Japan Vacant Home Buying Guide
The number of vacant houses in Japan continues to rise, with the total number exceeding 8.5 million. The national vacancy rate has reached 13.6%, and in some areas it has even exceeded 20%. It is worth noting that such properties are generally inexpensive, and some rural areas even offer houses at symbolic prices to attract foreign populations. This low threshold feature has also attracted the attention of investors.
Why Choose a Vacant House?
Opting for a vacant house in Japan can be an attractive proposition for several reasons. Firstly, these properties often come at a fraction of the cost of new constructions, making homeownership more accessible. Secondly, many akiya are located in picturesque rural areas, offering a chance to experience traditional Japanese living. Additionally, purchasing a vacant house can contribute to the revitalization of local communities, as it brings new life to abandoned properties and helps maintain the cultural fabric of the area [1].
Number and Distribution Areas of Vacant Houses in Japan
The scale of Japan’s vacant house situation is staggering. As of 2018, there were approximately 8.49 million vacant houses across the country, accounting for 13.6% of all housing stock [2]. This number has been steadily increasing, with projections suggesting it could reach 21.7 million by 2033. Rural areas and smaller cities tend to have higher concentrations of akiya, particularly in regions facing population decline and aging demographics. Prefectures like Yamanashi, Nagano, and Wakayama have some of the highest vacancy rates, often exceeding 20% [3].
Price Advantages of Vacant Houses in Japan
One of the most compelling aspects of vacant houses in Japan is their affordability. Many akiya are priced significantly lower than their market value, with some properties even being offered for free or for nominal fees. This price advantage stems from various factors, including the oversupply of housing, the cultural preference for new constructions, and the costs associated with property maintenance and inheritance taxes [4].
Subsidies and Discounts for Vacant Houses in Japan
To encourage the occupation and renovation of vacant houses, many local governments in Japan offer attractive incentives. These can include renovation subsidies, which may cover a percentage of repair costs, sometimes up to 50% or more. Some municipalities provide relocation bonuses for those moving from urban areas to rural regions. Additionally, there are often tax breaks and reduced interest rates on loans for akiya purchases and renovations [5].
What Policies Are There for Foreign Buyers to Buy Vacant Houses in Japan?
Japan’s real estate market is notably open to foreign investment, with few restrictions on property ownership by non-citizens. Foreign buyers can purchase akiya under the same conditions as Japanese nationals, without the need for permanent residency or a special visa. However, obtaining a mortgage from a Japanese bank may be challenging for non-residents. Some regions have implemented specific programs to attract foreign buyers, offering multilingual support and guidance through the purchasing process [6].
| Provider | Services Offered | Key Features/Benefits |
|---|---|---|
| Akiya & Inaka | Property listings and consultation | Specializes in rural properties, English support |
| Akiya Bank | Government-run property database | Comprehensive listings, direct from municipalities |
| Suumo Akiya | Online real estate platform | Wide range of akiya listings, user-friendly interface |
| Akiya Advisor | Brokerage and renovation services | Full-service support, from purchase to renovation |
When considering the purchase of a vacant house in Japan, it’s crucial to conduct thorough research and due diligence. While the low prices and potential for customization are enticing, buyers should be aware of potential hidden costs, such as necessary renovations, property taxes, and ongoing maintenance. Additionally, understanding local regulations, building codes, and community expectations is essential for a successful akiya investment.
The phenomenon of vacant houses in Japan presents a unique opportunity for those seeking affordable property ownership or investment in a country known for its high real estate prices. With proper planning, research, and utilization of available resources and incentives, purchasing an akiya can be a rewarding experience that contributes to personal goals and community revitalization alike.
Sources: [1]. Japan Property Central - The Rise of Akiya in Japan - https://japanpropertycentral.com/real-estate-faq/akiya-banks-in-japan/ [2]. Ministry of Internal Affairs and Communications - Housing and Land Survey 2018 - https://www.stat.go.jp/english/data/jyutaku/index.html [3]. Nomura Research Institute - Vacant Housing in Japan - https://www.nri.com/en/knowledge/report/lst/2019/cc/0319_1 [4]. RETN - Buying Akiya in Japan - https://retn.jp/articles/buying-akiya-in-japan/ [5]. Japan Times - Subsidies for Akiya Renovation - https://www.japantimes.co.jp/news/2019/05/26/national/empty-homes-japan-free-cheap-comes-catch/ [6]. Real Estate Japan - Guide for Foreigners Buying Property in Japan - https://resources.realestate.co.jp/buy/guide-to-buying-property-in-japan-as-a-foreigner/
The shared information of this article is up-to-date as of the publishing date. For more up-to-date information, please conduct your own research.
