Good point, but neither of those cities are on an island. Also in the case of Tokyo, well its Japanese, the housing is tiny (relatively), and dense. There is a

Good point, but neither of those cities are on an island. Also in the case of Tokyo, well its Japanese, the housing is tiny (relatively), and dense. There is also a culture of tear it down and build new, unlike the states. (Japanese housing is interesting in this regard, all value is in land not the home on it) Shenzhen is just sprawling new construction. It will be interesting to see what that looks like in 10 or 50 years. I suspect much of it will be falling apart due low construction standards, low will to maintain standing structures, 100 year lease terms not actual ownership. Us, Japan, China, and your country of Portugal are all facing declines in population (with the US propped up by immigration). Does building more make sense? Is the decline in construction a harbinger of what's to come? It's going to be an interesting few decades.