By As home prices and rents continue to soar in the United States, an increasing number of Americans are turning their sights to overseas real estate markets in search of affordable housing options. In Japan, particularly, a unique opportunity has emerged for American buyers, with millions of unoccupied country houses available for sale at remarkably low prices.
Japan faces a significant surplus of older, abandoned homes in its rural areas, a phenomenon that has been extensively documented by Insider. This surplus is largely attributed to the country’s declining population, resulting in a lack of demand for these traditional residences.
According to government data from 2018, Japan is home to at least 8.5 million unoccupied houses, known as “akiya” in Japanese. However, some experts estimate that the actual number may be as high as 11 million. Many of these properties become vacant when their owners pass away, leaving inheritors either unwilling or unable to maintain them. In Japan, land retains its value over time, while houses depreciate and are often demolished to make way for new construction.
Recognizing the detrimental impact of the increasing number of unoccupied houses on rural revitalization efforts, Japanese government officials have initiated measures to address the issue. One such measure involves subsidizing renovations and offering homes for sale at remarkably low prices, often starting at around $25,000 and occasionally dropping to as low as $500.
American buyers have been quick to seize this opportunity. The New York Times reported a growing trend of Americans purchasing these affordable homes and undertaking restoration projects. Matthew Ketchum, a native of Pittsburgh residing in Tokyo, co-founded a real estate consultancy called Akiya & Inaka in 2020, specializing in marketing and selling akiya and other traditional homes. Ketchum noted a significant increase in interest from American clients, reflecting a shift in the demographic makeup of international buyers.
Jaya and Chihiro Thursfield, a couple originally from London, shared their experience of purchasing an abandoned akiya near Tokyo in 2019. Acquired for $30,000, they invested approximately $150,000 and two years into renovating the property, transforming it into a livable space for themselves and their twin sons. Documenting their renovation journey on YouTube, the Thursfields showcased the remarkable transformation of their once-dilapidated house into a modern and minimalist dwelling.
For many American buyers like the Thursfields, the allure of owning a piece of Japanese countryside at an affordable price, coupled with the opportunity to restore and personalize these traditional homes, has made the prospect of purchasing an akiya an attractive and feasible option.
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