Megumi Takezawa knows exactly what she wants: a three-bedroom apartment of at least 70 square meters, built to withstand earthquakes, in a safe neighborhood within commuting distance of central Tokyo — and priced somewhere between ¥60 million and ¥70 million ($400,000 to $467,000).

That may have been realistic a decade ago, but not today. In Bunkyo Ward, where Takezawa lives, even outdated units of that size — ones that don’t meet modern earthquake standards — now start at nearly ¥90 million, well beyond what she and her husband can afford. For the 43-year-old office worker and mother of a young child, the search for a new family home is in limbo.

“Our current place is only 50 square meters, and it feels too small with a child,” she says. “I’d like to move as soon as a good property comes on the market, but the prices are completely unrealistic.”

Like many Tokyoites, Takezawa is caught between the need for more space and record-breaking housing costs. She wrestles with difficult trade-offs, like giving up convenience for a place in the suburbs, or leaving the capital altogether — a move that might affect her child’s education, her job and her aging parents.

“I agonize over this every single day,” she says.

Apartment prices in Tokyo have been climbing for more than a decade, fueled by historically low interest rates that made bigger mortgages manageable. The pandemic added fresh pressure, with demand for extra rooms to accommodate remote work and soaring construction costs driving both new and older units higher.

With the yen weak, overseas investors now see real estate in the capital as relatively inexpensive by global standards. Their focus on prime central locations has amplified price gains in the most desirable neighborhoods, further straining affordability for local buyers, a trend the g