Where Does ¥100m Still Buy Real House Value?

A ¥100m budget is a useful test because it sits near the centre of several mountain markets while being clearly below the premium end of others. In 2025 it was above the median house asking price in Hakuba, Madarao and Myoko, below the median in Niseko and far below the median in Karuizawa. That alone shows why a national statement about ‘ski property prices’ has little meaning.

The more important question is what the budget buys beyond the headline price. A low price per square metre may indicate genuine value, but it can also reflect older stock, difficult access or a market with very little resale evidence. A higher-priced market may be expensive precisely because it has more transaction depth, better comparables or a demand base that extends beyond international ski buyers.