At the centre of Nagasaki City's "once-in-a-century" wave of redevelopment sits an unusual project: the large mixed-use complex Nagasaki Stadium City, built by mail-order leader Japanet Holdings at a total project cost of about ¥100B.
One year after the October 14, 2024 opening, cumulative visitors total 4.85 million with an economic impact of about ¥96.3B. As a fully private-led redevelopment model that took zero government subsidy, the project draws nationwide attention. We verify what kind of impact it has had on Nagasaki's real estate market.
What is Nagasaki Stadium City?
Built on the former Mitsubishi Heavy Industries shipyard site (about 7.5 hectares), a 10-minute walk from JR Nagasaki Station, Nagasaki Stadium City consists of:
| Facility | Overview |
|---|---|
| PEACE STADIUM Connected by SoftBank | Football-only stadium (~20,000 seats), home of V-Varen Nagasaki |
| HAPPINESS ARENA | Arena (~6,000 seats), home of Nagasaki Velca (B.LEAGUE) |
| Stadium City Hotel Nagasaki | Hotel with ~200 rooms, including stadium-view rooms |
| Retail | Numerous food, beverage, and merchandise tenants |
| Office | Includes Japanet Group HQ functions |
The standout point: this project received zero subsidies from national or local government. From land acquisition to construction and operations, every yen came from the Japanet Group's own capital — drawing attention from MLIT and the Sports Agency as a new private-sector model for regional revitalisation.
Year-one results: 4.85M visitors, single-month profit in August
The complex's draw outpaced projections from the very start.
| Elapsed period | Cumulative visitors |
|---|---|
| Month 1 (Nov 2024) | 550,000 (avg 30k/day weekends, 13k/day weekdays) |
| Month 2 (Dec 2024) | 950,000 |
| Day 100 (Jan 2025) | 1.53M |
| Month 3 (end Jan 2025) | >1.40M |
| Year 1 (Oct 2025) | 4.85M |
The annual economic impact is estimated at about ¥96.3B, with about 13,000 jobs created. In August 2025, the complex achieved its first single-month profit post-opening.
The original target was 8.5M visitors per year; year one came in at 4.85M. The remaining challenge is "weekday traffic when there are no games or events." Even so, drawing nearly 5 million visitors in a regional city of about 400,000 is a substantial impact.
Nishi-Kyushu Shinkansen, Dejima MICE: a "once-in-a-century" chain
Nagasaki Stadium City is not standalone — it's the centrepiece of a chain of redevelopments around Nagasaki Station.
Timeline of major projects
| Year/Month | Project |
|---|---|
| Nov 2021 | Dejima Messe Nagasaki opens (convention facility, adjoining the Hilton) |
| Sep 2022 | Nishi-Kyushu Shinkansen opens (Takeo Onsen–Nagasaki) |
| Nov 2023 | JR Nagasaki Station Building opens (retail-office complex) |
| Jan 2024 | Nagasaki Marriott Hotel opens (in the station building, the first Marriott in Kyushu) |
| Oct 2024 | Nagasaki Stadium City opens |
| Ongoing | Nagasaki Station Land Readjustment (~19.1 ha) |
In just three years: an international convention facility, a Shinkansen, a station building, an international luxury hotel, and a ¥100B sports complex have opened in succession. This density of redevelopment is unusual for a regional city.
In front of the station, new condominiums like "The Premium Nagasaki Eki-mae" are now being supplied — the redevelopment wave is spreading into the housing market.
2026 published land price: Nagasaki commercial up +2.05%
The redevelopment surge is clearly reflected in the published land price.
Nagasaki City — 2026 published land price
| Use | Average (¥/m²) | YoY change |
|---|---|---|
| Commercial | 332,317 | +2.05% |
| Residential | 51,490 | +0.08% |
| All-uses average | 137,100 | +1.30% |
The +2.05% commercial growth approaches pre-pandemic uptrend levels. Demand around Stadium City is showing up in land prices, far exceeding Nagasaki Prefecture's overall +1.36% commercial average.
What's especially notable is actual transaction prices. Land transactions in Nagasaki City for Q1–Q3 2025 averaged ¥119,317/m² (¥394,436/tsubo) — up +31.74% YoY. Transactions around redevelopment areas are likely lifting the overall figures.
Population under 400k, yet land prices rise — Nagasaki's paradox
Nagasaki City's population dropped below 400,000 in July 2022 and continues a long-term decline. Typically, regional cities with population decline see real estate prices fall.
In Nagasaki City, however, four factors are exerting positive pressure that exceeds the population decline:
- Explosive growth in visitor flow: Stadium City's 4.85M plus tourism and business visitors via Shinkansen and convention facility
- Job creation: Around 13,000 jobs from Stadium City alone, with substantial spillover effects
- International hotel arrivals: Successive openings of Hilton and Marriott raise the city's class
- Chain reaction of private investment: Stadium City's success draws further development investment
Land prices rising during a population decline through "visitor flow × private investment" — Nagasaki is becoming the model case.
Investor view: is Nagasaki real estate a "buy"?
Positive factors
- Commercial land price growth accelerating: Beyond pandemic recovery, into a structural uptrend driven by redevelopment
- Hotel demand growth: Beyond the two international hotels, vacation rental and guesthouse demand is also expanding
- Persistent Shinkansen effect: Fukuoka–Nagasaki cut to ~30 minutes; closer ties to the Fukuoka economic zone
- Full-scale condominium supply at the station: With "The Premium Nagasaki Eki-mae" and others, exit strategy becomes clearer
Risk factors
- Continued population decline: Long-term shrinking of rental demand
- Stadium City sustainability: 4.85M in year one against an 8.5M target. Weekday traffic remains a challenge
- Shinkansen "incomplete" issue: Full-spec line completion timing undecided (Saga Pref. section negotiations difficult)
- Low absolute ¥/tsubo levels: Capital gain ceiling is constrained
Areas to target
- Along the corridor between Nagasaki Station and Stadium City: Walking-distance commercial and income properties — scarcity may rise
- Urakami / University Hospital-mae area: Tram-line residential demand robust; new condominium supply is also active
- Isahaya City along the Shinkansen line: Good access to Nagasaki City; bedroom-town demand at affordable prices
Takeaways: ¥100B in private capital proves "regional city revitalisation" is possible
Nagasaki Stadium City is unprecedented in Japan: a private firm investing ¥100B to change a regional city, without leaning on government.
In year one it drew 4.85M visitors and generated ¥96.3B in economic impact — also contributing to surrounding land price growth. With synergies from the Nishi-Kyushu Shinkansen and Dejima Messe, Nagasaki Station's surroundings are in the middle of a "once-in-a-century" transformation.
Of course there are risks. Population decline doesn't stop, and full-line Shinkansen completion remains undefined. But the Nagasaki model — "even with population decline, you can revitalise a city through visitor flow and private investment" — is a hopeful experiment for regional cities nationwide.
For real estate investment, this is the early phase. The big-picture redevelopment is becoming visible, and looking at Nagasaki before the price rise hits full swing is a strong option for medium- to long-term wealth building.
On Mekiki Research, transaction-price data and hazard information for Nagasaki and other notable areas across Japan can be checked in one click. If you have an area of interest, give the free report a try first.