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Hi Blog. With some media outlets forecasting a rise in rents due to an alleged economic recovery Abenomics (somehow seeing rising fixed costs for businesses and people as a harbinger of something good), here’s an article stating that Japan’s depopulation (except in Tokyo, where any real opportunity for economic upward mobility is clustering) is probably going to render that moot. Japan’s housing (as you longer-termers probably know, it’s already pretty crappy and not built to last) is also depopulating, as this fascinating article from the Japan Times excerpted below demonstrates. Already more than 10% of all homes in Japan are vacant, and in less than a generation it will be nearly a quarter. And yet there are forecasts for rents (okay, office rents) to rise again. I smell another real estate bubble in the works, although media-driven instead of demand-pulled. Should be some bargains out there for those who can find the realtors and renters who aren’t “Japanese Only.”
I put this under “Fun Facts” because these stats are surprisingly insightful statements on the way things are, or will be, in Japanese society. Those of you more in the know about Japan’s property market (I’ll ask Terrie Lloyd and see if he’ll comment), please feel free to prognosticate. ARUDOU, Debito
Land tax loophole ensures unused, dilapidated firetraps stay standing, till they fall
Abandoned homes a growing menace
BY TOMOKO OTAKE
THE JAPAN TIMES, JAN 7, 2014
As Japan’s population ages and shrinks, run-down, uninhabited properties like this are becoming more common. As of 2008, the most recent year for which statistics are available, there were 7.57 million vacant homes, or 13.1 percent of all houses in Japan, up from 3.94 million in 1988 and 5.76 million in 1998, according to the Internal Affairs and Communications Ministry. The rate is expected to rise to 23.7 percent in 2028.
While these figures include second homes and properties waiting to be rented out or sold, more than a third of the 7.57 million vacant homes in 2008 were categorized as properties left unattended by owners or whose owners have died and are not taken care of at all. Many of these properties are now causing problems in their communities, experts say. As the structures age, the risk of collapse and fire increases. Some have leaked wastewater, damaging neighboring properties. They are also a magnet for criminal behavior, such as arson.
Rest of the article at http://www.japantimes.co.jp/news/2014/01/07/national/abandoned-homes-a-growing-menace/