Wednesday, 21st November 2012
In General Japan News,
Japan's traditional restored homes making 80% profit, says report
Around 200 old houses in Japan are being restored to their grand old glory every year and yielding up to 80 per cent in profits.
Entrepreneurs and developers are realising the large return on investments that can be achieved with homes that were once worth nothing, stated Toru Kanai, operator of the Japan Minka Revival Association, a not-for-profit organisation based in Tokyo, to Bloomberg News.
Houses including some from the 1603 to 1868 Edo era, urban machiya and peak-roofed farmhouses called minka are being redeveloped and refurbished every year.
Machiya houses have baked clay roofs and are made of wood with lattice facades that date from the pre-war period.
According to the Association, minka housing was a traditional form of housing that was once the most popular type in Japan. The word minka translated directly means "people's house".
The renovated homes are not only a source of profit for owners, but are providing are attracting tourists to the villages in Japan, bringing a source of revenue and jobs in the areas.
Posted by Susan Ballion