Japan has enabled the sale of unoccupied, derelict homes at below-market prices for redevelopment in an initiative aimed at easing a national housing crisis. The properties will be sold to city and local governments who will decide the best use for the buildings. In addition to offering tax breaks, the government is also providing subsidies that are expected to cost about ¥1 billion ($965 million) per year over five years.
Japan has enabled the sale of unoccupied, derelict homes at below-market prices for redevelopment in an initiative aimed at easing a national housing crisis. The properties will be sold to city and local governments who will decide the best use for the buildings. More than eight million properties are unoccupied countrywide, according to a 2013 government report, which said the figure could rise to 21 million by 2033.