Where powder snow falls in Japan, prices rise
Snowboarder at a ski resort in Niseko, Hokkaido, Japan. SEASTOCK / Shutterstock
Residential land prices in Japan rose the highest in Kutchan, a town in the skiing region of western Hokkaido, in the year ended July 31, Bloomberg reported, citing results of a land survey revealed Tuesday by the Ministry of Land, Infrastructure, Transport and Tourism.
Demand from foreign skiers pushed values up 27 percent in Kutchan, which is located 14 kilometres away from Niseko, a skiing resort town famed worldwide for slopes filled with powder snow.
Net rental yields from Niseko ski properties range between 3 to 6 percent, while capital gains have reached 10 percent per annum over the last five years, according to Grant Mitchell, director of Niseko Property.
More: China’s growing influenece in Niseko
Elsewhere in Japan, the country’s three biggest metropolitan areas — Tokyo, Osaka and Nagoya — saw residential land values rising 0.4 percent in the year to July. This increase is happening on the back of record tourist arrivals in the country, which reached 14 million in the first seven months, according to the Japan National Tourism Organization.
Although land values in the country have been on a downward trajectory in the last 25 years, they decreased only 0.6 percent in the year to July, their shortest fall since 2007, Bloomberg reported.
The profile of winter sports in Asia is expected to soar over the next few years, with South Korea and China hosting the next two Winter Olympics.
Read next: Why North American ski resorts are at par with Alpine properties
Source : property-report.com
Read more…Land values are rising near famous Japanese ski resort town
