Comment by alwayslikethis

For a developed country where housing is not a safe, lucrative investment, look at modern-day Japan. The zoning codes are loose, allowing you to build far more housing, and the urban infrastructure makes much more efficient use of space (without nearly as much parking, for instance), which enhances the availability of housing. This, combined with the overall declining population, means that houses are viewed as a depreciating asset, much like cars. While the land may still grow in value due to various development occurring, it is not nearly to the same extent.