Archive · 30 Jun 2025
Japan's 'Misfortunate' Properties Attract Buyers as Prices Surge
In Japan, homes where people have died are sometimes considered unlucky, and can be hard to sell.
But with house prices going up, some people are starting to buy these 'misfortunate properties'.
The government has rules to help, like allowing homes to be considered normal after three years if a death happened there.
Some real estate agents and investors are seeing this as a chance to make money, even though others are still worried about the history of these homes.
Some homes are tested by experts that will confirm whether or not the home has paranormal activity.
Demand for 'misfortunate properties' in Japan is increasing due to rising real estate prices.
These properties are those where deaths (suicides, murders, or 'socially isolated' deaths) have occurred.
The government issued guidelines allowing these properties to shed their 'misfortunate' label after three years.
Real estate brokers and investors are capitalizing on this market, despite historical stigmas.
Kodama offers ghost investigation services to determine if a property is free of paranormal phenomena.
- Who
- Prospective buyers, investors, real estate brokers, and ghost investigators.
- What
- Increasing interest in 'misfortunate properties' in Japan, homes where deaths have occurred.
- When
- Recent years, with rising real estate prices.
- Where
- Japan, particularly Tokyo and surrounding areas.
- Why
- Driven by rising property prices, a weak yen, and an aging population leading to more isolated deaths.
Potential Buyers' View
Potential Buyers' Fears
Acceptance vs. Fear
Potential Buyers' View
Some potential buyers are open to living in misfortunate properties, enticed by lower prices and investment potential.
Potential Buyers' Fears
Other buyers are wary of the potential for paranormal activity and are 'creeped out' by the properties' history.
- Property Type
- Misfortunate properties (jiko bukken)
- Average Condo Price (Tokyo)
- 100.9 million yen ($697,000) (May 2024)
- Socially Isolated Deaths (Last Year)
- Nearly 21,900 cases
- Discount on Misfortunate Properties
- Potentially 20% below market value
- Average Investment Return (Misfortunate Properties)
- 8.4%
- Studio Apartment Return (Central Tokyo)
- 3.55%