Japan's vacant homes epidemic: Millions of properties left to decay as elderly residents pass away or move

Japan’s vacant homes epidemic: Millions of properties left to decay as elderly residents pass away or move

A recent report by Japan’s Internal Affairs Ministry revealed a staggering number of over 9 million vacant homes across the country, accounting for 13.8% of residential properties.

These abandoned houses, known as akiya, are often left to erode as their elderly occupants pass away or move into retirement homes. The issue is even more pressing because of the declining population outside Tokyo, with many old people simply abandoning their homes, the South China Morning Post reported.

Ideally, half of the property of a deceased person is supposed to go to their spouse and the remaining bits to their children. However, the authorities have pointed out that, in case they fail to locate any potential heirs of the house, there is no way to go about the situation.

A property developer in Japan, Seth Sulkin, attributed the problem to rapid population decline in regions like Tohoku and Hokkaido, combined with challenges in recycling properties due to Japan’s complex inheritance and property title systems. While initially more prevalent in rural areas, vacant homes are now increasingly found in the suburbs of major cities.

To address the growing number of abandoned properties, local authorities have been granted the power to withhold tax breaks from owners who neglect maintenance, with the aim of encouraging either property usage or sale to developers. However, complexities in property inheritance have often led to difficulties in determining ownership, prompting calls for more assertive government actions.

Despite the challenges, some individuals like Anton Wormann have seized opportunities in the akiya market, purchasing and renovating neglected properties for rental or resale.

“I see huge potential in the akiya sector in Japan,” Wormann said, as reported by SCMP. “It is cheap to buy homes here and, if you wanted, you could buy an entire village in the most remote parts of the country. But it can be hard to sell up again, so it is better for someone who is planning to stay in Japan for a long time.”

He also pointed on how akiya can help revive the tourism sector in Japan while also helping rural area of Japan to survive

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