Average Price for Land in Hakodate
As our clients consider buying property in Hakodate, we sometimes receive requests for data about Hakodate land prices.
In this post we will talk about the average cost of land in Hakodate, and provide some comparisons to the price of land in Sapporo, Otaru, and Niseko.
Hakodate Land Price per Square Meter
How much is land in Hakodate?
The average price for land in Hakodate is ¥50,300 per square meter (as of late 2023).
For comparison, the average price for land in Sapporo is closer to ¥189,000 per square meter – or almost four times more expensive. Hakodate is a significant city, but as the population of Hakodate has been declining, the demand for Hakodate property is not particularly strong.
Land Prices in Hakodate are Relatively Stable
While land prices have recently increased in many of the stronger markets across Japan (including Sapporo and many surrounding cities), Hakodate land values have declined in recent years, but not by significant amounts.
According to our research, the average price for land in Hakodate was down 0.4% for the year for 2021, and down another 0.2% for 2022. While this data about real estate conditions in Hakodate is not encouraging, those decreases are very small (cumulatively less than 1%), and can be seen as signs that prices are generally stable.
Other cities in Hokkaido have better statistics, as many cities are showing substantial real estate appreciation. The price of land in Niseko gained 4.7% in 2022. The price of land in Sapporo was up 15.0% in 2022. For the same year, land prices for Obihiro were up 9.8% and the city of Teine had gains of 22.1%. See our recent post for more details on land prices in Sapporo and related cities.
Why Buy Land in Hakodate?
In addition to Hakodate houses for sale, there is also land for sale in Hakodate.
Some buyers may want to buy land and work with a local architect to build a new home in Hakodate as a residence (or to build out a Hakodate rental property). For some other buyers, the goal may be to buy an empty lot in Hakodate and to hold it for future resale or development.
While property prices in Hakodate are not appreciating today, future trends – including the arrival of shinkansen service in Hokkaido – could create increased demand in the Hakodate area.
Hokkaido Shinkansen and Hakodate
Hakodate does not currently have shinkansen train service.
There is a shinkansen train that comes from the main island of Honshu, but it terminates in southern Hokkaido at the Shin-Hakodate Hokuto Station. That station is inland and to the north of the city of Hakodate (approximately 18 km away). You can take a separate train from the shinkansen station into the city of Hakodate.
However, there are big plans underway to complete shinkansen service through parts of Hokkaido to service Niseko, Otaru, and Sapporo. While the route does not pass through Hakodate, it will bring more travelers within a close distance of Hakodate, and that could make the city more convenient in many ways, and could have a positive impact on real estate values including Hakodate land prices.
Real Estate Agents in Hakodate
There are many local real estate agents in Hakodate.
As our clients want to rent an apartment in Hakodate or want to inquire about buying a house or the price for a condominium in Hakodate, we make person-to-person introductions to Hakodate real estate agents. We have several, experienced agents in our network that can offer specific, local advice about Hakodate real estate. For an introduction to Hakodate real estate advisor, contact us anytime.
We make introductions to real agents that speak English (and other languages). Our service is free to you.
We work for you, not the real estate companies.
We provide person-to-person introductions to prescreened agents that help you sell, buy, lease, or rent property in Hokkaido. We search our custom database to connect you to real estate professionals that speak your language, address your needs and are available now to help you find what you want.
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To Get Started
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For More Information:
— Recent data on Housing Prices in Hakodate
— Our report on the Cost to Rent an Apartment in Hakodate
— Current detail on the Hakodate Population (by year)
— Appreciation in Sapporo Land Prices
— The Cost to Buy Land in Niseko
— Buying Property in Hokkaido as a Foreigner
— Find Lawyers in Hokkaido
— Our Taxes in Japan page
— The best Books about Japanese Real Estate