Hakuba Report 2025: Market In Transition
Hakuba’s 2025 property data tells the story of a resort market becoming more visible, more varied and more ambitious.
Listings on Uchi rose from 57 in 2024 to 101 in 2025, while total listing value increased from ¥6.42bn to ¥16.57bn. In other words, the number of properties openly visible to buyers grew strongly, while the total value of that visible stock grew even faster.
Sales activity, however, moved in the opposite direction. Sold listings fell from 37 to 23, while sold listing value declined from ¥3.48bn to ¥2.69bn. That does not suggest a weak market so much as a more selective one, particularly after a very active 2024 season.
Part of the increase in visible stock comes from broader coverage on Uchi and more agents listing properties online. That is important in Hakuba, where the market has historically included a lot of older lodges, pensions, standalone houses and land parcels, some of which were not always openly marketed in the same way as more mature international resort markets.
The structure of the market is also changing. Hakuba has traditionally had far less apartment stock than Niseko, but that is beginning to shift. La Vigne Hakuba sold out earlier this year, while Miru Residences Hakuba has brought a newer, hotel-style product into the market. Miru Residences Hakuba, a 30-unit ski-in ski-out hotel in Happo-one, sold more than half its units in the first week of sales in spring 2026.
That emerging apartment segment sits alongside a land market that became much more important in 2025. Land listings rose from 18 to 39, while visible land GMV increased sharply to ¥1.54bn. Larger or more strategic land opportunities appear to have played a bigger role, although smaller parcels continued to carry stronger price-per-square-metre figures.
Hakuba has also benefited from wider changes in Japan’s snow market. As Niseko accommodation pricing rose, more visitors began exploring alternatives. Hakuba was one of the clearest beneficiaries of that shift, and the rise in visitation over the last two years appears to have fed into stronger real estate interest.
The result is a market that is no longer easy to summarise as simply “cheaper than Niseko”. Hakuba has its own history, its own stock profile and its own pace of development. It remains strongly land- and house-led, but apartment and hotel-style product is becoming more relevant.
For paid subscribers, the full Uchi Insights Hakuba Annual Market Report 2025 includes detailed analysis of listing prices, sold values, price per square metre, GMV, sales velocity, land pricing, land medians and foreign exchange context.
