years with no re-selection in between.
- Stations are the "nearest station" field of each point. The two surveys write some names differently (基準地価 often puts the operator first, e.g. OsakaMetro本町 vs 本町), so we normalise names before grouping. Bus stops are left out. English station and ward names are our own romanisation.
- The history chart uses only points priced in every year from 2006 to 2026 (the same sample each year), so it is not moved by points being added or dropped; it is a median of those points, not an index of the whole market.
- US dollars use the ECB reference rate of 2026-09-25 (¥157.59 = US$1) for every year, so the dollar figures show today's value, not the historical exchange rate. 1 ㎡ = 10.764 ft².
- Niseko Town has no 公示地価 points; Kutchan has 4 and Hakuba 3 (公示) — the 基準地価 is the main source here.
Source: "National Land Numerical Information (Land Price Publication data / Prefectural Land Price Survey data)", Ministry of Land, Infrastructure, Transport and Tourism (MLIT): https://nlftp.mlit.go.jp/ksj/gml/datalist/KsjTmplt-L01-2026.html and https://nlftp.mlit.go.jp/ksj/gml/datalist/KsjTmplt-L02-2026.html, licensed under CC BY 4.0. Processed and translated by Japan House Prices: the medians, averages, rankings, station groupings, English names and dollar conversions are our own calculations and are not published or endorsed by MLIT. Japan House Prices is not affiliated with MLIT or any prefecture.
「国土数値情報（地価公示データ）」（国土交通省）（https://nlftp.mlit.go.jp/ksj/gml/datalist/KsjTmplt-L01-2026.html）を加工して作成／「国土数値情報（都道府県地価調査データ）」（国土交通省）（https://nlftp.mlit.go.jp/ksj/gml/datalist/KsjTmplt-L02-2026.html）を加工して作成
National and regional headline changes: 出典：「令和8年都道府県地価調査」（国土交通省）（https://www.mlit.go.jp/report/press/tochi_fudousan_kensetsugyo04_hh_000001_00084.html）; 2026 Official Land Price press release: MLIT.
Exchange rate: ECB euro foreign exchange reference rates (cross rate), 2026-09-25. This page is not a valuation, an offer of property, or investment advice. Last reviewed 2026-09.
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