Hakuba’s real estate market is booming with landmark developments shaping the valley’s future and Craig Pearce of Nikota Realty has provided this update below.
From luxury chalets to high-end condominiums and major hospitality projects, this in-depth market update covers the latest investments, key transactions, and upcoming developments. Discover how Hakuba is transforming into a premier alpine destination with projects from Banyan Tree, Mitsubishi Estate, Mori Trust, and more. Stay ahead of the trends and explore the evolving opportunities in Hakuba’s dynamic property market.
Rapidly Evolving Marketplace With Landmark Developments
As the Hakuba real estate market continues to evolve at a rapid pace, more landmark developments are being announced which will improve the quality of accommodation offerings in Hakuba Valley and assist in propelling the real estate market to a whole new stratosphere.
Over the past 5 years or so, there has been a large number of chalets constructed in the Happo/Wadano and Echoland/Misorano areas, along with some condominiums. The construction of new chalets and refurbishment of older ones is expected to continue at a similar pace going forward, with the addition of new, large developments in these two central areas in Hakuba.
The first condominiums developed in recent history were Mountainside and Roka, both ski-in/ski-out offerings in the Happo/Wadano area, with 8 units in each property. The newer of the two, Roka, completed the sale of its last unit in early 2024. The latest condominium development in the Hakuba area is La Vigne at the bottom of Echoland, a 38-unit property being delivered by Yokohama-based developer List. This high-end property opened its doors in December 2024 and only a few units are still for sale. The majority of the buyers to date are from Japan.
What's Happening On The Ground?
Over the past year, the market has been particularly active for larger transactions and projects, all which are expected to be “dial turners” for Hakuba Valley. Some of these transactions and projects are captured below:
- Construction work for the Banyan Tree resort in Wadano has commenced. When complete in 2028, the property will have 108 hotel rooms and 48 condominiums. The developer is a Tokyo-based real estate investment firm.
- A large Hakuba-based group recently acquired La Neige in Wadano, undoubtedly the most exclusive boutique hotel property in Hakuba. The property is expected to be upgraded over the coming years.
- Tokyo-based restaurant and hotel group Plan Do See has acquired 3 prime sites in Happo for development. A combination of retail, F&B, condominiums and hotels will be built on the sites with work on the first site commencing next year.
- Just a 5-minute drive from the Happo/Wadano area, Mitsubishi Estate and Shimizu Construction recently acquired an expansive site at the base of the Iwatake gondola where they are expected to develop a comprehensive hospitality offering completing in 2029. The project is likely to include a 150+ key hotel, along with various F&B outlets.
- Over the past 6 months, two separate groups of Southeast Asian investors acquired the Shakespeare Hotel on the main street of Echoland and the Koharu Hotel & Suites on the main avenue in Wadano. Both properties are expected to be upgraded over the next 1-2 years.
- Mori Trust, a top-tier domestic developer, is widely expected to commence development of the large site opposite the Courtyard Marriott Hotel in Echoland in the near future. The Courtyard Marriott itself is also owned by Mori Trust.
- The outdoor sporting goods company Evo, owner of Rhythm in Japan, opened the doors of their second Evo Hotel globally in Happo in December 2024.
Onshore and offshore developers continue to look for suitable sites for larger development projects. Projects already in the pipeline and future projects are expected to drive the market to new highs – from a pricing and product perspective – over the coming years. There is certainly plenty to look forward to as the market evolves from real estate perspective!
Article provided by Craig Pearce, Nikota Realty
