Displaying items by tag: aging population

Japan now has about 8.48 million ‘akiya’, or abandoned homes - over 13% of all residences. They are increasingly common across the country, particularly in rural areas. This problem, exacerbated by Japan's aging population and low birth rates, makes it difficult for the government to rejuvenate rural communities, hampering efforts to attract younger people interested in an alternative lifestyle or investors eyeing a bargain. Some owners, for tax reasons, find it cheaper to retain the home than to demolish it for redevelopment. The government has implemented several initiatives, including financial incentives for families and individuals willing to move to and rejuvenate these rural areas. The akiya market is complicated by high demolition costs and increased property taxes for vacant land, which discourage property development and maintenance. To combat these challenges, local governments operate ‘akiya banks’, hoping to attract buyers with the potential of low purchase costs and the opportunity to refurbish these homes.