Headlines about ¥1-million abandoned houses (空き家, akiya) draw enormous overseas interest. The reality is more nuanced than the clickbait suggests.

Before you fall for the price tag

• Renovation costs frequently exceed the purchase price.
• Location is usually rural with thin rental demand and limited resale.
• Pre-1981 construction often needs seismic retrofitting.

Akiya can work as a personal-use retreat or a passion renovation — and new tax credits for retrofits help. As a pure yield play, though, they rarely beat a modest urban condo. Treat the low price as the start of the budget, not the end.