Asian property markets are struggling with tight supply and rising construction costs. This benefits landlords and wealthy investors but creates challenges for buyers and renters. In Japan, the yen's fall has pushed up import prices, making construction costs among the highest worldwide. As a result, new flats in Tokyo have dropped to their lowest levels in over 50 years, causing prices to soar. Similarly, in Australia, home values jumped 46% in five years. Yet, the number of homes for sale dropped 25% below the five-year average recently. New home completions in Australia are also expected to stay well below usual levels, says Cotality. These factors show how limited supply and expensive building costs are driving property prices up across Asia-Pacific.