Reported 8 months ago
A private Japanese group estimated that the long-term abandonment of houses has led to a decline in property prices within a 50-meter radius of these abandoned homes, affecting security and potentially decreasing local residents' interest in moving nearby. With around 3.85 million empty houses in Japan as of October 2023, a 370,000 increase from 2018, over 70% being standalone residences, the impact is significant with an estimated loss of about 3.9 trillion yen over five years due to falling property prices. This situation may contribute to a vicious cycle of increased abandoned houses, hindering property transactions and maintenance, potentially leading to further devaluation of neighborhoods.
Source: YAHOO