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There are no restrictions on foreigners investing in Japanese real estate. (Representative Image)
This accessibility has attracted many foreign influencers and they believe such properties are not only for living but for investment as well.
Japan currently has an acute housing problem with millions of abandoned homes in the country. The situation is made worse by low birth rates and people shifting from rural areas to urban centres. Most of these houses are affordable and can be bought at relatively cheap costs. In fact, some are offered to willing buyers free of charge, particularly in rural settings. And now, social media influencers are buying these abandoned houses, so-called akiyas, and renovating them.
There are no restrictions on foreigners investing in Japanese real estate. This accessibility has attracted many foreign influencers, who believe such properties are not only for living but for investment as well.
One of the most notable figures among them is Anton Wormann, a Swede YouTuber and renovator who bought several akiyas. After arriving in Japan in 2018, he shared updates on his renovation project, accumulating over two million followers on various social media platforms.
Based on the documents reviewed by CNBC Make It, Wormann purchased the first property for roughly $110,000 and now he is renting it out through Airbnb for about $500 per night. His book called Free Houses in Japan can be a good source of information and inspiration for those wanting to expand their business in this area.
“There are 10 million abandoned houses right now in Japan,” Wormann told Tokyo Weekender.
Another example is Lawrence Covian, a US vet who bought a home in Japan for $35,000, as reported by Business Insider. Covian and his wife, Chiyoko, were living in North Carolina until July 2017. Due to his work, he was transferred to Japan. The original plan was to go back to the US, but they enjoyed their newfound life and didn’t want to leave.
“After being here for five years, I was comfortable and liked it here, and we decided we were going to stay here one way or another,” Covian told Business Insider.
He says the character and space of older homes are better preserved. Covian has also ventured into sharing the experiences of renovating on YouTube and the progress made on the house. Meanwhile, in Japan, deterioration in the birth rate and internal migration has led to millions of houses being abandoned in the countryside due to what has come to be known as a ‘ghost town’.