Paul Butkovich leads H2 Christie’s International Real Estate with nearly 20 years of experience in Japan. Specialising in resort markets like Niseko, Furano, and Tokyo, he combines local expertise with global insight to help clients secure the best lifestyle and investment properties.
About You
What is your background and experience in the real estate market in Japan?
I’ve been working in Japanese real estate for nearly 18 years, with a particular focus on lifestyle and resort markets. My background is in international business and physical education, and I moved into real estate because I saw the long-term potential in Japan’s unique property landscape—especially in areas like Niseko and Furano. I now lead H2 Christie’s International Real Estate (H2CIRE), which is the brokerage arm of H2 Group, who specializes in Lifestyle Real Estate business in Japan. I’ve since helped grow H2CIRE into one of the leading names in high-end and investment-grade real estate across these key alpine destinations, with Tokyo presence in the works.
What’s your ‘story’?
Originally from Canada, I came to Japan out of a desire to explore new cultures and ended up calling it home. The beauty of Hokkaido, combined with the fast-paced yet deeply personal world of real estate, gave me a clear purpose. I love building cross-cultural bridges—helping international buyers understand Japan’s legal and real estate systems while supporting local sellers to connect with serious global investors.
What do you love about your job in real estate… and what do you find hard?
I love seeing a client’s dream come together—whether it’s a family buying a holiday home in Niseko or an investor securing a rare land opportunity. It’s also rewarding to see how our work contributes to shaping communities. The hard part is managing the pace and expectations across different legal jurisdictions, cultures, and time zones. Real estate in Japan can move slower than international buyers expect, so we often have to translate not just language but tempo to manage expectations
What has been your favourite selling experience or greatest project to work on?
One of the most rewarding projects I've worked on has been KOA Niseko, in collaboration with top-grade developer Supernova Land. From the initial site selection and planning, through the design and project management phases, and now into ongoing property management, this has been a model example of how thoughtful development, high standards, and great partnerships can create long-term value for owners and the wider community. KOA has attracted discerning buyers who appreciate architecture, functionality, and lifestyle, and it’s been incredibly satisfying to be part of something so well-executed from start to finish.
What’s the hardest part about your job? And what is the easiest?
The hardest part is negotiating complex deals that involve many moving parts—especially when timelines and legal frameworks differ. The easiest part? Talking about Niseko and Furano. These are magical places, and their story sells itself.
Your Company
What sets your company apart when it comes to client service?
We combine deep local knowledge with global standards. Our bilingual team includes both Japanese and international professionals who understand the nuances of working with overseas buyers. We’re backed by Christie’s International Real Estate, giving us access to an unmatched global network and marketing tools—but we operate with a think global, act local mindset. Transparency, diligence, and long-term trust are our hallmarks.
What projects are you working on that you feel deserve a special mention?
Weare the leading agent for AKI Niseko and Koa Niseko, both of which offer unique architecture, premium positioning, and standout lifestyle appeal. We’re also the master agent for Hotel101, a branded condo project that’s resonating strongly with investors looking for both yield and usability. On the Tokyo side, we’re expanding our footprint with a focus on helping foreign buyers navigate the city’s highly nuanced residential and investment landscape.
What is unique about your company in the Japanese real estate world?
H2 Christie’s bridges East and West with precision. We’re not just a brokerage—we’re a consultancy, an educator, and a partner in every part of the client’s journey. Many firms operate transactionally. We work relationally, with a strong commitment to long-term after-service and repeat business.
Your Market
Where is the main geographical area of your real estate listings (your market)?
Our core markets are Niseko, Furano, and Tokyo, with a deep specialization in ski resort areas in Hokkaido. We also consult on emerging regional opportunities across Japan where lifestyle meets investment value.
What do you personally love most about your market?
In Niseko and Furano, the landscape is stunning and the community is welcoming. There’s a mix of local charm and global energy. In Tokyo, I love the diversity of neighborhoods and the blend of tradition and modernity—it’s a world-class city with real long-term investment fundamentals.
What makes your market attractive to investors right now?
The Niseko and Furano markets are drawing growing interest thanks to a strong combination of factors: well-developed infrastructure, legendary powder snow, and the presence of leading global and regional brands such as Park Hyatt, Aman, Hilton, Marriott, SC Global, and Hoshino Resorts, all of which signal long-term confidence in the area. Investors also appreciate the cool summer climate, the outstanding food scene, and the easy access from major Asian cities. For many, it’s the blend of lifestyle, rental potential, and long-term land value that makes this region one of the most compelling property markets in Japan.
