Just looking around my town, new houses in Japan are also dramatically larger and higher quality than older ones.
Older homes were one floor with single pane windows and basically single plane plywood walls. New ones have double paned windows, 2-3 floors, and some degree of insulation in the walls.
I’m not sure if that’s the sole factor driving price increases, but I imagine it’s one thing. Houses are generally treated as something to rebuild every 20-40 years here. But I could see newer homes being a buy once, keep your whole life deal.
Older homes were one floor with single pane windows and basically single plane plywood walls. New ones have double paned windows, 2-3 floors, and some degree of insulation in the walls.
I’m not sure if that’s the sole factor driving price increases, but I imagine it’s one thing. Houses are generally treated as something to rebuild every 20-40 years here. But I could see newer homes being a buy once, keep your whole life deal.