Land prices in Nagano and Niigata diverge in 2025 survey

On September 16^th, the Nikkei Shimbun reported that the 2025 official land price survey (as of July 1) highlighted contrasting trends in Nagano and Niigata prefectures.

Nagano continued to see sharp gains driven by snow resort demand, pushing the average price change for all land uses into positive territory for the first time in 30 years.

Niigata, by contrast, registered its 30th consecutive annual decline, though commercial land showed signs of stabilizing.

Nagano: Gains Across Residential and Commercial Land

Nagano Prefecture announced on September 16 that average land prices across all uses rose 0.3%, reversing a 0.1% decline last year and marking the first increase since 1995.

Residential land gained 0.2%, while commercial land climbed 0.4%.

Chart provided by Nikkei Shimbun, edited by Patience Realty.

Resorts such as Hakuba and Nozawa Onsen continued to see steep appreciation, while Karuizawa attracted steady demand for vacation homes and relocation properties.

Table provided by Nikkei Shimbun, edited by Patience Realty.

Commercial land’s 0.4% rise marked the first increase in 33 years. Hakuba Village’s prices surged 22.0% and Nozawa Onsen 24.2%, both accelerating from last year.

Nagano and Matsumoto cities also posted stronger gains.

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Hakuba’s Echoland district recorded the steepest rise in the prefecture at 29.3%, ranking fourth nationwide among commercial locations.

The Echoland area has attracted major investment. A 38-room hotel condominium launched in winter 2024, with units priced up to just under ¥300 million, sold out by May 2025.

Developer List Group’s subsidiary reported that over half of buyers were Tokyo residents, with about 20% from overseas, mainly Hong Kong and Taiwan.

More recently, Wealth Management and Singapore-based Banyan Group announced a joint investment in another hotel project in the district.

Residential land also rose 0.2% - the first increase in 29 years. Hakuba jumped 14.7%, and Nozawa Onsen 17.8%.

Karuizawa gained 12.3%, with neighboring Miyota also rising. Remote work trends during the pandemic boosted demand not only for second homes but also for permanent relocation.

Nozawa Onsen again ranked highest for residential land gains, up 17.8%. Other top spots were split between Hakuba and Karuizawa. With limited new land supply in the sloping hot-spring town, many investors are buying and renovating older bed & breakfasts into accommodation facilities.

Niigata: Signs of Stability in Commercial Land

Niigata Prefecture’s average land price fell 0.9%, its 30th straight year of decline.

Both residential and commercial sectors slipped, but the commercial decline of 0.5% was the mildest since falling began in 1993, suggesting stabilization.

Chart provided by Nikkei Shimbun, edited by Patience Realty.

Niigata City’s Higashi Ward rose 2.7% and Chuo Ward 2.5%, topping municipal rankings. Around JR Niigata Station, INPEX completed a 10-story office building in late 2024, while snack maker Sanko Seika Group is renovating the 9-story Dai-5 Maruka Building for reopening in 2026.

Table provided by Nikkei Shimbun, edited by Patience Realty.

Myoko’s Sekigawa district led residential gains at 12.1%, repeating as prefectural leader. Singapore-based Patience Capital Group plans to build two hotels, including a five-star property, by winter 2028, and is finalizing operational agreements. Rising tourist inflows are spurring land purchases for hotels, restaurants, and rental shops, fueling price growth.

Patience Realty is a proud group company of Patience Capital Group and Capital Brain.

Yuzawa, a ski resort town, saw land rise 1.9%, driven by hot-spring and ski areas near Echigo-Yuzawa Station and the slopes at Mikuni Dobashi.

Residential land fell 1.0%, the third steepest decline nationwide after Tokushima and Kagoshima.

The only municipal gains were in Niigata City, where Chuo Ward rose 2.0% and Higashi Ward 1.2%.

Source:

Nikkei Shimbun (Japanese only; paywalled)