[ShorsHammer]

A piece of land in a great location that you can't build a house/apartment or carpark on is still worthless for all intents and purposes.

The only reason someone would buy it is to speculate that one day you can build something there.

Zoning dictates prices, it's a struggle to get people to understand that sometimes.

[bostik]

As the article points out (but does not emphasise), the houses in Japan are by design transient. They are built to fit need, and demolished to make space for something new in their due time.

This makes the land much more valuable - a plot can be repurposed when necessary, especially when the zoning rules and taxation encourage it too.

[dillonmckay]

Sometimes people would rather live next to nothing, not other people.