No English inquiries will be answered or accepted. Important note: All inquiries to the above akiya banks contacts must be written in Japanese only. Individual municipalities often have their own akiya banks as well, like this one for Ueda City in Nagano Prefecture or this one for the Minamiboso area in Chiba. While there isn’t one central website that lists all akiya in Japan, many rural cities have made their own akiya bank websites or created subpages for abandoned homes on the market on the municipalities official sites, usually in Japanese.įor example, here is an akiya bank for Chiba, this one lists properties in Tochigi Prefecture and this covers all of Nagano Prefecture. Besides carrying considerable stigma, yakuza are sometimes involved with such properties and the social intricacies are considered too complicated to be fully understood by foreigners - or even most locals. The case of a foreclosed property in Japan is rare and associated with absolute social failure. Flat 35 mortgages are fixed interest loans with terms of 35 years, offered by most Japanese banks, with low interest rates.Īnd as a final word of warning, it is generally not recommended to buy foreclosed homes in Japan for a number of reasons.
The popular Flat 35 Mortgage is usually only applicable for homes built to the newer earthquake standards after 1981 and chances are that your akiya might be older. There also might be some limitations on the type of mortgage you can get on your akiya. Go with a Japanese person to the city hall to enquire about eligibility within the municipality you are buying in. You need to fulfil certain conditions that vary by local government. However, government subsidies are sometimes available for those who buy and refurbish these old properties as it is an asset to the community. This can come with a hefty price tag in Japan – calculate between JPY 300,000 to JPY 800,000 per tsubo (the Japanese measurement for real estate, equivalent to 3.3 sq m). In most cases you will need to refurbish some or all of the property, especially bathrooms and the kitchen. The causes are often termite damage or water leaks and ventilation problems that have lead to mould and breakdown of the wooden structures. Inspect the state of the building with an expert - it may be in a condition that means demolishing is the only option, making it a negative asset on the land you are buying. What do I need to consider to when selecting a vacant property in Japan?Įven though some of these properties are extremely competitively priced, you should select carefully.
Abandoned house how to#
Related: What Everyone Gets Wrong About Akiya in Japan (REthink Tokyo July, 2021)īelow is an overview of akiya banks, how to use them and what to know before buying an old, abandoned home in the Japanese countryside. These properties are cheap, often spacious and they sit on large plots of land in the Japanese countryside - no wonder that they are becoming popular with foreigners looking to change their metropolitan existence to a slow life in the country or Japanese city folk interested in a second home. One step to do just that are so-called akiya banks: lists of all abandoned properties for sale in a municipality, usually posted online, that offer the homes at low rates and with a simplified buying and selling process to move things along fast. No wonder that rural communities - which are hit hardest with rising numbers of empty houses - want to alleviate this crisis. Furthermore, municipalities with a multitude of abandoned homes not only receive less tax income, but the empty buildings also devalue the area in general. Some organisations expect that by 2033, more than 30% of all Japanese homes might be abandoned or vacant.Īkiya are a social issue with many aspects: Apart from being thought of as unsightly, they can also attract hazards like vandalism, pests or the deteriorating structures can collapse over time. The number is now estimated to have exceeded 10 million. The Ministry of Internal Affairs and Communications estimated there are approximately 8.2 million abandoned houses across Japan in 2013, with Kagoshima, Kochi and Wakayama in the lead with 10% or more of all homes empty in these three prefectures. Akiya (空き家) means vacant home in Japanese - and it has become a hot topic in the recent years.
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