I wonder at this point if the Japanese real state model is the correct one: * Building code is constantly updated, and this makes old built homes undesirable -

I wonder at this point if the Japanese real state model is the correct one: * Building code is constantly updated, and this makes old built homes undesirable - building itself is worth 0 yen after around 7 years; * Shrinking population means most real estate is actually empty/abandoned on low demand areas; * Very disaster prone area so most buildings are either new (and build code compliant) or constantly being tested for disaster resistence; * Few invest on real estate speculation as the return-on-investment is horrible.