Annupuri Property in 2025: More Value, Fewer Sales and a Market Led by Land
Annupuri’s visible property inventory increased 19.4% in 2025, but its total asking value rose 41.4% while sales declined. Uchi Insights examines what the divergence tells us about one of Niseko’s most distinctive land and chalet markets.
Annupuri sits somewhere between Niseko’s premium resort core and its broader drive-to market. Uchi’s 2025 data shows a market becoming more valuable on the asking side, even as fewer properties actually changed hands.
Our ongoing Niseko deep dive has already demonstrated why treating the region as a single property market can be misleading. Hirafu, Hanazono, Higashiyama, Annupuri, Moiwa and the wider areas surrounding the resorts have very different property mixes, pricing structures and levels of transaction activity.
Annupuri is particularly interesting because it occupies something of a middle ground. It offers direct access to one of Niseko United’s principal ski areas, but its property market looks very different from apartment-heavy Hirafu. Houses and land dominate the visible stock, development density is lower and apartments remain relatively unusual. In practical terms, Annupuri behaves much more like a chalet and land market than a resort-residence market.
The first headline from 2025 is that the visible market became considerably more valuable without becoming proportionately larger. Listings increased by 19.4%, from 62 to 74, while the total priced value of that inventory increased by 41.4%, from ¥9.73 billion to ¥13.76 billion.
Sales went the other way. Uchi recorded 13 visible sales during 2025, down from 17 in 2024, while visible sold listing value declined from ¥2.33 billion to ¥1.60 billion.
That combination—higher asking-market value but weaker conversion—is one of the most important themes in the Annupuri data.
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