Comment by byw

More so in the Chinese-speaking world and South Korea because the industrialization/urbanization is more recent, so there's rising demand in the urban areas with high population growth, resulting in high prices.

Japan's urbanization stopped long ago, and it's not taking in immigrants fast enough, so the urban areas have stopped growing.

The mentality refers to East Asia's deep agrarian root that places high value on owning land that can be passed down the generations (the alternative was often quasi-servile farm labour that locks families in poverty). Property purchases are usually multi-generational efforts, so families can generally take the brunt of overinflated prices.