MARKET OVERVIEW

• Niseko’s real estate market continues its upward momentum as property prices continue to rise despite recent obstacles.

• Median new house price USD 3.3 million and median new condominium unit price USD l .5 million.

• Domestic buyers are investing in hotel-branded projects and familyfriendly properties.

• Demand is radiating to Niseko’s surrounding areas including Niseko

Village, Annupuri and Hanazono.

• Development continues to grow in areas such as Rusutsu and Furano.

• The Shinkansen train link between Hakodate and Sapporo via

Kutchan Station now more than 50% complete and on track to be completed by 2030.

Trends

• Rising demand for Asian alpine property

• Sales of luxury condominiums and land plots have remained strong with larger families looking to free standing homes for holiday accommodation.

• Some large projects were completed but openings were delayed until this season.

• Privatization of airports is seeing more tourist routes opening including direct international flights to Hokkaido increased to 22 cities with the addition of Manila, Helsinki and Kaohsiung.

Forward Outlook

• Before coronavirus the tourism industry was booming

• Overseas interest remains strong with the foreigner friendly property rights and large stable economy.

• High end resort-style projects remain the central focus for those looking to escape the main Hirafu, where available land is scarce and higher priced, creating a strong demand for properties in outer

Hirafu locations.

• With the opening of the borders, favorable dollar yen exchange rate and the fact buyers have had to wait and be patient, all indicators point towards moving ahead at a swift rate this season and beyond.