Nagano Annual Market Report 2025

Japan's mountain property story is no longer simply Niseko versus everywhere else. The 2025 data points to sharply different markets, price structures and forms of value.

Kutchan’s property market expanded sharply in 2025, but the data points to a very different kind of demand from the resort core.

The US becoming Niseko’s top annual foreign guest market is the headline, but the deeper story in the latest winter data is a resort market becoming more international, more accommodation-led and more dependent on pricing power.

The new Uchi Insights Hirafu annual market report looks at the premium core of Japan’s ski real estate market, and why Hirafu should be read separately from broader Niseko.