Japan’s abandoned houses wipe $25bn off nearby property value

TOKYO — Long-abandoned homes in Japan are bringing down the values of surrounding properties, with losses reaching 3.9 trillion yen ($24.7 billion) over the five years through 2023, new calculations show. The large sum underscores the scale of a problem that is fueling a vicious cycle of plummeting prices and more unsold properties. The data was compiled by the Japan Akiya Consortium, which brings together 14 companies and a research institution to tackle the problem of abandoned homes — or akiya in Japanese. The figures were based on 2023 government statistics and research by the Center for Real Estate Innovation at the University of Tokyo. The… CONTINUE READING…