Hakuba Village Records Japan’s Highest Residential Land Price Growth
Inbound Demand Drives Significant Rise in Land Prices in Hakuba Village
According to the 2026 Official Land Price Announcement (as of January 1, 2026) published by Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT), Hakuba Village in Nagano Prefecture recorded the highest rate of increase in residential land prices nationwide.
This surge is largely driven by strong real estate demand from inbound international visitors.
Hakuba Village: No.1 in Residential Growth, Among the Highest in Commercial Areas
In the Misorano villa district of Hokujo, Hakuba Village, residential land prices rose by +33.0% year-on-year, marking the highest increase in Japan. This growth has been fueled by international visitors—particularly ski tourists—purchasing properties for residence, as well as opening accommodation businesses such as pensions.
In commercial areas within Hakuba Village, some locations recorded increases exceeding 35%, ranking among the top three nationwide. Planned large-scale hotel developments backed by foreign capital are also contributing to the upward pressure on land prices.
Spillover Effects: Strong Growth Also Seen in Nozawa Onsen Village
Similar trends are observed in nearby Nozawa Onsen Village, another popular tourist destination, where multiple residential areas recorded growth exceeding 20%.
This is partly driven by the acquisition and redevelopment of former ryokan and other hospitality properties.
Overall Trends in Nagano Prefecture
Across Nagano Prefecture, the average rate of change in 2026 was:
・Residential land: +1.2%
・Commercial land: +0.7%
・Industrial land: +3.0%
While the overall trend shows moderate growth, Hakuba Village stands out with significantly higher increases driven by tourism and resort demand, highlighting clear regional disparities.
Summary
The latest land price data indicates that in Hakuba Village:
・Its growing reputation as an international tourist destination
・Increased demand for residential and commercial real estate driven by inbound visitors
・Ongoing development of hospitality facilities, including those backed by foreign investment
are all key factors influencing land values.
When evaluating real estate pricing and asset value, it is increasingly important to consider not only national averages but also the sustainability and unique characteristics of each resort area.
〈Sources & References〉
Primary Source
・MLIT, 2026 Official Land Price Announcement
Secondary Source
・SBC Shinetsu Broadcasting (March 17, 2026)
*This article is based on official land price data published by MLIT, with reference to related media reports.