Why Japan has more than 8 million cheap abandoned houses that people are renovating into dream homes [Business Insider]
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Source: Business Insider
Locals see them as a burden, while foreigners view them as an opportunity to own property cheaply. Japan has millions of abandoned rural houses for sale. The glut delights foreigners who've been able to buy one for as little as $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% 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 enric
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