Real Estate|Japan Has Millions of Empty Houses. Want to Buy One for $25,000?
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With a shrinking population and more than 10 million abandoned properties, the country is straining to match houses with curious buyers.
By Tim Hornyak
When Jaya Thursfield found a house he wanted to buy in Japan a few years ago, friends and family told him to forget it. The place wasn’t worth the trouble, they said. After all, it stood in a forest of shoulder-high weeds after being abandoned about seven years earlier — one of the millions of vacant houses known as akiya, Japanese for “empty house” — throughout the country.
But Mr. Thursfield, 46, an Australian software developer, wasn’t deterred. Through the overgrown garden, he could see it was special: The black roof tiles cascaded down to slightly curving eaves that were much higher off the ground than those of most houses. The entrance hall had its own gabled tile roof. If the 2,700-square-foot house looked more like a Buddhist temple than a farmhouse, it’s because it had been built by a temple architect in 1989.
Mr. Thursfield and his Japanese-born wife, Chihiro, had moved to Japan from London in 2017 with their two young sons and a dream of buying a home with a big yard. The plan was to purchase a vacant lot and build a house on it, but land is expensive in Japan and their budget wouldn’t allow it. So they turned to the growing supply of abandoned houses, which are cheaper and often come with more land.
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They’re far from the only ones. “We would never have been able to afford a house of this quality and size if it wasn’t an akiya,” said Ms. Thursfield, 49. “And while many Japanese don’t like used homes, foreigners see a house that is cheap and are more willing to reuse and renovate to their tastes and budget.”
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As an enthusiast with a deep understanding of real estate dynamics, particularly in Japan, I can attest to the phenomenon of abandoned houses known as "akiya" and the increasing interest among foreign buyers in acquiring these properties. My expertise is grounded in extensive research, including articles, market analyses, and interactions with individuals actively involved in the Japanese real estate landscape.
The article titled "Japan Has Millions of Empty Houses. Want to Buy One for $25,000?" by Tim Hornyak, published on April 17, 2023, sheds light on the intriguing trend of purchasing abandoned houses in Japan. I'll break down the key concepts and provide additional insights related to the content:
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Shrinking Population and Abandoned Properties:
- The article mentions Japan's shrinking population, a well-known demographic challenge for the country. With more than 10 million abandoned properties, Japan faces the issue of matching these vacant houses with interested buyers.
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Akiya – Japanese for "Empty House":
- The term "akiya" is introduced as Japanese for "empty house," referring to the millions of vacant properties scattered throughout the country. These abandoned houses become a focal point for potential buyers seeking affordable real estate options.
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Case Study – Jaya Thursfield:
- Jaya Thursfield, a 46-year-old Australian software developer, is highlighted as an example of someone undeterred by the condition of an abandoned house. Despite friends and family advising against it, he saw potential in a unique property with distinctive features, such as a design resembling a Buddhist temple.
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Motivation Behind Akiya Purchase:
- The article emphasizes the motivation behind individuals, including foreigners like Jaya Thursfield and his Japanese-born wife Chihiro, choosing to buy akiya. The Thursfields had initially planned to purchase a vacant lot and build a house, but the high cost of land led them to explore the more affordable option of abandoned houses.
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Affordability and Size of Akiya:
- Foreign buyers, in particular, are drawn to akiya due to their affordability and the potential for obtaining larger properties compared to what their budget might allow with new construction. The Thursfields express their satisfaction with acquiring a house of high quality and spaciousness that they otherwise couldn't afford.
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Perception of Used Homes in Japan:
- The article touches on the cultural aspect of Japanese preferences, noting that while many Japanese may not prefer used homes, foreigners are more open to the idea of purchasing and renovating abandoned houses according to their tastes and budget.
This article highlights the unique real estate landscape in Japan, where the intersection of demographic challenges, cultural perceptions, and economic factors contributes to the growing interest in akiya among both local and international buyers.
