Japan's Undesirable Properties Get Sold at 1 Yen

Japanese real estate agency Rewrite has found an unconventional way to make money from unwanted properties. The company lists inherited homes and vacant land in Japan's shrinking regional areas for as little as 1 yen, roughly one Australian cent.

The strategy relies on building long-term client relationships with the owners of these 'undesirable' properties. When conventional sales stall, Rewrite takes over the listing at a symbolic price, which often attracts buyers who wouldn't have considered the property otherwise.

'Selling a 1-yen property demands the same work and carries the same responsibility as a property worth 100 million yen,' said President Yuji Tanaka. 'The company can't cut corners just because the price is nominal.'

The success of this strategy lies in accumulating 'savings of trust.' Owners who have been helped through difficult times by Rewrite often return with conventional transactions or refer others.