Hakuba Land Prices 2026: Official Data and How to Read It

Short answer: In MLIT’s 2026 official land price survey (as of 1 January), standard site 白馬-1 had the highest rate of increase among residential sites in Japan (+33.0%). In the 2026 prefectural land survey (as of 1 July), benchmark site 白馬5-1 had the highest rate of increase among all benchmark sites in Japan (+35.6%) (source: MLIT). Hakuba points ranked among the highest rates of increase in Japan. These are appraisals of specific standard sites, not the price of the plot you are looking at.

This guide is written by the HakubaLand editorial team at Gemini株式会社. Figures are from the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). It is general information, not an appraisal or investment advice.

Two official surveys

• Official land price (地価公示): national, by MLIT, valued as of 1 January.
• Prefectural land survey (都道府県地価調査): by prefectures, valued as of 1 July.

Each survey uses its own set of points. A point with the same label, such as 白馬5-1, can be a different site in each survey.

2026 official land price (as of 1 January 2026)

Point	Use	Price	Change	National rank
白馬-1	Residential	27,400 yen/m²	+33.0% (2025: +29.6%)	1st, residential
白馬5-1	Commercial	40,300 yen/m²	+35.2% (2025: +33.0%)	3rd, commercial

MLIT puts the village’s average residential change at 22.8% (previous year 19.8%) (MLIT, 2026 official land price, Hakuba).

2026 prefectural land survey (as of 1 July 2026)

Point	Use	2025 (yen/m²)	2026	Change	National rank (by use)
白馬5-1 (北城字平河)	Commercial	23,600	32,000 yen/m²	+35.6%	1st
白馬5-2 (北城字新田)	Commercial	67,500	85,000 yen/m²	+25.9%	4th
白馬-2 (北城字大道上)	Residential	13,400	17,600 yen/m²	+31.3%	2nd
白馬-3 (北城)	Residential	6,100	8,000 yen/m²	+31.1%	3rd

In the prefectural land survey, 白馬5-1 also had the highest rate of increase among all benchmark sites in Japan (all uses), according to MLIT (MLIT ranking tables; MLIT, 2026 land survey, Hakuba).

What MLIT says is driving it

MLIT’s commentary on Hakuba reads, in the original: 「近年はパウダースノーを求める外国人観光客が増加し、令和6年には令和元年以降で最多の観光客数を記録するなど、地域活性化が進んでいます。こうした観光需要の高まりにより、スキー場周辺や白馬駅前では、高級ホテルや複合施設の整備が進み…」 (MLIT). In short, MLIT points to tourism demand, with foreign visitors coming for powder snow, and to luxury hotel and mixed-use projects around the ski areas and Hakuba Station. On the residential side it notes strong demand for villas and condominiums from wealthy domestic and foreign buyers, with capital coming in from Japan and abroad, and says this demand is spreading to existing residential areas nearby.

How to read these numbers

• They are single sites. The survey points shown here range from 8,000 to 85,000 yen/m² in the same village. Assess the plot’s location, road access and building limits alongside nearby official points.
• A percentage on a low base. Percentage alone does not show the yen increase; compare the previous and current prices.
• Past change is not a forecast. These are appraised values for set sites at set dates.
• Asking prices differ. Listings reflect each seller’s view. Official prices are benchmarks for specific sites, not valuations of your plot.
• Building rules change value. Villa-area agreements and landscape height limits can cap what a plot can hold. See Buying land in Hakuba.

Taxes use the assessed value

For a land purchase, registration tax, real estate acquisition tax and fixed asset tax generally start from the fixed asset tax assessed value (固定資産税評価額), not from the price you pay or the official land price. The taxable base can differ after statutory adjustments and reliefs, so a rise in market prices does not pass straight into tax. For fixed asset tax, the taxable base in principle uses the value set in each three-yearly base year and keeps it for the following two years (Local Tax Act Arts. 341(vi) and 349, e-Gov). Because of the residential-land special rule (Art. 349-3-2) and burden-adjustment measures (Supplementary Provisions Art. 18), the assessed value and the taxable base are not the same, and a rise in land prices may feed into the tax over several years. Ask the seller for the current tax documents before you budget. Foreign and non-resident buyers can find more in our guide for foreign buyers.

Buying in a rising market

When prices move quickly, check that the plot supports your intended use before comparing prices. HakubaLand helps with land search and purchase as a licensed broker, and checks road access and intended use with the relevant specialists before purchase. If you build, our long-term partner builders carry out design and construction under their own licences and contract with you directly, and we coordinate. Management for other owners’ properties is being prepared and is not yet available. See properties for sale and development.

Figures checked against MLIT publications on 23 October 2026.