Land Prices Rising in Nagano Prefecture: Tourism and Development Drive Growth
The 2025 benchmark land prices have been announced for Nagano Prefecture, showing increases in both residential and commercial areas. Strong tourism demand from international visitors and development projects are driving this growth, with certain areas experiencing some of the highest price increases nationwide.
4/12/20252 min read
Land prices in Nagano Prefecture are on the rise according to the newly released 2025 benchmark figures. Both residential and commercial properties have seen value increases, driven by a surge in international tourism and ongoing development projects. NBS news reports that some locations within the prefecture are experiencing price growth that ranks among the highest in Japan.
Key Areas of Growth
Hakuba and Nozawa Onsen: These resort areas are experiencing remarkable growth driven by international tourism.
In Hakuba Village, the Misorano Villa Area saw residential land prices increase by 29.6%, the second highest in Japan.
The area near Hakuba Happo-one Ski Resort's Nakiyama Slope saw the highest commercial land price increase in the prefecture at 33%.
In Nozawa Onsen Village, areas near the ski resort recorded the second and third highest residential land price increases in the prefecture (20.9% and 17.9% respectively), with one area ranking sixth nationwide.
Karuizawa: The "Kyu-Karuizawa Villa Area" maintained its position as the prefecture's most expensive residential area for the fourth consecutive year, at 170,000 yen per square meter.
Nagano City: The "Namiya Building" area in front of Nagano Station remained the most valuable commercial property for the 13th straight year, valued at 372,000 yen per square meter.
Suzaka City: The area is seeing significant impact from the upcoming AEON Mall, scheduled to open in autumn 2025. Commercial land near Suzaka Nagano East IC increased by 3.2%, the fifth highest commercial growth rate in the prefecture.
Market Analysis
According to Eijiro Tsukada, a real estate appraiser with the Japan Real Estate Institute, several factors are influencing the market:
For residential areas, locations with good convenience and comfort continue to attract buyers.
In commercial areas, demand for condominium and hotel development is driving price increases.
In Nozawa Onsen specifically, the limited supply of large vacant lots has resulted in investors (both foreign and domestic) purchasing smaller properties like pensions.
The new AEON Mall in Suzaka is expected to be one of the largest commercial facilities in the prefecture, attracting customers from a wide area and significantly impacting land prices.
While tourism and development are raising prices in these areas, the report notes that mountainous regions with poor accessibility and areas with declining populations continue to see falling land values, creating greater polarization across the prefecture.
