March 25, 2023. Hokkaido Newspaper.
The Ministry of Land, Infrastructure, Transport and Tourism announced the official government land prices as of January 1 this year on March 22 and official land prices in Kutchan rose 3%. Real estate transactions that were stagnant during the Covid19 pandemic have bounced back with one real estate agent saying that, “This year is going to be lively, with prices and transactions rising again.” Official land prices in Kutchan Town increased by only 3% year-on-year in the ski resort area and in the town center, falling below the previous year’s figures for the fourth consecutive year. People involved in the real estate industry believe that the temporary stagnation in property transactions due to the Coronavirus pandemic is a factor, and that the rate of increase in property transactions is likely to increase again in the future. The highest price per square meter for residential land was 156,000 Yen for a plot of land located at Niseko Hirafu 5-3-17-15, in the ski resort area. This represents a 3.3% increase compared to the previous year however, It fell below the 11.9% increase recorded in March 2022. The highest price per square meter for commercial land was 130,000 Yen for a plot of land located at South 1 West 1-40-1 in the center of Kutchan Town. This represents a 3.2% increase however last year, land in this area rose 4.1%. Mr. Hashizume, President of Niseko Alpine Development, a real estate company in the ski resort town, commented on the situation in the resort area, saying, “The impact of the Coronavirius trainwreck left foreign investors unable to come to Japan because of travel restrictions. Now, with the borders open again, real estate transactions are increasing and land prices are expected to rise again.” However, there is not a lot of land left for development in the central part of the Hirafu district of Kutchan Town, and the area where a high rate of property price increase is expected will move to the Hanazono district in the northern part of Kutchan Town. A spokesperson for another real estate company in Kutchan Town said, “Since the beginning of the year, there has been an increase in the number of inquiries and purchases of land in the downtown area for housing and stores by customers from Hong Kong and other countries.”
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