In Europe, a 200-year-old building would be prime real estate. In Japan, a 15-year building is worthless.
The culture of disposable real estate in Japan has been created by nature and war. Nature takes a toll on buildings through earthquakes, fires and tsunami. Why build to last when nature will destroy? World War II made the situation worse since all the housing stock in cities like Tokyo was destroyed.
The disposable housing culture creates an environment where there is always a building boom, but houses aren't really worth much.