What effect has the COVID-19 pandemic had on property prices in Niseko?
One of the most popular questions amongst our buyers over the last six months is whether property prices in Niseko have been impacted by the pandemic. The quick answer is no! Prices have stood their ground though interest in resort-based property, particularly Hirafu, have taken a backseat to other market segments. Interest and transactions in the neighbouring local Kutchan Town have remained strong. Comparatively affordable prices and more season-long visitors opting to spend the entire winter here in the comfort of their own home. Continuing major resort development work has continued the demand for more staff requirements and accompanying accommodation demands. Last but not least, many investors see Kutchan as an expanding entrepreneurial hub in East Asia for small to medium size business opportunities and hence the demand for commercial properties is equally high.
A recent government study (23 March) has shown that Japan land prices on average for all land categories nationwide have decreased 0.5%, the first drop in six years. Hokkaido, on the contrary, has seen an average of 1.2% increase in all land categories, now a five year streak. Kutchan remains ranked first nationally with increases in residential and commercial property of 20 and 25% respectively in some specific locations.
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