Thirty-six projects chosen from 117 applications
MLIT announced on July 8 that it had selected 36 initiatives for its fiscal 2026 Vacant House Countermeasure Model Project from 117 applications. The program covers several themes, including improved consultation systems, new business models and preventive measures for poorly managed vacant properties. Examples cited by the ministry include measures for vacant units in row-house ownership structures and a model in which renovated vacant houses are used for dual-location living or short-term accommodation in normal periods and emergency shelter during disasters. In depopulating regions, vacant housing is tied not only to excess supply but also to inheritance, unclear ownership, repair costs and declining local services.
Low purchase prices do not guarantee attractive returns
Regional vacant homes can be inexpensive compared with Tokyo or Osaka, which often attracts overseas interest. But acquisition cost alone is a poor measure of investment quality. Buyers must examine tenant demand, renovation costs, seismic performance, legal road access, reconstruction eligibility, ongoing management, property tax and region-specific expenses such as snow removal or vegetation control. The model program also illustrates the policy shift toward cooperation among municipalities, real-estate businesses and local organizations. For investors, the strength of local vacant-home banks, renovation subsidies and relocation programs can matter as much as the building itself. In many regional markets, the surrounding system capable of creating an actual user for the property is a crucial part of value.