Japan is grappling with a significant challenge as the number of vacant homes, known as "akiya," has surged to a record high of nine million, which is more than the population of New York City. This alarming increase is largely attributed to the country's continuously declining population, presenting a unique set of problems for both urban and rural areas.
This situation is exacerbated in cities like Tokyo and Kyoto, where abandoned homes are increasingly common. The akiya issue is not just a housing market concern but also poses significant risks during disasters, such as earthquakes and tsunamis, which Japan is prone to. The Ministry of Internal Affairs and Communications reports that 14% of all residential properties in Japan are now vacant, encompassing second homes and those temporarily unoccupied due to owners working abroad.
The issue also has a negative impact on the value of real estate in areas with high concentrations of akiya, as these properties stall development and lower regional attractiveness.
As Japan's population continues to shrink and the number of children born each year declines, the challenge of managing and repurposing these empty homes remains daunting. With the fertility rate remaining far below the replacement level, the problem of too many homes and too few people is expected to persist, shaping the future of housing and urban development in Japan.
