Niseko, Japan shines as the most aspirational Asian ski destination attracting local and overseas demand, particularly from Singapore, Hong Kong SAR, the Chinese mainland, and Australia, according to the latest edition of Knight Frank’s Ski Report
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16 December, 2022 at 15.04 pm
Knight Frank has released its latest edition of The Ski Report – The Ski Report 2023. This report includes the findings of the new Ski Sentiment Survey, which delves into the key factors purchasers consider before buying a ski home from the property itself, to location preferences, sustainability, to the impact of Brexit, rising interest rates and the pandemic coupled with the rising prices of ski homes and the trends attributing to this increase. The Ski Sentiment Survey represents the views of over 230 Knight Frank clients located across 33 countries and territories, with approximately 10% of the respondents based in Asia-Pacific.
“Japan has always been a popular ski destination for Asians. With Japan hosting the Ski Jumping World Cup 2023 coupled with a move to hybrid working, a rekindled love of the great outdoors, and heightened interest in well-being boosting demand during the 2021/22 ski season, its popularity is bound to increase further both locally and from overseas particularly from Singapore, Hong Kong SAR, the Chinese mainland, South-East Asia and Australia. Apart from Japan, we also see Queenstown in New Zealand being an increasingly popular ski resort offering year-round activities such as bungy jumping, boating, fishing, and fine dining,” shares Victoria Garrett, head of residential, Asia-Pacific.
“With 2.5 years of border closure and the current revenge travel trend, Niseko continues to be a popular winter destination with Singapore ski home buyers due to its proximity. The weakening of the Yen earlier this year further contributes to demand, giving offshore buyers more purchasing power than before,” adds Clarice Lau, head of sales, international project marketing, Knight Frank Singapore.
Key findings from The Ski Report 2023
– Increasing price of ski homes: The price of a ski home has been rising at its fastest rate for eight years. Strong demand, set against a backdrop of limited stock in some resorts, explains why this year’s Ski Property Index increased by 5.8% year-on-year, its strongest rate of growth for eight years. The average price of a four-bedroom chalet across the 23 alpine markets tracked in the report increased by 5.8% in the year to June 2022, up from 4.6% a year earlier.
– Buyer plans and preferences:Almost 40% of respondents already own a ski home, 22% of them are actively looking to buy a ski home in the future, and an additional 49% of them are considering a purchase in the future. In terms of preferences, one in four respondents to our Ski Sentiment Survey are looking for a year-round resort with a broad mix of ski and non-ski activities with mountain views, high-speed broadband, and outdoor space as top priorities.
– Most popular Asia-Pacific ski destination – Niseko, Japan: Home to a population of around 5,000, Niseko is located on Japan’s northern island of Hokkaido, and a two-hour drive from Sapporo, the island’s largest city serves as the most popular Asia-Pacific ski destination. Typical properties include two to three-bedroom condominiums between 100 and 150 square meters in size with average prices between US$500,000 and US$1.5 million. There are no restrictions on foreign buyers in Hokkaido, and the city’s New Chitose Airport handles around 3 million international passengers each year, a figure set to grow as Niseko’s becomes a fixture on the global winter sports calendar, the resort is due to host the Ski Jumping World Cup in 2023.
– Another popular Asia-Pacific ski destination – Queenstown, New Zealand: Located on the shores of Lake Wakatipu on New Zealand’s South Island, Queenstown is the country’s “adventure capital,” offering bungy jumping, boating, fishing, fine dining and of course, skiing. The average property price sits at around NZ$1.3 million, according to the Real Estate Institute of New Zealand (REINZ). Prices fell 7.7% in the year to September 2022 but remain 60% higher than the national average. Since 2018, foreign buyers (except those from Singapore and Australia) are not permitted to buy existing homes but can make limited investments in larger residential new-build developments and hotels. Residents have access to four ski fields which open from June to October, and the resort plays host to the southern hemisphere Winter Games in August.
