What the data says
Hakuba's rise shows up more cleanly in the official data than Niseko's, because it is spread across steady annual volumes (41 to 66 sales a year) rather than a few unusual years. Land-only plots traded at roughly ¥5,000–9,000/㎡ from 2015 to 2021, then rose every year from 2022 to a median ¥18,986/㎡ in 2025. Houses and lodges, measured per ㎡ of land, went from ¥9,446/㎡ in 2015 to ¥41,951/㎡ in 2024 and ¥91,667/㎡ in 2025, though that last figure rests on just 20 sales. As in Niseko, the data contains no condominium sales and has no category for hotels or guesthouses. Within the village, the Hokujo district (大字北城) accounts for three-quarters of recorded sales (483 of 632), and its 2023–2025 median of ¥26,316/㎡ is about double that of Kamishiro (大字神城). Neighbouring Nozawa Onsen is not charted here: it had only 87 usable sales in eleven years and 3 in 2025, too few for a yearly trend, so its page shows five-year ranges instead. MLIT's brokers' closed prices (成約価格) contain no Hakuba sales at all, so every figure here is from the buyer survey (取引価格・アンケート).
Airbnb / minpaku rules here (absentee owner, nights per year; rules checked 2026-09-27)
- Hakuba Village 白馬村: Mainly via a ryokan licence. Absentee minpaku barred near ski areas in peak winter (exact period unverified); weekdays barred in residential-only zones. 0 minpaku registrations: lodges here run on ryokan (simple-lodging) licences.
Most condo buildings ban minpaku in their bylaws, and a licence stays with the operator, not the building. Rules, registrations and upcoming changes by city →
Prices by year
Median sale price, all land & house sales, buyer survey
Median price per ㎡ of land, by type (buyer survey)
Table view: prices by year
Buyer survey (取引価格・アンケート) only. 0 closed-price (成約価格) records for 2021–2025 are left out rather than mixed in.
| Year | Sales (all types) | All-types median price | All-types ¥/㎡ |
|---|---|---|---|
| 2015 | 41 | ¥4.00m | ¥7,736 |
| 2016 | 66 | ¥4.45m | ¥5,395 |
| 2017 | 51 | ¥5.00m | ¥9,250 |
| 2018 | 61 | ¥5.00m | ¥9,126 |
| 2019 | 61 | ¥5.00m | ¥9,195 |
| 2020 | 64 | ¥4.50m | ¥9,103 |
| 2021 | 58 | ¥6.35m | ¥7,742 |
| 2022 | 61 | ¥6.50m | ¥12,518 |
| 2023 | 66 | ¥8.45m | ¥13,231 |
| 2024 | 53 | ¥20.0m | ¥23,974 |
| 2025 | 50 | ¥18.5m | ¥31,667 |
By property type, 2015–2025
Medians across all years (buyer survey, 取引価格・アンケート). The ¥/㎡ basis differs by type (floor area for condominiums, land area for houses and land), so compare ¥/㎡ only within a type. There are no resale-condominium sales in this area's data.
| Type | Sales | Median price | Median ¥/㎡ |
|---|---|---|---|
| House / building with land 宅地(土地と建物) | 238 | ¥14.5m ≈ US$92,011 | ¥27,660 per ㎡ of land area |
| Land only 宅地(土地) | 394 | ¥4.60m ≈ US$29,190 | ¥8,205 per ㎡ of land area |
| Forest land 林地 | 43 | ¥80,000 ≈ US$508 | ¥57 per ㎡ of land area |
| Farmland 農地 | 7 | ¥650,000 ≈ US$4,125 | ¥591 per ㎡ of land area |
Table view: ¥/㎡ by type and year
| Year | House / building with land ¥/㎡ (n) | Land only ¥/㎡ (n) |
|---|---|---|
| 2015 | ¥9,446 n=18 | ¥5,781 n=23 |
| 2016 | ¥15,817 n=27 | ¥5,038 n=39 |
| 2017 | ¥25,641 n=17 | ¥5,882 n=34 |
| 2018 | ¥15,476 n=23 | ¥8,205 n=38 |
| 2019 | ¥9,545 n=23 | ¥8,537 n=38 |
| 2020 | ¥25,307 n=20 | ¥8,806 n=44 |
| 2021 | ¥27,660 n=23 | ¥6,930 n=35 |
| 2022 | ¥32,456 n=22 | ¥10,093 n=39 |
| 2023 | ¥31,962 n=19 | ¥11,691 n=47 |
| 2024 | ¥41,951 n=26 | ¥14,167 n=27 |
| 2025 | ¥91,667 n=20 | ¥18,986 n=30 |
Where in Hakuba: districts and stations
Most price reports stop at city or ward level. MLIT records the district and nearest station for each sale, so we can show how much prices differ within Hakuba.
