After arriving in 1997 as one of only five foreigners living in Niseko, Keith Rodgers has witnessed first hand the spectacular growth of Niseko from completely domestic to thoroughly international ski resort.
”Back in 1997, no one knew Niseko would turn into the international investment jewel it is today. Few of us anticipated the depth of foreign interest and investment to come.
“Back in the day, our customers were Japanese, and foreign investment wasn’t even on the radar.”
And yet, for all the 50-plus years since the resort opened, Niseko still can’t be called a “mature” resort. 80% of all property in Hirafu Village is now foreign owned, but much of that has yet to be developed. At the current pace, it would still take over 15 years for the village center to get built-out. Shopping is still limited and infrastructure and transportation could be better – one doesn’t have to look hard to see room for improvement.
When you look at the top custom chalets, budgets have grown considerably over the past five years, and clearly Niseko has become a bona-fide landing spot for the global elite. Recently Taiga Projects completed Hakuchozan, where no expense was spared to create the unique experience of a fully serviced European chalet. This type of proven investment, combined with the area’s potential to get even better, is why Niseko is so compelling as an investment destination.
Developing a property for a retirement couple gave me a glimpse into the next phase. The clients come for the temperate green season and spectacular food, and call Niseko “The Tuscany of Asia”. All of the parts are already here, and the growing recognition of Niseko as a summer destination will add further fuel to the rental and real estate markets.”
TIPS AND TRENDS
- Increasingly, we’re meeting property buyers who want to make a considerable investment outside the main resort bases. For some this is driven by a lack of available land at the resort base, and for others it’s the desire to get a bit further away and have a piece of privacy.
- Look for land that has some intrinsic charm. This might be a mountain view, a creek running through the property, or even an exceptionally large oak tree. On a basic level, if you can’t find the bit that makes it special, neither will the next buyer. Unless it is exceedingly cheap.
- In Hirafu, we’re seeing an increase in activity in St Moritz, reflected in increased transactions, and also new houses. Similarly, we anticipate interest to be high for some of the new residential developments just outside Hirafu and Annupuri.
ABOUT
Keith Rodgers is president of Taiga, a boutique real estate and development consultancy based in Upper Hirafu
ENQUIRIES
Taiga Real Estate
[email protected]
This article appeared in Powderlife 2017
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