Comparing Ski Town Real Estate in Japan — And Where I Think the Next Hotspot Is

One of the most surprising trends in Japanese real estate is just how much value ski towns have gained over the past decade. From Hakuba to Niseko, these mountain resorts have seen some of the steepest appreciation in land prices across the country. That’s a big deal in a country where the norm is depreciation, Japanese real estate typically drops in value over time. But ski towns flip that idea on its head.

Let’s break down the prospects by region, starting with Honshu, Japan’s main island, and then head north to Hokkaido, home of the country's deepest powder.

Ski Resorts on Honshu: Closer to Tokyo, But Less Snow-Consistent

The biggest advantage of Honshu resorts, especially those around Nagano, is proximity. With a 2-hour bullet train from Tokyo and a short car or local train ride, you’re at the base of multiple world-class resorts. But there's a trade-off: snow conditions here are less consistent than Hokkaido. Honshu often gets hammered by huge storms that dump snow in short bursts, while Hokkaido gets lighter, colder snow more steadily.

Hakuba Valley

Hakuba is arguably Honshu’s most famous resort, and its most westernized. It reminds me a lot of Niseko: high-end amenities, plenty of English-speaking services, and less of that traditional Japanese feel. But from a real estate perspective, it’s already blown up. It's tough to find anything under ¥141,000,000 (roughly $1 million USD). That said, the scenery is unbeatable, surrounded by 3,000-meter peaks, the valley is jaw-dropping. With 500 inches of snow annually, Hakuba caters to everyone: steep alpine terrain, cruisy intermediate runs, and plenty for beginners. But from an investment standpoint, you might be arriving late to the party. Because its set in a small Valley surrounded by peaks real estate is quite limited and the cat is out of the bag.

Myoko Kogen

Myoko Kogen is just 40 minutes past Nagano, making it very accessible. It’s made up of several resorts, Akakura Onsen, Seki Onsen, Suginohara, and Ikenotaira,each offering something a little different. The main village, Akakura Onsen, is quaint, with an old-school Japanese feel, though many of the lodges and businesses are now foreign-run (hello, Australians). You’ve got amazing lift-accessed backcountry from Mount Myoko, and nearby resorts like Lotte Arai which was purchased in 2016 by a Korean conglomerate and fully renovated ( Some of the most epic on-piste terrain In Japan In my opinion) and Madarao only expand the options.

In 2028, a $1.4 billion mega-resort backed by Singaporean fund PCG is set to open, including two luxury hotels and new ski slopes. Some townships have already seen 9% home price growth. And yet, you can still find fixer-upper homes for under $50,000. If I were betting on the next "Niseko-style boom," Myoko would be near the top of the list.

Nozawa Onsen

Hands down one of the most beautiful ski towns in Japan. Picture narrow cobblestone streets, traditional ryokan inns, and steam rising from 14 public onsens scattered around town. Nozawa feels like old Japan, yet caters well to international tourists with English-speaking services and solid infrastructure. The resort sees around 400 inches of snow per season and is just over an hour from Nagano. But inventory here is tight, and homes start around $500,000. If you're looking for charm and authenticity, this one's a gem — but be ready to pay for it.

Shiga Kogen

Japan’s largest ski resort by terrain — 600 hectares — and home to 18 interlinked ski areas on a single lift pass. Shiga Kogen’s high elevation means a longer season and better snow quality compared to most resorts on Honshu. It hosted events during the 1998 Winter Olympics. Ski-in/ski-out is available here, which is rare in Japan, but real estate within the resort is extremely limited.

Down the mountain is Shibu Onsen, a historic village famous for its Edo-era architecture and hot springs, including Kanaguya, the ryokan said to have inspired Spirited Away. Nearby, you’ll find the snow monkeys bathing in natural onsen. You can pick up a home here for under $30,000. Food and lift tickets are also very affordable. Shibu isn’t just a winter destination either, summer tourism demand is strong, thanks to its charm, history, and the Snow monkey park (where cute snow monkeys bathe in hotsprings). The only downside to buying property here is it’s a 30 minute up the mountain to Shiga Kogen.

Hokkaido: Deep Snow, Cold Temps, and Long-Term Potential

Getting to Hokkaido takes more time, an extra flight plus a potential 2-hour drive. But the snow is unbeatable. Consistent dumps of light, dry powder and fewer freeze-thaw cycles mean better conditions overall, especially as climate change starts impacting lower-elevation resorts.

Niseko

Niseko is the gold standard for Japanese ski resorts. With around 18 meters (700 inches) of snowfall per year and four interconnected resorts, Grand Hirafu, Annupuri, Hanazono, and Niseko Village, it’s a powder lover’s dream. Add in day-trippable options like Rusutsu and Moiwa, plus heli-skiing and guided backcountry? You’re set.

But, like Hakuba, it’s no longer a secret. Real estate here starts at $500,000 USD. Dining is great, but expensive. English is everywhere, and Japanese culture is pretty non-existent. Niseko feels more like Whistler or Park City than Japan.

Otaru

Otaru isn’t a ski resort itself, but it's within 20 minutes of four under-the-radar spots: Sapporo Teine, Kiroro, Kokusai, and Tenguyama. These places get hammered with snow — 800 inches per year— thanks to cold Siberian winds that scoop moisture off the Sea of Japan and dump it on Hokkaido’s mountains. And because they’re local resorts, you’ll often have powder to yourself.

Otaru is a gorgeous old port town with a population of around 100,000. The little port town of Otaru had its heyday as one of Japan's chief financial centers during the Meiji and Taisho eras (1868–1926), and remnants of that legacy are everywhere with notable buildings like the Sakaushi residence, constructed by Yoshiya Tanoue, a pupil of Frank Lloyd Wright.

The town mixes Meiji-era Western architecture with Japanese charm. Amazing seafood, reasonable prices, and a Shinkansen extension due by 2030 make this town an underpriced gem. Real estate? You can still find homes in the $15,000–$20,000 range. And unlike many ski towns that go quiet in the off-season, Otaru is lively year-round thanks to cruise ship tourism, glass-blowing workshops, sake distilleries, and canal-side strolls. This is where I think the next big boom could happen.

Furano

Furano strikes a nice balance between Niseko and Otaru. It’s a modern resort with good terrain, lots of English-language services, and about 9 meters (354 inches) of snow per season. The town has held onto much of its Japanese character, but caters well to international visitors. Real estate is a bit pricier, around $200,000 to $400,000, but if you’re looking for a middle ground, Furano hits a sweet spot.

Asahikawa

Further north still is Asahikawa, the second-largest city in Hokkaido with around 300,000 people. It’s authentic, low-key, and frigid (it once hit -41°C, the coldest ever recorded in Japan). You’ve got access to 8 different resorts within a 30-mile radius, tons of backcountry, and minimal crowds. Real estate is dirt cheap, homes in the $10,000 to $15,000 range are common. While I don’t see the upside here that Otaru has, it’s a great base for the hardcore skier or long-term Japan expat looking for value.

Final Thoughts: Where’s the Next Hotspot?

If I had to put money on one place, it’s Otaru. Between the snow, the seafood, the architecture, and the upcoming Shinkansen extension, it has everything going for it. And unlike Hakuba or Niseko, you’re not buying at the top.

That said, Myoko is also one to watch. With major development on the horizon and relatively low current prices, it could very well be the next Niseko.

As always, the best investment is in a place you love, but if you time it right, it might just pay you back in more than just powder turns.