Japan’s 8.5 million abandoned rural homes, or akiya, have become a ‘cheap’ option for foreigner owners
- A push into the city and population decline are two reasons they sit empty, as well as the Japanese preference to newly built homes rather than pre-owned
- Locals see them as a burden, while foreigners view them as an opportunity to own property for as little as US$23,000
The glut delights foreigners, who’ve been able to buy one for as little as US$23,000. But underlying the surplus are meaningful shifts in Japan’s culture. Demographic and economic patterns – including a shrinking population and migration from the countryside to cities – are combining to create a “ghost town” problem in Japan.
There are more than 8.5 million akiya, or abandoned homes, in rural Japan, according to the country’s 2018 Housing and Land Survey, its most recent on record. By some counts, there are many more. The Nomura Research Institute, or NRI, pegs the number closer to 11 million. The institute predicts akiya could exceed 30 per cent of homes in Japan by 2033.
For foreigners looking for a change of scenery, akiya are an opportunity to be a homeowner abroad on the cheap. Some foreigners have even turned to akiya to enrich themselves by launching short-term-rental businesses.
Why people are buying them is an easy answer – they’re cheap. But why so many have sat empty for so long is more complicated.