By district
Districts with at least 10 recorded land and house sales in 2015–2025, largest first. ¥/㎡ is per ㎡ of land. “Change” compares the median ¥/㎡ of 2015–2017 with 2023–2025, shown only when both periods have 10+ sales; it mixes land and houses, so read it as a rough direction. Buyer survey (取引価格・アンケート) only.
| District | Sales 2015–25 | Median ¥/㎡ 2015–25 | Median ¥/㎡ 2023–2025 | Change |
|---|---|---|---|---|
| Hokujo 大字北城 | 483 | ¥11,181 | ¥26,316 n=129 | +244% |
| Kamishiro 大字神城 | 149 | ¥8,846 | ¥12,959 n=40 | +149% |
By nearest station
Nearest stations with at least 10 recorded land and house sales in 2015–2025, largest first. ¥/㎡ is per ㎡ of land. “Change” compares the median ¥/㎡ of 2015–2017 with 2023–2025, shown only when both periods have 10+ sales; it mixes land and houses, so read it as a rough direction. Buyer survey (取引価格・アンケート) only.
| Nearest station | Sales 2015–25 | Median ¥/㎡ 2015–25 | Median ¥/㎡ 2023–2025 | Change |
|---|---|---|---|---|
| Hakuba 白馬 | 368 | ¥12,791 | ¥30,357 n=109 | +277% |
| Iimori 飯森 | 114 | ¥10,103 | ¥20,000 n=22 | +129% |
| Shinano-Moriue 信濃森上 | 65 | ¥5,704 | ¥15,650 n=12 | +310% |
| Kamishiro 神城 | 61 | ¥6,452 | ¥9,091 n=18 | +108% |
| Hakuba-Oike 白馬大池 | 14 | ¥3,871 | ¥8,786 n=4 | — |
| Minami-Kamishiro 南神城 | 10 | ¥4,944 | ¥4,022 n=4 | — |
Compared with other ski areas
The same measures for each ski area, all from MLIT's buyer survey (取引価格・アンケート), so the rows are comparable with each other. “5-year change” compares the median of all land and house sales in 2018–2020 with 2023–2025 (three years each, to smooth out single-year noise), and is shown only when both windows have 20+ sales. Typical prices are 2021–2025 medians. Official land price change is the median five-year change of the benchmark points (公示地価 1 Jan 2026 / 基準地価 1 Jul 2026), which are appraisals, not sales.
| Area | Sales 2021–2025 | 5-year change, median sale | Land plot, median 2021–2025 | House, median 2021–2025 | Official land price, 5 yr |
|---|---|---|---|---|---|
| Niseko area Kutchan + Niseko Town | 333 | +38% ¥13.0m → ¥18.0m · n=311→207 | ¥9.05m ¥23,810/㎡ · n=196 | ¥30.0m n=137 | Kutchan: 公示 +37% · 基準地 +52%; Niseko Town: 基準地 +67% |
| Hakuba Hakuba Village | 288 | +186% ¥4.90m → ¥14.0m · n=186→169 | ¥6.15m ¥10,128/㎡ · n=178 | ¥23.0m n=110 | 公示 +162% · 基準地 +67% |
| Furano area Furano + Kamifurano + Nakafurano | 405 | +16% ¥5.00m → ¥5.80m · n=239→247 | ¥3.70m ¥11,304/㎡ · n=167 | ¥7.75m n=238 | Furano City: 公示 +2% · 基準地 +14% |
| Myoko, ski side nearest station Myoko-Kogen | 73 | -9% ¥4.00m → ¥3.65m · n=30→48 | ¥1.65m ¥2,406/㎡ · n=40 | ¥6.70m n=33 | resort points: Akakura +7.7% (公示); Futamata +12.0% (基準地); Sekikawa +44.7% over 3 yrs (基準地) |
| Myoko City, whole mostly downtown Arai | 344 | -10% ¥5.00m → ¥4.50m · n=184→181 | ¥3.20m ¥7,105/㎡ · n=194 | ¥7.00m n=150 | 公示 -13% · 基準地 -12% |
| Rusutsu Rusutsu Village | 13 | too few sales (13→9) | ¥1.70m ¥4,679/㎡ · n=6 | ¥5.50m n=7 | 基準地 +53% |
| Nozawa Onsen Nozawa Onsen Village | 45 | +35% ¥4.00m → ¥5.40m · n=23→30 | ¥2.40m ¥13,056/㎡ · n=24 | ¥5.50m n=21 | 公示 +70% · 基準地 +106% |
In your currency
Converted at ECB reference rates of 2026-09-25: ¥157.59 = 1 USD, ¥110.79 = 1 AUD, ¥20.09 = 1 HKD, ¥123.39 = 1 SGD. TWD, which the ECB does not publish, at the U.S. Federal Reserve H.10 rate of 2026-09-18 (via FRED): ¥4.93 = 1 TWD. The same rate is applied to every figure, so these are today's-money conversions of yen prices, not what was paid at the time. Your bank's rate and fees will differ. Buyer survey (取引価格・アンケート).
