Hakuba - a market on the move

2025 ushered in a whole new year of market movements, trends, and announcements in the real estate sector in Hakuba. Momentum continues as the market primes itself for transformation over the coming years. 

In December last year, the Hakuba Hotel Group will be relaunching La Neige, Hakuba’s go-to, high-end boutique hotel, following a major refurbishment, and the next major new hotel to be delivered is the Rakuten Stay, by the Matsu River near Wadano, in late 2026. Beyond that, the list is extensive for major project completions – The Banyan Tree in Wadano, Plan Do See’s three projects in Happo, Banyan Trees’ Cassia apartment complex in Echoland, Mitsubishi Estate’s new hotel in Iwatake, and the list goes on. A Four Seasons Hotel is also widely rumoured to be in the pipeline for Tsugaike with a planned opening in 2029.

These larger projects, along with a highly active market for homes, apartments, and land sales, has made Hakuba by far the most active ski resort market in Japan over the past 12 months from a real estate perspective. 

For purchases by individuals, strong demand has continued for the two traditional core areas in Hakuba – the Happo/Wadano area and the Misorano/Echoland area. Spillover in demand from these areas into the Donguri, Meitetsu, Goryu, and Tsugaike areas has commenced, and this is expected to pick up pace over the coming year.

The redevelopment of the Hakuba Station area has finally commenced and something the local community has been looking forward to for some time. Various new retail, F&B and hospitality offerings are expected, with the details likely to be disclosed in the near future.

As prices in Hakuba Valley continue to increase, another notable recent trend is local folks and younger staff decanting and moving to Omachi, a sizable city a 20-30 minute drive from the Hakuba area. From a daily retail amenity perspective, Omachi has more to offer than Hakuba Village, and real estate prices remain relatively affordable. A new road connecting Omachi to Hakuba is also being planned which will improve the commute. It’s widely believed that Omachi will play a key support role for Hakuba Valley’s growth going forward and will in turn be a beneficiary of that growth.

Across the Hakuba Valley, construction activity can be seen everywhere. The abovementioned transformation is certainly in play and shows no sign of slowing in the coming years. For all folks looking to complete sizable renovations, or those considering new home builds or their own hospitality project, it’s highly recommended to speak to project managers, builders and architects well ahead of time. Established teams with strong track records in Hakuba are often fully booked for 12-18 months or more due to the increasing in demand for their services.

The Hakuba market is certainly on an exciting growth trajectory and the market is set to become the go-to winter and green season destination on the main island of Japan.