New Niseko Report Released By C9 Hotelworks
C9 Hotelworks has released their new Niseko Property Market Update 2018, which highlights how current projects for sales are set to top USD1 billion in transaction value.
Unique attractions, ease of visa procedures, and emerging international flights have propelled Niseko’s tourism boom, as arrivals have continually grown since 2011. Foreign visitor arrivals impressively outperformed the domestic segment with year-on-year growth of 17% in 2017 and a 5-year CAGR of 16%. With an abundant choice of recreational activities, last summer season accounted for 48% of total yearly visitors. Notably, Asian visitors top 5 geographical source markets are Hong Kong, Mainland China, Korea, Taiwan, and Singapore.
Meanwhile, freehold ownership, a lower Japanese Yen, and high capital gains have boosted the real estate market in Niseko. The market-wide average selling price of condominiums grew 12.5% in 2017. Similarly, the average built-up price for condos in Niseko has soared 25% compared to last year. As of the end of the high season current property offerings are closing in to near the USD1 billion mark.
Asian real estate buyers have now supplanted the legacy Western source markets and Mainland China has been a leading cross-border property player. We expect Niseko to rise further in the development cycle in the coming year, led by a marked increase in hotel branded and managed projects.
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