More housing units per person. Also Japan did not have a lot of nimby mentality blocking new housing, to my knowledge
Lower rates offsets the price reduction to a certain extent.
The Kansai region has an increasing population and real estate prices are still in decline or stable.
Also Japan did not have a lot of nimby mentality blocking new housing, to my knowledge
Yes, they did - prior to 2001 when the national government took zoning authority away from municipalities.
https://fred.stlouisfed.org/series/QJPN628BIS
If a growing region is declining, I would expect building to be outpacing growth, or a cultural trend away from wanting to own (reduction in demand for purchasing despite growing population)