Hakone

Hakone has been one of Tokyo's great escapes for generations. Mountains, forest, onsen, art and Lake Ashi sit within easy reach of the capital, creating an established second-home and hospitality market where individual neighbourhoods offer very different ownership experiences.

• Location: Western Kanagawa
• Best For: Onsen, second homes, nature, art and Tokyo access
• Property: Villas, houses, resort apartments, ryokan, hospitality assets and development land
• Character: Mountain and hot-spring communities spread across the Hakone caldera
• Access: Via Odawara and Hakone-Yumoto, with direct connections from Tokyo

Hakone is sometimes described as though it were one resort town. In reality, it is a collection of distinct communities spread through a mountainous landscape.

Hakone-Yumoto sits low in the valley as the traditional gateway. The railway climbs through Miyanoshita and Kowakudani towards Gora; Sengokuhara occupies a more open highland setting; and Moto-Hakone and Hakone-machi sit beside Lake Ashi. Each offers a very different atmosphere, but what unites them is Hakone's unusually complete lifestyle proposition. Onsen and traditional ryokan sit alongside important museums, restaurants, hiking and one of Japan's most recognisable mountain landscapes. Tokyo is sufficiently close for regular use rather than occasional holidays.

For property owners, that combination is difficult to replicate.

Hakone-Yumoto

Hakone-Yumoto is the principal gateway into the region and one of its oldest hot-spring districts. The station, shops, restaurants and concentration of ryokan give it the strongest sense of a traditional onsen town. Property here tends to be more constrained by terrain and existing development than in the higher parts of Hakone, making hospitality and established buildings particularly relevant.

Miyanoshita, Kowakidani And Gora

As the railway climbs through the mountains, the environment becomes increasingly resort-like. Gora in particular has a long history as a villa and hot-spring destination, with private homes, accommodation and resort apartments distributed across wooded hillsides. This central part of Hakone works well for buyers who want a recognised resort setting without being completely dependent on a car.

Sengokuhara

Sengokuhara offers a more open, spacious environment at higher elevation. Museums, hotels, golf and substantial residential areas are spread through the landscape, and the property proposition can include larger homes and sites than the tighter valley communities. For second-home buyers seeking forest and privacy, Sengokuhara deserves particular attention.

Moto-Hakone And Lake Ashi

Lake Ashi provides Hakone's most iconic landscape, with Moto-Hakone and Hakone-machi positioned around its southern and eastern shores. Property supply is limited and varied, ranging from homes to hospitality and development opportunities. A view towards the lake—or, from the right position, towards Mt Fuji—can fundamentally shape the appeal of an individual site.

Hakone's established history as a retreat means buyers encounter a wide range of building ages and property types. A renovated villa with private onsen has little in common with a modern resort apartment, while an older ryokan or substantial development site requires a completely different level of expertise.

Topography deserves particular attention. Attractive sites may be steep, access roads can be narrow and the practicalities of building or renovating in a mountain environment need to be considered before focusing on the view.

Onsen is another important point of due diligence. Buyers should understand precisely what rights and infrastructure accompany any private hot-spring supply rather than assuming that proximity to an onsen district guarantees access.

Hakone works throughout the year because its appeal is not tied to a single activity. Spring and summer bring greenery and hiking, autumn transforms the mountain landscape and winter places greater emphasis on onsen and clear mountain views. Museums, restaurants and cultural attractions provide another layer entirely.

That is important for second-home ownership. Hakone does not ask owners to wait for a particular season before the property becomes useful.

Hakone-Yumoto, Gora, Sengokuhara and Lake Ashi are close on a map but offer very different lifestyles. Understanding that geography is the starting point for any property search.