Have you ever wondered about what happens if there are too many houses but too few people? These places or small towns become ghost towns or ghost villages.
Japan, in recent times, is facing a much similar problem where houses are abundant, but there is not as much demand. Yes, this is not many people who are clamoring for these houses. But Japan isn’t seeing a lack of interest in its properties across the board, it is only seeing the lack of interest in certain areas.
This brings about an issue, the country can either accept the ghost towns or they figure out a way to bring people back to these areas. One solution is to sell them at a rate acceptable to foreigners. This is where Europeans or Americans or other people come into the equation.
It can work for those in the United States because the United States is increasing its density in in demand areas, building multifamily housing, and similar types of buildings to accommodate people. It is an issue because individuals would also like have affordable housing in the United States.
Housing prices have gone up in the United States and in other parts of the world. But Japan seems to be in a deflation oriented environment.
While America has the problem of having a population in abundance and houses that remain scarce, this might be a perfect investment for those willing to move or those who want an investment.
Can a Foreigner Get Property Rights?
The simple answer is YES! Foreigners are permitted to buy property in Japan. Foreigners do not necessarily have to have their permanent residency, be a Japanese national, or even have a specific visa type that allows any foreign national to buy buildings or even land as real estate properties in Japan.
There exist no expiry dates on property rights. Moreover, you can buy, sell, and inherit property! However, one of the most enticing factors remains that a foreigner will pay the same amount of tax as a Japanese national when purchasing the property. However, it certainly does not mean that you will be able to attain a visa or permanent residency just because you own property.
How to purchase the property In Japan?
Here are step-by-step ways on how you might purchase your own house in Japan.
- The internet is your best friend: Use the internet to surf information regarding Japan’s real estate policies, places where the property is currently up for sale, and potential land investment opportunities.
- Get in touch with a real estate company: As a foreigner, purchasing property can get a little tricky and may require additional help from nationals who will be able to guide you better, so keeping in touch with a real estate agent can help.
- Prepare the required documents: You may need documents such as your affidavit and various identification documents for your purchase.
Where to buy these $500 houses in Japan?
There are numerous areas in Japan where there are ghost houses.
A survey conducted by Japan’s housing and land survey exhibited that over 8 million unoccupied homes existed alone in 2018.
Therefore, Japan is making it easier for people to purchase properties.
You can find these properties in various ways, a few prominent areas are showing these properties in more transparent ways.
Tochigi and Nagano have “akiya” banks, which have websites that show abandoned homes in those cities. People are also purchasing property in the northern prefecture of Hokkaido.
Other than this, the cities including Wakayama, Tokushima, Kagoshima, and Kochi are widely considered for property purchases as they also include government incentives upon purchase. Moreover, the town of Okutama in western Tokyo is also giving away some properties for free.
Are You Excited to Obtain a House in Japan?
Purchasing property as a foreigner can look daunting, but it is not half as intimidating as you might think it to be with a step-to-step guide. Purchasing a Japanese house can be one of the decisions your future self will thank you for, especially considering the uprising of Japan. It can be a well worth investment for vacation, sale, or even turning to it for your primary residence as you seek something else out of your life!