Jaya bought a house for $31,000. Then the renovation started

Tucked away in Japan’s countryside, millions of abandoned homes – known as akiya – sit empty, awaiting a second life.

With property prices often shockingly low, these forgotten houses have become unexpected opportunities for foreigners willing to take on a renovation challenge.

Japan’s abandoned old homes seem like a bargain, but bringing them back to life is costly.Credit: Getty

Walk Japan chief executive Paul Christie saw the potential more than two decades ago.

His first akiya purchase was an abandoned farmhouse on Kyushu, Japan’s third-largest island.

A decade later, he found his own home on Kyushu’s Kunisaki Peninsula and spent years restoring it. Now, he and his Japanese wife live there with their four sons.

Inside a typical akiya home in Japan.Credit: Getty

But he didn’t stop at just one – he now owns seven properties, turning them into guesthouses, rentals and even his company’s headquarters.

Recently, he added an architect-designed beach house to his collection, a property that he says would cost a fortune on the Great Ocean Road.

He’s also in negotiations to buy a historic home, where he plans to host residential tours and cooking classes.

“You don’t go into this thinking, ‘I’m going to flip the property’, because there is a surfeit of properties in Japan,” Christie says.

“Convenience wins out with Japanese people, so they are not going to buy them. You might make money from selling to foreigners, or you could make money by doing Airbnb.”

There are similar restoration opportunities in the small fishing town of Kii-Katsuura, Japan. Credit: Getty

Bargain or money pit?

Rural homes can be found for as little as $10,000, but many require costly renovations.

Christie suggests budgeting between ¥20 million and ¥30 million ($207,000 and $311,000) for a solid home in a rural or semi-rural location. Kitchen and bathroom upgrades alone cost about ¥1.5 million ($15,500).

“There are plenty of opportunities, but you need someone to advise you properly,” he says. “Just because it’s cheap doesn’t mean it’s good.”

Melburnian Roxanne Esagunde and her Sydneysider husband left Australia during the pandemic to volunteer for Walk Japan’s community project.

They also bought a vacant house on the Kunisaki Peninsula. Only minor renovations were needed, and the locals were thrilled to see it occupied again.

For some, the thrill of restoration is part of the appeal.

Melbourne-born Jaya Thursfield turned his akiya in Ibaraki Prefecture into a viral sensation, documenting its transformation on YouTube (@TokyoLlama).

Jaya Thursfield turned his akiya project into a viral sensation on YouTube. Credit: Jaya Thursfield

Since 2019, millions have watched him renovate the 200-square-metre traditional home, which he bought for just $31,000.

Initially, he employed carpenters to carry out structural work, then he did most of the rest himself. He estimates he has spent $250,000 on the renovations, and is planning to tackle the second storey of the house this year.

“A lot of ‘modern’-style Japanese houses built postwar are not particularly high in quality,” Thursfield says. “Only a small subset of akiya are beautiful old traditional houses that are worth saving.”

What you need to know

Navigating Japan’s vacant house market requires patience and due diligence.

Parker Allen, a specialist at Tokyo’s Akiya & Inaka, helps foreigners buy empty houses and says that, in Japan, the older a house is, the less it is worth.

But beware, experts say the longer a house sits empty, the more expensive it becomes to restore.Credit: Getty

“Houses are seen as a depreciating asset,” he says.

Allen’s advice? The longer a house sits empty, the more expensive it becomes to restore.

Prospective buyers should assess the condition carefully and consider proximity to transport hubs if they plan to rent or resell.

Purchasers should also check on legal and title restrictions. Zoning regulations, local laws and access to utilities are key factors.

While Japan has no restrictions on foreigners buying property, securing a permanent visa is another story.

For those with vision (and the budget), akiya offer more than just an affordable way into Japan’s property market – they’re a chance to bring history back to life, one forgotten home at a time.

This article was originally published by Domain.com.au. Reproduced with permission.