A man has spent nearly $200,000 to buy an apartment in Akarimaki, a seaside town in the south of Japan.
A man, in his mid-60s, named Akari is a regular at the local tourist attractions, where he often meets locals and plays basketball, he said.
He bought a three-bedroom apartment with his own money in October, but he hasn’t been able to find anyone willing to rent it.
“I was able to rent this place for a little bit because the rent in Akaro is so high, but I can’t afford it,” he said, referring to the price of the apartment.
His friend, another regular at Akari attractions, said the rental rate had increased by a factor of two since the start of the year.
“He bought the place for less than what we had originally planned to pay, and he paid a bit more than we had initially thought, but it’s all good now,” the friend said.
Akarimakis housing market is set to continue to see a boom in the next few years. The Akari town, known locally as 一樂市, is a popular tourist destination with tourists visiting the nearby beaches, and it is also home to several other tourist attractions.
According to Japan’s Ministry of Economy, Trade and Industry, the number of foreign tourists visiting Akarimi increased by 6.5 per cent last year, with the number visiting Akari also increasing by 10 per cent in 2015.
It is believed that many foreign tourists have also moved to Akarama to work in the fishing industry, where the local economy has been hit by the collapse in the fish prices.
The Japanese government, which is responsible for economic management in Akarie, has also announced plans to increase the number and size of tourist attractions in the region.
In a report published in January, the ministry said the tourism sector was expected to generate $12.7bn for the Japanese economy by 2020.