Mitsubishi Estate and Shimizu Corporation have purchased a 19,000 sqm site near the Hakuba Iwatake Mountain Resort ski fields for ¥1.5 billion (approx. USD 10 million). This transaction values the land at approximately ¥79,000 per square meter or ¥261,000 per tsubo. The contract was finalized on September 30, with the property scheduled for delivery in March 2026.
Supporting Growth in Hakuba
The seller, Nippon Ski Resort Development, operates the nearby Iwatake ski field and several others in the Hakuba area. This sale is part of the company’s strategy to enhance the region's value by encouraging hotel development. With increasing winter tourism, Hakuba faces a critical shortage of hotel rooms, particularly those meeting international standards.
The property, currently valued on the seller’s books at ¥240 million, includes the White Plaza restaurant, a seasonal facility with a seating capacity of 100.
Rising Land Values
Land prices in Hakuba have been on the rise, reflecting growing demand. In 2024, a commercial site in the area ranked 4th nationwide for commercial Standard Land Price growth, recording a 30.2% increase.
Hakuba’s accessibility and growing appeal to both domestic and international travelers have attracted significant developer interest. Late last year, Banyan Tree announced its first Japan project—a 156-room hotel near the Happo-One ski slopes—scheduled to open in 2026.
A Competitive Advantage
Unlike Niseko, which is heavily reliant on foreign visitors, Hakuba benefits from a balanced mix of domestic and international tourists. Its convenient access from Tokyo places it within easy reach of 44 million domestic residents, a factor that proved advantageous during the pandemic when international travel was limited.
With strong demand and rising development interest, Hakuba continues to establish itself as one of Japan’s premier ski destinations, poised for further growth in both tourism and real estate development.
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