近年來東京房價出現明顯且持續的暴漲，已不再只是單一因素造成，而是多股結構性力量同時疊加的結果。最直接的背景，是建材價格與人工成本在疫情後大幅上升。日本長期面臨營建業缺工問題，高齡化加劇使施工人力更加吃緊，再加上鋼材、水泥與進口建材價格上揚，新建住宅的成本被全面推高，開發商幾乎沒有降價空間，只能將壓力轉嫁到售價上。

另一方面，日圓長期疲軟也成為推升房價的重要外力。對海外投資者而言，日圓貶值使日本不動產在美元或其他強勢貨幣計價下顯得「相對便宜」，尤其東京都心的港區、千代田區、澀谷區等精華地段，被視為兼具保值與避險功能的資產，大量外資資金集中湧入，進一步推高成交價格。這些區域本身土地供給就極為有限，新建住宅數量稀少，在需求被放大的情況下，價格自然屢創新高。

東京都心新建公寓價格不斷刷新歷史紀錄，也逐漸改變市場結構。對一般本地家庭而言，動輒上億日圓的房價早已超出可負擔範圍，購屋需求被迫轉向租屋市場，進而帶動租金同步上漲。結果形成一種明顯的「雙層市場」現象：精華地段的高價住宅主要由高資產族群與投資客支撐，而普通上班族與年輕家庭則被擠出購屋市場，只能長期租屋，居住成本反而持續上升。

從更宏觀的角度來看，長期低利率與金融環境同樣扮演關鍵角色。自安倍經濟學以來，日本維持超寬鬆的貨幣政策多年，即便日本央行近年開始調整政策、逐步升息，之前累積的資金氾濫效應早已推升資產價格，房地產自然成為主要受益者之一。此外，都市高度集中化與小家庭化趨勢，也讓位於市中心、交通便利的高層公寓（Tower Mansion）成為最受青睞的住宅型態，進一步加劇需求集中。

在這樣的背景下，東京23區新建公寓的平均價格已正式突破1億日圓大關，對本地居民而言幾乎成為「遙不可及的商品」。年輕世代與中產家庭被迫延後或放棄購屋計畫，社會對居住不正義的討論逐漸升溫。日本政府也已開始關注海外買家對房市的影響，著手進行相關調查，並討論是否引入限制措施，以避免房價與租金持續脫離本地居民的實際負擔能力。

In recent years, housing prices in Tokyo have surged dramatically, and this is no longer the result of a single factor but rather the combined effect of multiple structural forces. One of the most direct drivers is the sharp rise in construction material and labor costs in the post-pandemic era. Japan’s construction industry has long suffered from labor shortages, and rapid population aging has further reduced the available workforce. At the same time, prices for steel, cement, and imported building materials have increased significantly, pushing overall development costs higher. With little room to absorb these costs, developers have largely passed them on to buyers through higher prices for new housing.

A weakened yen has also played a crucial role in fueling the property boom. For overseas investors, the depreciation of the yen makes Japanese real estate appear relatively inexpensive when priced in U.S. dollars or other strong currencies. Prime central districts such as Minato, Chiyoda, and Shibuya are widely viewed as assets that offer both capital preservation and hedging value, attracting substantial inflows of foreign capital. These areas already face severe land constraints and limited new supply, so once demand is amplified by foreign investment, prices naturally continue to climb to new record highs.

Relentlessly rising prices for newly built condominiums in central Tokyo have begun to reshape the overall market structure. For ordinary local households, homes priced at well over ¥100 million are far beyond reach, forcing potential buyers to turn to the rental market instead. This shift has, in turn, pushed rents higher. The result is a clear “two-tier market”: high-priced properties in prime locations are sustained mainly by wealthy buyers and investors, while salaried workers and young families are crowded out of homeownership and face steadily rising housing costs as long-term renters.

From a broader macroeconomic perspective, the prolonged low-interest-rate environment has also been a key factor. Since the era of Abenomics, Japan maintained ultra-loose monetary policy for many years. Although the Bank of Japan has only recently begun to adjust policy and move toward interest rate hikes, the cumulative effects of years of abundant liquidity have already driven up asset prices, with real estate being one of the main beneficiaries. At the same time, ongoing urban centralization and the trend toward smaller households have made high-rise condominiums in well-connected city centers increasingly popular, further concentrating demand.

Against this backdrop, the average price of newly built condominiums in Tokyo’s 23 wards has now surpassed ¥100 million, making homeownership increasingly unattainable for local residents. Younger generations and middle-income families are being forced to delay or abandon plans to buy homes, intensifying public debate over housing affordability and inequality. In response, the Japanese government has begun examining the impact of overseas buyers on the housing market and is considering possible restrictions, aiming to prevent housing prices and rents from drifting even further beyond what local residents can realistically afford.