MARKET OVERVIEW & FUTURE OUTLOOK

With the enticement of the favorable dollar yen exchange rate and the pent-up demand from those who have had to wait to both visit Niseko and to look for their dream property everyone is predicting an avalanche of business to come flooding back this season.

Despite some deceleration in the property market caused by closed borders there was still 12% growth in 2021 in the Niseko area and 18% in Furano. Remarkable considering the circumstances and there is confidence this year will surpass that and head back towards or beyond the levels of 2020 when there was growth of 40%. Sales of luxury condominiums and land plots have particularly continued to be active.

Many international airlines are now back and flying into New Chitose Airport and the extension of the Shinkansen (bullet train) to Sapporo via Kutchan is now past the 50% mark and there is much anticipation about the announcement of the possibility of the 2030 Winter Olympics coming to town. All of which will further enhance tourist demand, push further development and more likely than not result in property price rises.

The three most well-known Niseko areas of Hirafu, Hanazono and Niseko Village/Higashiyama continue to be the focus of the majority of projects in the pipeline. However, other locations are increasingly being targeted also for development as a lack of central space and rising prices results in widening the field of where new properties are located and where the more affordable areas for development can be found.