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It’ll be a brave developer who launches in Niseko right now.


Jonathan Martin, founder of Niseko Alpine Developments, a real estate firm in the Hokkaido area. In recent years, the prospects for developers to generate large profits from Niseko have dwindled as surging costs of raw materials and a lack of construction labor put a damper on the high investor interest to cash in on the nation’s tourism boom.

© Bloomberg

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I get real estate ads for Niseko all the time in my browser and Facebook, so someone must be paying for them.

Prices there seem well beyond anything you could make as accommodation, so it all looks like people buying to flip. For accommodation, Booking etc. will take 18-20% and a local management company will take a 1/3. You then have taxes, utils, and maintenance. The upshot is that you won't make much money from an apartment even if it costs one million USD to buy. When you point this out, people will say "but its a lifestyle investment!" or similar nonsense. It is easy to have lifestyle with many ski trips without owning an (unprofitable) apartment in one ski area.

5 ( +5 / -0 )

I figured with the low yen, Australian and Chinese ski investors would still be interested.

1 ( +1 / -0 )

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