One thing I like about Japan is that houses are not used as a speculative asset. Commercial real estate more so, but homes are generally built to be lived in.

Culturally, it’s less common to buy a home and renovate it - you typically do this if you don’t have any money at all because homes don’t appreciate in value and you can get older homes for cheaper. Typically what people do is buy a property that may have an older house sitting on it, and they’ll tear it down completely. I think part of it has to do with building codes (everything must be brough up to the newest siesmic standards. But also, culturally people generally want a home that is made just for them and fits their needs. It also helps that the zoning laws are much more friendly compare to western nations. You can build a home just about anywhere and even attach a business to it. It’s not uncommon to see barber shops, cafes, doctor’s offices attached right to a new house or just be part of that residence (say, business on the bottom, living on the top). New construction is easily permitted if space allows. My neighborhood is undergoing a massive change with construction popping up everywhere. It seems every week I discover new housing going up just by walking around the neighborhood. Construction is fast too. Framing is done in 1 or 2 days, foundation takes about a week, and full construction usually takes about 5 months, but I’ve seen homes going up in less time. Custom homes takes longer, but that’s understandable. Generally, homes are smaller - mostly due to space constraints in urban areas, and costs in rural. Land is affordable, but it can get quite pricey with custom plans. But, if you are moving from a costly area elsewhere like the US or particulally one of the coasts, it would seem incredibly cheap to build here.