If you’re dreaming of your own chalet or condo in Niseko, there’s no better guide than Jonathan Martin. As founder of Niseko Alpine Developments (NISADE), he has been instrumental in transforming Niseko — elevating it from local ski town to globally regarded alpine address.
It’s hours before the sun rises in Niseko, Japan, and the snow is blanketing down. Jonathan Martin’s watch reads 3:30 am, and he’s already flush with adrenaline. Martin is first to glide down the mountains he calls home, a rush that’s stronger than a double espresso.
Trading in a 9-5 corporate life in Sydney for the snowy slopes of Japan, Martin started Niseko Alpine Developments (NISADE) nearly 20 years ago. He’s catapulted this sleepy slice of Hokkaido into a booming sports and travel destination, thanks to NISADE’s collection of hotels, chalets and high-end homes.
As with any business venture, however, there are moguls and troughs. Thankfully, Martin is quick to adapt to conditions on and off the slope. “The hurdles have changed, but the need for resilience and creativity has been constant,” he says.
We sat down with Martin to talk about his decades-long journey pioneering development in Niseko, lessons he’s learned along the way, and why investing in Hokkaido is more exciting than ever.
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Tell us, why did you choose Niseko? And was investing as a foreigner difficult back in 2005?
My life in Sydney was unsustainable. The call of the mountains mixed with whispers of a paradisical place of snow deep in the northern isle of Hokkaido kept surfacing. The initial decision was pure trust in people and trust in my experience in property development. I said yes before I even came to Niseko to see the project, but I knew snow, and I knew property in ski resorts.
But absolutely, it was difficult. There definitely wasn’t much precedent for foreign-led developments. Everything from contracts to permitting to building codes was a completely new journey. In fact, when I first started, many of the regulations of today didn’t even exist. I spent the first 10 years making every mistake possible, which meant that we became incredibly fluent in how things work — not just the language, but the culture, the relationships, and the systems.
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Over the course of your 20 years in Niseko, what have been some of the biggest investing difficulties?
At first, it was navigating regulations and establishing trust with local partners. Later, it was infrastructure — roads, utilities, logistics. More recently, it’s been supply chain issues and finding skilled labour as demand skyrockets.
And what about the biggest pay-offs?
Legacy. We and our small community of mostly foreigners have delivered a truly world-class resort destination. Few folks get to be an integral part of such a legacy. I am proud of all the pioneering lads and lasses who made Niseko what it is today. Seeing families return year after year, calling Niseko their second home — that’s the long game. We are selling the dream, and we’re inviting you to join us in living the dream.
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Compared to other world-class winter destinations like Vail, Whistler or Chamonix, what kind of construction costs should people expect when looking to invest in Niseko?
Construction costs in Niseko have risen substantially in the last five to 10 years due to limited labour and increased material prices. We are seeing the growth rate remaining >8% per annum, but our long-term forecast is that it will slowly reduce to a normalised 2% or CPI rate nationally. But I expect Niseko, with such strong demand, to still be 5% or greater.
Currently, you’re looking at anywhere from US$3,500 to over US$8,000 per square metre. Of course, it can be even higher, but our speciality is design-led cost efficiency outcomes. Pricing swings on build material, concrete, timber or steel, so we are finding most cost efficiency with a concrete and steel hybrid. Still, it’s often more cost-effective than the ultra-luxury builds in Europe, the USA or Canada; rates start at US$12,000 per square metre in some of these locations.
Hokkaido is still a growing tourism market. What’s next for Niseko?
Planning and zoning have stabilised. Currency remains advantageous. So, the next wave is the return of the big project developments, including Capella, Metropoly, Six Senses, to name a few. The next focus is year-round development — wellness tourism, cycling infrastructure, farm-to-table hospitality, and creative retreats.
I’m particularly excited as a mountain bike rider just how quickly our resort has become an MTB mecca. With more international attention and improved access (like the bullet train extension), Niseko’s future isn’t just about winter anymore — it’s about becoming an all-season lifestyle destination.
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Lastly, why do you think Niseko is still such a special place to invest?
Simply because it’s rare. Few places offer this blend of natural beauty, cultural depth, global accessibility, and consistent snow. Niseko has established itself as a premium destination — we are backed by investment from some of the biggest global developers and hotel brands, so our future is cemented. Last year, we saw a fundamental shift with UHNWIs investing. As the saying goes, “like attracts like,” so this is the beginning of the second rising of the Niseko tide. Niseko isn’t a trend. It’s a generational story in the making.
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