New C9 Hotelworks Niseko Market Review Released
In a broader sense, the highly tourist-reliant alpine resort area of Niseko has remained attractive to real-estate developers and international hotel operator during the pandemic. Overseas investment sentiment has been positive, highlighted by projects such as Six Senses/Wealth Management Group (100 keys), Moxy/YTL Corporation Berhad (310 keys), and Capella/Shenning Investments (219 keys).
Also, new developments, namely New World La Plume Niseko Resort and Matie Niseko recently launched in the 2021 summer season. Hence, the 2021 Niseko property market has hit a high in new project/off plan transactions of USD2.69 billion.
Although the current worldwide economic remains uncertain, domestic and foreign developers in Niseko are receiving strong demand for land acquisitions of residential plots.
A number of projects are reporting inspection cancellations from offshore buyers, however, there are luxury real estate sales that are completing. Another segment seeing demand from bargain hunters is luxury penthouses or multi-million-dollar holiday homes.
Commercial and retail rental rates have retreated due to a lower number of tourists. However, based on the Ministry of Land, Infrastructure, Transport, and Tourism in 2021, the average land appraisal in Kutchan has continued to rise by 25% y-o-y, making it the highest growth rate in Japan.
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