The mountain chalet and kominka market
Hakuba in particular has long drawn an international clientele (Australian, British) for skiing, which has already pushed up chalet prices in the best-known resorts. Traditional kominka in less touristy valleys remain far more affordable by comparison.
Airbnb regulation
National baseline (minpaku 180 nights, ryokan-gyo licence for 365 days) — ski resorts have a strongly seasonal pattern that fits this cap well, with winter high season carrying most of the demand.
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