Tokyo actually builds a lot of new housing which accounts for why housing is affordable there. People think Tokyo is an expensive city -- and relatively speaking it is -- but it's a lot cheaper than the small US city I'm living in now.
Tokyo is a surprisingly affordable megacity because of housing availability.
My understanding that one thing that is unique in Japan is that housing is not an investment vehicle for preserving wealth. Housing is a consumable -- not an investment, and old houses actually lose value (most prefer buying new). Part of it is due to the fact that it's earthquake prone, so houses are ephemeral anyway.
Tokyo is a surprisingly affordable megacity because of housing availability.
(gift article, no ad wall) https://www.nytimes.com/2023/09/11/opinion/editorials/tokyo-...
My understanding that one thing that is unique in Japan is that housing is not an investment vehicle for preserving wealth. Housing is a consumable -- not an investment, and old houses actually lose value (most prefer buying new). Part of it is due to the fact that it's earthquake prone, so houses are ephemeral anyway.