Intuitively, it would make sense for housing prices to decrease when the demand decreases, supply being equal (It's not like housing deteriorates significantly in the short term).
that also leads to a lot of experimentation in architecture, since this building ain't gonna last so get weird. downside is it leads to a prefab corner cutting approach.
my brother lived in japan for a while and he loved it, both the long-standing rural places that were legit old school, but also when he was in the city and sublet some hypermodern, querky places on the cheap.
There is a history of substantially updating building regulations every time a new record is set for largest earthquake in the modern era; and so if you are buying historical, you are buying a less safe property that could kill you.
The last major earthquake updates to the code were in 2000, so there isn’t a lot of historical housing stock without this confounding factor.