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Millions of Japanese homes are abandoned, and owners are giving them away for free

Source: Business Insider, 11/12/2018


• Japan`s rural and suburban communities are littered with
unoccupied or deserted homes, which have little to no resale
value.
• This surplus of abandoned real estate has caused many
owners to start giving away homes for free on online databases.
• Some local governments are even offering subsidies for
people to tear down the structures.
• There are many reasons why the homes are unoccupied,
including the shrinking size of Japan`s population and buyers`
superstitions.
________________________________________

Though many properties aren`t listed on the market, they do appear
on online databases called `akiya banks,` a reference to the
Japanese word for `empty home.` While some of these properties are
being given away, others are being sold for as little as $4 (under
R60).
Those outside Japan can purchase the properties without a
residence visa, though it`s much easier to find financing if you
have one, or have at least worked in the country.
Many of the homes are dilapidated - a product of the shoddy
construction methods used during the postwar housing boom in the
1960s. These prefabricated structures have a lifespan of just 20
to 30 years, according to The Guardian. A number of them are also
built on sloping land, making them structurally unsound.
But there are bigger reasons why no one seems interested in
buying.
Japan`s population is shrinking, with researchers predicting the
loss of about 16 million citizens in a little more than two
decades. Its residents are also trending older, meaning there are
fewer young people trying to nab property - particularly in
suburban or rural areas.
The phenomenon has carried over into urban areas as well. The
Japan Times reported that more than one in 10 homes in Tokyo are
now empty.
Though there`s certainly a demand for property in cities, Japan`s
real-estate market actually encourages the demolition of
buildings. Property taxes are six times higher on land with a
physical structure as opposed to a vacant lot.
While this problem could be addressed by government incentives,
reversing the mindset of local buyers may be a difficult task.
In Japan, it`s often considered bad luck to purchase a home that
has witnessed a murder, suicide, or `lonely death` (one that
occurred in isolation). Many would prefer to abandon these
stigmatised properties than invest in sordid land.
A few realtors have sidestepped superstitions by performing
rituals and incorporating feng shui into their renovations. But,
to many owners, the homes simply aren`t worth the investment. Even
the akiya banks haven`t resulted in many sales.
For a time, there was a possibility that a new home-sharing law
would allow Airbnb and other services to take over the properties.
When the law arrived in June, however, it imposed severe
restrictions, like capping the rental period to 180 days. Airbnb
hosts have fled the market ever since.
In the meantime, Japanese home buyers have continued to prioritise
new homes, and its millions of `akiyas` have remained just that:
empty.


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