| JPY | USD | AUD | HKD | SGD | TWD | |
|---|---|---|---|---|---|---|
| Median price, 2025 (all types) | ¥18,500,000 | US$117,000 | A$167,000 | HK$921,000 | S$150,000 | NT$3.75m |
| Median ¥/㎡, 2025 | ¥31,667 | US$201 | A$286 | HK$1,576 | S$257 | NT$6,423 |
| Median price per ft², 2025 | ¥2,942 | US$19 | A$27 | HK$146 | S$24 | NT$597 |
Exchange rates matter as much as prices. At each year's average rate (¥121 per US$ in 2015, ¥150 in 2025), the median ¥/㎡ for all land & house sales, buyer survey went from about US$64 to US$212 per ㎡: +231% in dollar terms, against +309% in yen. Dollar-based owners who bought in 2015 have seen a smaller gain than the yen figures suggest, and dollar-based buyers today pay less in their own currency than the yen trend implies.
Read this before relying on the numbers
- No condominium sales. MLIT's data for this area contains no resale-condominium transactions at all, so the ski-area apartments and hotel-condominium units that make up much of the international market are not represented. Figures here are land, and land-with-building (houses, chalets, lodges) only.
- Hotels, lodges and ryokan can't be separated. The data has no hotel/ryokan category; any such sales are mixed into “house / building with land” or land.
- Small numbers. A few dozen sales a year means one or two unusual deals can move a median a lot. Treat single-year jumps with caution and prefer the three-year district and station figures.
- Mix effects. The all-types median moves with the share of land vs. houses sold each year; that is why we chart land and houses separately for ¥/㎡.
- Buyer-survey data only. Every figure on this page comes from MLIT's buyer survey (取引価格・アンケート). Brokers' closed prices (成約価格, published from 2021) contain almost no sales here (0 in 2021–2025), so those few records are left out rather than mixed in. Compare with the closed-price figures on our Tokyo and Kyoto pages only roughly.
Methodology
- Data: The buyer-survey transaction prices (不動産取引価格情報), 2015Q1–2025Q4 (0 closed-price records left out) for Hakuba (白馬村; municipality code 20485), from the MLIT Real Estate Information Library. Fetched 2026-09-29.
- Median, not average: a few very large sales (whole buildings, development land) would distort an average.
- ¥/㎡: price divided by recorded area: floor area for condominiums, land area for land and land-with-building sales.
- Coverage: MLIT publishes prices reported through its buyer survey and, from 2021, brokers' closed prices. Here we use the survey only, selected by MLIT's price-type field (価格情報区分). It is not every sale, and prices and areas are rounded.
- Year: the quarter of the transaction recorded by MLIT, grouped by calendar year.
- “All property types” = land, land with building, and resale condominiums. Forest land and farmland are shown only in the by-type table.
- Excluded as non-market: sales flagged by MLIT as between related parties, court auctions/mediation, or purchase of adjoining land.
- Plots recorded only as “2,000㎡ or more” / “5,000㎡ or more” are counted in price medians but not in ¥/㎡.
- The latest year shown is the last complete calendar year; newer quarters are held back until the year is complete.
- Newest data available at fetch time: 2026Q1.
Official land price here (基準地価, 1 July 2026, published September 2026)
| Area | Residential median ¥/㎡ | Commercial median ¥/㎡ | 1 yr, all uses | 5 yr, all uses |
|---|---|---|---|---|
| Hakuba 白馬村 | ¥8,000 US$51/㎡ · n=3 | ¥58,500 US$371/㎡ · n=2 | +27.7% n=5 | +67.4% n=5 |
Appraised benchmark values per ㎡ of land (as if vacant), not transaction prices, and not comparable one-to-one with the sale prices above (which include buildings and, for condos, are per ㎡ of floor area). n = sample points. Processed from MLIT National Land Numerical Information (CC BY 4.0); our medians. USD at ECB 2026-09-25. Official land prices by ward and station, 2006–2026 →
Disaster risk here (public hazard data, area level)
- Hakuba 白馬村: 2% chance of JMA 6-lower shaking or stronger in 30 years (median across the area; range <1%–13%); <1% of the area in a ≥0.5 m river-flood zone; 6% in landslide zones.
