With the 2026-27 winter season just around the corner, the Niseko-Rusutsu area is drawing attention from investors worldwide. So, what are the current trends in its real estate market? In this article, we provide a multi-faceted analysis of the real market sentiment, based on the latest tourism trends, land prices, and actual property listing data.

The Niseko-Rusutsu Boom Continues: How Has the Market Moved Ahead of Winter 2026?

Boasting some of the world’s best powder snow, the Niseko-Rusutsu area is filled with unprecedented anticipation for the fast-approaching 2026-27 winter season. A major driver of this excitement is the strong recovery of inbound tourism.

At New Chitose Airport, the gateway to the region, international flights are expected to operate at a record high of 336 round-trip flights per week during the peak 2026 winter season (Source: Hokkaido Airports Co., Ltd.). This will further improve access from Asia, Europe, and North America, with a large influx of tourists anticipated.

In fact, the Niseko area recorded 2.135 million tourist arrivals during the 2025-26 winter season, an 8.4% increase from the previous year (Source: @Press, announcement by Niseko Promotion Board). This vibrancy is directly impacting the real estate market, and investor interest remains high.

[Price Increases] Driven by Inbound Demand and Development Expectations

The primary engine fueling the rise in real estate prices is robust inbound demand. The area is particularly popular among high-net-worth individuals. During the 2025-26 winter season, the average spending per international visitor to Niseko reached approximately 580,000 JPY (approx. 3,670 USD), a staggering 4.6 times more than the average Japanese guest (Source: NewsCast, announcement by Niseko Promotion Board).

Furthermore, the total number of guest nights for international visitors increased by 32.9% year-on-year, suggesting a shift from short trips to longer-term stays (Source: @Press, announcement by Niseko Promotion Board). This trend toward extended stays is further boosting demand for luxury condominiums and villas that offer comfortable living spaces.

Against this backdrop of demand, land prices also continue on an upward trend. As the graph below shows, standard land prices in both Niseko Town and Rusutsu Village have continued to rise, with year-on-year increases of +10.76% in Niseko Town and +3.69% in Rusutsu Village in 2026 (Source: tochidai.info).

In the actual sales market, movements reflecting this strong demand have been confirmed. For example, some units in the luxury condominium “Setsu Niseko” in the Hirafu area saw price increases of over 40% in the single year of 2025 (Source: Compiled by our company from listing prices on various websites).

[Price Adjustments] Also Underway? The Multi-Faceted Nature of the Market

While the market as a whole is booming, not all property prices are on a steady upward trajectory. Some properties are seeing price adjustments, or “price drops,” suggesting the market is entering a more diverse and mature phase.

According to data we collected from fixed-point observations between January and December 2025, there were scattered instances of detached houses and land in the Hirafu area undergoing price revisions of 15% to over 40% within the year (Source: Compiled by our company from listing prices on various websites). This could be due to initial asking prices being disconnected from actual market conditions, or factors specific to individual properties.

The table below summarizes the median listing prices for properties in the Niseko-Rusutsu area as of December 2025. It shows that price ranges vary significantly by property type and area.

Property Type	Area	Median Price	Median Price per m² (Building) / Median Price per m² (Land)
Detached House / Villa	Niseko	250,000,000 JPY (approx. 1.58 million USD)	1,172,106 JPY/m²
	Rusutsu	285,000,000 JPY (approx. 1.80 million USD)	972,125 JPY/m²
Condominium	Niseko	202,000,000 JPY (approx. 1.28 million USD)	2,364,927 JPY/m²
	Rusutsu	142,000,000 JPY (approx. 899,000 USD)	1,388,074 JPY/m²
Land	Niseko	120,000,000 JPY (approx. 759,000 USD)	60,476 JPY/m²
	Rusutsu	44,000,000 JPY (approx. 278,000 USD)	77,326 JPY/m²
Source: Compiled by our company from listing prices on various websites (as of December 2025).

This data indicates that the market is not uniform. While properties with favorable conditions continue to attract high demand, others may have room for price negotiation, presenting an opportunity for discerning buyers.

The “Rusutsu” Area: A Closer Look at its Current State and Future Potential

In recent years, the “Rusutsu” area has been attracting keen investor attention, alongside Niseko. Compared to Niseko, it still has significant room for development, and expectations for its future growth potential are high.

Supporting these expectations, Rusutsu Resort has been actively investing in enhancing its appeal as a year-round destination, including the renewal and reopening of its amusement park’s Ferris wheel in the summer of 2026 (Source: Rusutsu Resort). Such developments contribute to increasing the value of the entire area.

In terms of real estate prices, as shown in the table above, the price per square meter for detached houses and condominiums is more moderate than in Niseko. However, an interesting data point is that the median price per square meter for land in Rusutsu is higher than in Niseko. This can be seen as a reflection of the high expectations for prime land located near the resort.

Currently, luxury properties such as a penthouse at “The Vale Rusutsu” (approx. 570 million JPY, or approx. 3.61 million USD) and the “Rusutsu Yotei View House” with views of Mt. Yotei (approx. 320 million JPY, or approx. 2.03 million USD) are on the market, indicating that Rusutsu is gaining recognition as a new luxury resort destination (Source: Niseko Real Estate).

Conclusion: Real Estate Investment Strategy for Niseko & Rusutsu Towards 2027

Ahead of the 2026-27 season, the Niseko-Rusutsu real estate market presents a complex picture, characterized by a boom driven by strong inbound demand mixed with price adjustments in certain segments. While prices continue to rise, the phase where all properties appreciated uniformly is over; it is now more accurate to see the market as polarizing.

Understanding this polarization is essential when considering future investment strategies. As a mature market with an established international brand, Niseko can be expected to offer stable asset value. Rusutsu, on the other hand, is a growth market with the potential for significant capital gains, depending on future infrastructure development and projects.

In both areas, a discerning eye is required more than ever to carefully assess a property’s location, views, quality, and price reasonableness. We hope the data and trends presented in this article will be of assistance in your investment decisions. Final investment decisions must be made carefully and at your own risk.

For consultations on land and villa investments in Rusutsu and Niseko, please contact GA Partners through our contact page.

Sources & references

• Hokkaido Airports Co., Ltd.
• @Press (announcement by Niseko Promotion Board)
• NewsCast (announcement by Niseko Promotion Board)
• tochidai.info (Niseko Town)
• tochidai.info (Rusutsu Village)
• Rusutsu Resort
• Compiled by our company from listing prices on various websites (comparison points: September 2024 / January, June, December 2025. Properties listed as POA or “Inquire for price” are excluded from the aggregation).
• Niseko Real Estate

Prices and data in this article are based on publicly available sources and do not guarantee future values. Please make investment decisions at your own discretion.