What is an "Akiya"?
An akiya is a vacant or abandoned house in Japan
Can foreigners buy property in Japan?
Yes — there are no legal restrictions, and you don’t need a visa or residency. Owning property doesn’t grant any immigration status. We’re (Joey and Take) both on tourist visas and have purchased 5 homes in Japan!
Do I need to be in Japan to buy a house?
No — the purchase can be handled remotely through our AkiyaMart Direct program. We’ve purchased 4/5 of our properties 100% remotely, though we recommend visiting if you can.
Why are the properties so cheap?
Are the properties only in rural areas?
Not at all. We bought our Akiya “Tama Base Camp” in Tokyo! Japan has over 9million abandoned homes in both rural (inaka) areas or metropolitan areas.
I found a $3,500 property, what’s the catch?
Sometimes these are good deals, but most of the time, they will require 10x the property price to renovate to become livable. Listen to our podcast episode “What’s the catch?” to learn more
How do I buy a house with AkiyaMart?
You can explore listings on your own or sign up for AkiyaMart Direct program. We will match to one of our locally based English speaking agents to help you buy a home!
At time of writing, we’ve helped 40+ people purchase in all parts of Japan.
How long does it take to close on a home?
Typically 3–4 months. This of course is on a case by case basis. Things generally move slower in the Japanese Real estate transaction process comparatively to the United States. There are set steps + paperwork that are necessary to follow - and we must abide and work with the seller’s agents.
Can I buy without viewing the property?
Sometimes, yes — though some local agents may force you/us to view the property first. They do this because they worry (from a liability perspective) that you might complain after buying a property sight unseen.
Can foreigners get a mortgage in Japan?
No. Unless you have consistent income/tax filings in Japan, we’d say its near impossible. Note there are a few exceptions for residents of SG/TW. We’re trying our best to find solutions here, if you know any options let me us know!
What are the ongoing costs of ownership?
1. Yearly property taxes:
1.4% of the assessed value. We pay about $500 per year in property taxes for our house in Toyko.
2. Property management fees:
Unless you have a Japanese bank account/residence, you’ll need a Tax Representative + Utilities Manager. We have a few Post Purchase Partners we recommend here.
We’d recommend budgeting around $500/year.
3. Utilities:
The average cost for utilities for one person is just under $100 a month: about $40 for electricity, $30 for gas and $20 yen for water.
4. Fire and EQ Insurance:
~$500/year - we usually recommend buying this at time of home purchase in 5 year chunks.
5. Maintenance:
This will be a case by case basis. We recommend budgeting ~$1,000/year on general maintenance.
How much does renovation cost?
It varies on what you want. If you’re buying a true akiya, we’d recommend budgeting an additional 100% of the purchase price on renovation costs.
For example - we bought our Beppu Akiya for $40K, and have put another ~$40K into renovation… and it’s still not 100% done.
Check out this blog article about our thoughts + estimates on renovation.
Are subsidies available for renovation?
Yes — many cities offer financial support, and most Japanese contractors can help you through the application process. For example, we’re going through the subsidies process to install double windows in our Beppu house (saving us ~$3000)
We would not recommend trying this yourself unless you have proficient Japanese language/skills.
Are these homes earthquake-resistant?
The big years to look out for are 1981, and 2001. These are the two years new earthquake/seismic regulations came into play. That being said, many Kominka/Machiya 100+ year old structures are still standing!
Listen to our podcast with architect Koen Klinkers on his thoughts on EQ risks.