Niseko Enters Its Next Growth Phase

Niseko recorded 3.2 million visitor arrivals in FY2024/25, up 10% year-on-year, according to C9 Hotelworks’ latest market review.

The property market is also moving beyond Hirafu. Hanazono’s share of Niseko’s residential inventory increased from 22% in 2020 to 31% in 2025, while Hanazono and Niseko Village continue to attract major international brands and long-term investment.

C9 expects approximately 1,087 new hotel rooms and residences across nine projects by 2029. However, seasonality remains Niseko’s central challenge: peak winter rates can be two to five times higher than off-season rates.

The takeaway? Niseko is becoming a larger, more diverse resort market—but location, product quality and realistic rental assumptions still matter.

Read the full C9 Hotelworks Niseko Tourism & Property Market Review 2025/2026.

Disclaimer: This article summarises third-party market research for general information only. Figures and forecasts may change and should not be treated as investment, legal, tax or financial advice.