Has Tokyo reached “peak city”?

I agree - but understood the meaning either way.

Not sure, but it seems the conversation here is the difference between the parcel of land (land) and the infrastructure/ home on that land (property). Japan values the land so highly compared to the total property, houses are essentially worthless but the land it sits on is the true store of value.

This leads to some interesting results: very few old homes and constantly updating neighborhoods. As new residents tear down old homes that have become out of fashion, dilapidated, or just because the construction market is so efficient. And the construction technology with pre-fab components and nearly constant demand is an interesting result.

Land is just that, the land.

Property is the land plus the structure on it.

It’s the difference between land value tax, assessed on only the land, and property tax, which is assessed on the land and structure.

We distinguish between the land and the building/structure/asset built on it.

You could potentially own property on the land but not the land itself.