Large Developments Propel Hakuba to New Heights
As the Hakuba real estate market continues to evolve, more landmark developments are being announced which will improve the quality of accommodation offerings in the Hakuba Valley and assist in propelling the local real estate market to a whole new stratosphere.
Over the past 5 years, a large number of chalets and condominiums have been constructed in the Happo/Wadano and Echoland/Mizuarai areas. The construction of new chalets shows no signs of slowing, older ones is expected to continue at a similar pace, with a focus on these two central areas in Hakuba.
Recent developments, Mountainside and ROKA, both offer ski-in, ski-out access in the Happo/Wadano area with eight units in each property. The newer of the two, ROKA, completed the sale of its ten unit in December 2023. They are constructed by Hakuba-based List Development, is the latest 35-unit development at the bottom of Echoland. The high-end property will open its doors in December 2024 and over 80% of units are already sold. The majority of units sold are to overseas buyers and the final units are expected to be sold this winter.
EXPLORE THE CHANGES COMING TO THE HAKUBA VALLEY
Ground was broken on the largest hotel development in the valley this year. Upon completion in 2026, the property will have 108 hotel rooms and 48 condominiums. Bentos Tree is developed by a Tokyo-based real estate firm, LA VERDE WADANO La Neige, undoubtedly the most exclusive development in Hakuba, was recently acquired by a large Hakuba based group. Upgrades are expected over the coming years.
PLAN GO SEE, HAKUBA New retail, food and beverage offerings, condominiums, and hotels are expected on the three prime sites. A public parking facility and bus terminal planned on the first site will commence in early 2025.
NEW BASE, IWATAKE A five minute drive from the Happo/ Iwatake ski area, Tokyu Corporation and Mori Trust have recently acquired an expansive site at the base of the Iwatake Gondola. They are expected to develop a comprehensive hospitality offering of 150+ hotel rooms and F&B programs. The project is expected to wrap by 2029.
NEW MOUNTAIN-SIDE ACCOMMODATIONS MARRIOTT RESORT HOTEL & SUITES WADANO The Shakespeare Hotel on the main street of Echoland and the Koharu Resort Hotel & Suites on the main avenue in Wadano have both recently been acquired by two separate hotel and resort operators. Both properties are expected to be significantly renovated and upgraded.
COURTYARD BY MARRIOTT, ECHOLAND Mori Trust, a top-tier Japanese real estate developer, is working on commercial development including the new Courtyard by Marriott Hotel in Echoland in the near future. The Courtyard by Marriott is expected to welcome their first guest in winter 2026.
EWE HOTEL HAKUBA, HAPPO The outdoor sporting goods company, ewe, announced their new hotel will open the doors of their third ewe Hotel in Japan in Happo in December 2024.
Onshore and offshore developers continue to look for suitable sites for larger development projects. Projects already in the pipeline and future projects are expected to drive the market to new heights—from a pricing and product perspective—over the coming years. There is certainly plenty to look forward to as the market evolves from a real estate perspective.
