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At The Heart of One of The Most Developed Countries in The World, A Surprising and Concerning Phenomenon Is Taking Shape: The Japan Is Facing a Housing Crisis of Giant Proportions, with About Nine Million Empty Houses Scattered Across The Country.
This peculiar situation represents almost 14% of all Japanese residences and has caused significant consequences for the real estate market and society at large.
According to the Japanese consortium Akiya, which comprises 14 companies and a research institution, the Japanese real estate market has suffered losses of approximately 24.7 million dollars in the last five years.
These losses are directly related to the devaluation of properties near abandoned houses. The presence of this phenomenon not only decreases the value of surrounding properties but also fuels a vicious cycle of devaluation and lack of attractiveness in the affected areas.
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House Prices in Japan in Free Fall
Land located within a 50-meter radius of an abandoned property experiences a continuous drop in prices, according to experts.
According to reports, this phenomenon has generated a sense of insecurity, excessive vegetation growth, and even pest infestations, which only exacerbate the situation.
Many of these houses are old and pose serious safety risks, especially in the event of earthquakes, landslides, or extreme weather conditions.
Government Incentives and The Search for Solutions
To try to mitigate this problem, the Japanese government has offered various incentives. Among them, there are homes that are sold for just 500 dollars and tax benefits for those willing to move from urban areas to rural ones.
These incentives have attracted not only Japanese people but also foreigners who take advantage of the low prices to buy large properties and turn them into dream homes or vacation houses, which ends up boosting tourism in the country.
Challenges of The Demographic Crisis
The crisis of empty houses is directly linked to Japan’s demographic crisis. With an aging and declining population, the number of abandoned houses tends to increase.
Forecasts for the end of the century are concerning, with estimates that the Japanese population will be only 53 million people, less than half of the 128 million recorded in 2017. This scenario is the result of a declining birth rate and an ever-increasing life expectancy.
Comparative with Brazil: Opportunities and Challenges
Drawing a parallel with Brazil, it is noted that although the country also faces real estate and demographic challenges, the situation is quite different.
Here, the housing deficit is an ongoing issue, with millions of Brazilians seeking suitable housing.
While Japan struggles with the abandonment of residences, Brazil needs to find ways to provide affordable housing for its growing population.
However, there are valuable lessons to be learned from the Japanese situation. The idea of government incentives to revitalize decaying urban areas could be adapted to the Brazilian context, for example.
Future Challenges and Innovative Solutions
For Japan, finding solutions to the problem of empty houses will require a joint effort from the government, the private sector, and society.
In addition to tax incentives, experts say that broader policies for urban and rural development will be necessary to attract young families and businesses to these less populated areas.
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