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.
I would agree, except...
1. If you bought in the late 80's you're never getting your money back.
2. Yields relative to interest rates are pretty high in Japan. (Still have a hard time understanding this.)
3. The high end of the market is actually pretty illiquid.
4. If you buy a brand new condo, add an extra 5 to 10 years to recoup your investment.