Nearly 9 million homes in Japan were vacant as of the country’s latest housing survey, underscoring the demographic pressures facing one of the world’s fastest-aging societies.
Government data showed vacant homes accounted for 13.8% of Japan’s housing stock, a record high and more than double the level seen in the early 1990s. Many of the properties are located in rural areas that have experienced years of population decline and outmigration.
Known as akiya, or abandoned homes, vacant properties have become an increasing concern for local governments. Municipalities across Japan have introduced programs to encourage the sale, renovation and reuse of unused housing as shrinking populations erode local tax revenues and leave more buildings unoccupied.
South Korea faces similar demographic pressures in some regional areas, where younger residents continue to move to Seoul and other major cities for employment and education opportunities. Local governments have also expanded efforts to redevelop vacant properties and attract new residents.
Both countries are grappling with some of the world’s lowest birth rates and rapidly aging populations. Economists say those trends are likely to place increasing pressure on local economies, housing markets and public finances in the years ahead.
SOPHIA KIM
US ASIA JOURNAL