Busiest stations on this page:
- Hakuba 白馬: 5% (6-lower, 30 yr); ≥0.5 m river flood on 20% of the 500 m circle; landslide zone within 500 m
- Iimori 飯森: 4% (6-lower, 30 yr); ≥0.5 m river flood on 28% of the 500 m circle; landslide zone within 500 m
- Shinano-Moriue 信濃森上: 3% (6-lower, 30 yr); ≥0.5 m river flood on 10% of the 500 m circle; landslide zone within 500 m
Earthquake: J-SHIS 2024 (processed). Flood: MLIT maximum-scale river-flood zones; drain and sewer (内水) flooding is not included. Figures describe the area, not a building. We do not give insurance or building-inspection advice; this page summarises public data. Earthquake & flood risk by ward and station, and what the 1981 standard means →
What would a typical property here cost in total?
Taxes and fees on top of the price, and the property taxes due every year, for a typical sale in Hakuba. Worked out with our Japan property tax & cost calculator: open it to change any assumption, add rent for yield and withholding, or a sale for capital-gains tax.
Hakuba: typical house / lodge: ¥39.5m
Price = 2025 median house-with-land buyer-survey price (取引価格・アンケート) in Hakuba (MLIT, n=20); land 431㎡ = price ÷ median ¥91,667/㎡ of land. Assumes: land is 21% of the price (431㎡ × 2025 median land-only ¥18,986/㎡); 120㎡ wooden house built 2005; non-resident buyer; used as a holiday / second home; city planning tax included. Note: Hakuba has a city planning tax ordinance; zone and rate not checked.
Estimates only — confirm with a licensed Japanese tax accountant (税理士). Local taxes use an assumed assessed value (land 70%, building 60% of each part of the price); the real figure is on the seller's tax bill. Last reviewed 2026-09.
Can you get a mortgage to buy in Hakuba? It depends on your residency status: permanent residents borrow like Japanese nationals, a few banks lend to foreigners living in Japan on a visa, and buyers living abroad have only a handful of options (mostly for Taiwan and Hong Kong), usually with 30–50% down. See Japanese mortgages for foreigners: lenders by residency status (updated monthly), or estimate the monthly repayment: permanent resident · living in Japan, no PR · living abroad. We are not a lender and receive no fees from banks.
Source: MLIT Real Estate Information Library (processed by Japan House Prices). https://www.reinfolib.mlit.go.jp/ — 出典：国土交通省 不動産情報ライブラリ（https://www.reinfolib.mlit.go.jp/）のデータを加工して作成. Original content: Transaction prices (不動産取引価格情報) and contract prices (成約価格情報). We filtered, grouped and took medians of the published records; the resulting figures are our own and are not published or endorsed by MLIT (国土交通省).
Exchange rates: ECB euro foreign exchange reference rates of 2026-09-25; TWD (not published by the ECB): U.S. Federal Reserve H.10 rate via FRED, 2026-09-18. Past transaction prices do not predict future prices; this page is not a valuation, an offer of property, or investment advice. Last reviewed 2026-09.
Thinking of buying in Hakuba?
We can introduce you to licensed local brokers who work with overseas buyers. We are not a real estate broker; we introduce you to licensed Japanese brokers. We don't describe, recommend or negotiate properties, and we don't charge buyers. Brokers may pay us a referral fee.
More price pages
Niseko property prices · Furano property prices · Myoko property prices · Rusutsu property prices · Nozawa Onsen property prices · Central Tokyo apartment prices · Chiyoda apartment prices · Chuo apartment prices · Minato apartment prices · Shinjuku apartment prices · Shibuya apartment prices · Kyoto property prices · Tokyo price per square metre, by ward · Tokyo condo prices — monthly tracker
New to buying in Japan? Read our step-by-step guide for foreign buyers. Rules for foreign buyers are changing: see the foreign ownership rules tracker. Planning to rent it out short-term? See Airbnb (minpaku) rules by city. Need a loan? See mortgages for foreigners by residency status. Worried about earthquakes and floods? See Tokyo earthquake & flood risk by ward (with prices).