Dying Regions
Impact of an Ageing Population on Regional Homes in Japan
Across Japan there are many regions that are either dying or well on their way. There is currently an 18% vacancy rate in houses across Japan. This is because of an ageing population moving into aged care and a youth population that has little to no interest in living in regional locations due to the lack of work opportunities and access to services such as hospitals and supermarkets.
If you buy in an area that is on the decline there is little to no chance you will ever get back the money you invest in a house and if that region’s decline is rapid you may find your house to be completely worthless in just a few years as other people leave the area and services such as shops and supermarkets close leaving you with nowhere to buy food and nobody around you as neighbours. On top of this isolation, the chance of getting renovation or repair work done is minimal given that it is unlikely any trades people are still in the area. As the house declines there is little or nothing you can do about it due to the lack of both available building materials and trades people.
Many of these smaller areas will ultimately end up being bulldozed and used for other purposes such as agriculture so don’t make the mistake of buying in a dying region. When you see a house too good to be true you will often find it is in a less than desirable location that is in the process of dying. A good representative should be able to advise you on this but don’t expect one to know every town in every part of Japan. They too may merely be speculating about the area. Furthermore it is the real estate agent’s role in Japan to act in the interests of the seller, not the buyer, so do not expect an agent to advise you of the downsides of buying a certain house or certain area. Their livelihoods depend on your buying a house after all.
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