What is the most exciting thing coming to your market in the near future?
The continued buildout of resort infrastructure in Niseko—especially around Hanazono and Niseko Village—will reshape the region. In Tokyo, we see a growing appetite for luxury residences from Southeast Asia and China. We’re also closely watching the rise of branded residences and lifestyle communities in both urban and resort markets.
Where do the opportunities lie in your market?
In Niseko and Furano, land acquisition and early-stage project participation remain high-upside plays. In Tokyo, luxury villas, compact luxury apartments in prime locations offer excellent capital protection. There are also emerging mixed-use developments catering to digital nomads and long-stay tourism—these will gain relevance.
What sort of returns can investors expect in your market or is it more about lifestyle investment?
For investment condos, buyers can typically expect net returns in the range of 3–5%, depending on location, management, and usage. For villas and lifestyle homes, the focus is more on capital preservation and personal use, but there is also potential for long-term value growth, particularly in well-designed, well-located properties. As the region continues to mature and tourism infrastructure improves, high-quality villas may benefit from increased demand and pricing strength over time.
Current State Of The Market
How did the market hold up through the pandemic for your company – did you see any changes in price or transaction volume?
While international visitor numbers dropped, the market in Niseko and Furano held up well. There was a temporary dip in transactions, but prices held relatively firm—especially for quality assets. Domestic interest and long-term investor confidence helped maintain stability.
How is the market now things have largely returned to normal in Japan in terms of travel and tourism?
It’s vibrant. We’re seeing pent-up demand and new types of buyers entering the market—from digital nomads to Southeast Asian family offices. Tourism has bounced back strongly, with the recent influx of Americans due to Niseko United being one of 2 Japanese ski resorts included in the IKON pass. Overall, interest in Japan as a safe haven investment destination has only grown.
Do you think the needs and wants of your clients have changed or is it back to “pre-pandemic” normal?
There’s definitely a shift. Buyers are now more interested in usability, dual-purpose homes, and branded residences that offer services. The idea of a "home office in the mountains" has become a reality. Also, we’re seeing more multi-generational buyers.
What would you say is unique about how your company has adapted to any changes in the market?
We are definitely better equipped to serve Chinese clients with our new hires as that is a growing market. We also doubled down on client education, video tours, and remote support. We also invested in our tech stack—upgrading CRM systems, our listings website, and multilingual content to better serve clients regardless of location or time zone. That resilience and adaptability paid off.
Your Tips for Investors
What is your top piece of advice to any foreigner investing in Japanese real estate?
Work with a bilingual, reputable team that truly understands both the foreign and Japanese perspectives. The paperwork, the timelines, the tax implications—they're all different. You’ll save yourself time, money, and stress by having a knowledgeable guide to handhold you through the process.
The other piece of advise would be to work with an asset manager so your property is looked after properly while you are back in your home country. Having an asset manager who has a maintenance team, snow cleaners and good relationships with local vendors makes owning a piece of property in a resort town stress free.
What should people look for when they consider investing in your market?
Location still rules. Proximity to ski lifts, transport links, and future infrastructure projects will drive value. Also, check the land zoning, infrastructure access, and property management model—these vary widely and affect usability and resale.
Do you have any properties available now that are particularly unique or exciting?
Yes — Aki Niseko, an ultra-exclusive collection of just 11 onsen villas in Upper Hirafu, offering unmatched privacy,5 star service , and world-class design at the heart of Japan’s premier alpine resort. Koa Super Villa 3 - now under construction, offering a rare, large-format turnkey luxury home in the prestigious Upper Higashiyama village. It's a standout opportunity for buyers seeking premium design, unobstructed views, and proximity to Niseko’s top ski and lifestyle amenities. We also have early-phase inventory in Hotel101, a branded hotel condominium ideal for investors seeking strong rental performance and global brand support. In addition, we’re marketing several resale properties with established rental histories, making them attractive turnkey investments with limited risk.
Any other tips or comments for people visiting Uchi when it comes to searching for real estate?
Start early, ask questions, and don’t rush. Uchi is a great place to begin your journey—use it as a research tool and then connect with a licensed agent who can help you dive deeper. Japan is a fantastic place to invest—but it’s a market where local knowledge is essential.