Some interesting thoughts being shared in the thread.

The concept of housing declining in value though is far too general and does not address the high end of the market (over the past 40 years or so) where the price goes up and up despite the physical asset aging. It is definitely the case that many houses and apartments go down, but not the top part of A grade. Also the ward where it is plays into this so this is addressing the so called 5 central wards, but is more relevant for the 3 central wards.

The traditionally considered average age at which homes are rebuilt is 28 years although lately it seems a lot less. The concept of a older home accruing in value is very foreign here, and the "saikaihatsu" or rebuild whether as a single unit or as that land becoming part of a larger footprint property with an ownership association is much more popular.

Investing in a home here, for the right level of property, will almost assure a positive return.

The problem is most people, no matter how wealthy, will never have access to these properties. Way too much demand, way too little supply.