I don’t know about Tokyo property prices.
But they still haven’t recovered from the 90s property bubble in the regions, including the ski areas. Also they have no appreciation for older buildings. To the Japanese, any building older than 20 years has zero value and has to be knocked down and rebuilt from scratch. It doesn’t help they have no fucking clue about basic maintenance. But a bit of paint and a bathroom refresh can work wonders. You might have to work out the plumbing yourself because Japanese plumbers are mostly incompetent.
Gringos don’t have these refined sensibilities and are perfectly willing to stay in a house that was built in 1995. Stupid gringos.
Pricing in Japan is fucked. A bottle of Jim Beam is $9 and an apple is $20. People focus on the price of apples and not on the price of whisky.