Akiya, also known as vacant homes, are attracting international interest as Japan faces a population crisis. CNBC’s Lin Lin reports from residential Tokyo on the growing trend and its potential.
Across Japan, aging demographics have fueled a surge in vacant homes. The latest data suggests 9 million residential houses in Japan are empty, making up 14% of homes in country. They are often considered by the Japanese as unrentable or unsellable.
The houses may be cheap or even free, but they also often require extensive renovations — costing up to $300,000 — due to their poor and hazardous conditions.
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