The Land Question: Has Hakuba Already Repriced?
Hakuba is still often described as a cheaper land market than Niseko. The 2025 price-per-square-metre data suggests that assumption now needs to be tested.
Land is where resort comparisons become most dangerous because a headline average can combine a small serviced house lot, a steep rural parcel and a multi-hectare development site. Even medians require caution. Yet the 2025 data still shows a pattern too strong to ignore: Hakuba land has moved materially higher, while the cheapest markets remain cheap for very different reasons.
