Prices for both new and used Tokyo condominiums have surged, and real estate investor known as the Real Estate Oyaji, Kobayashi Daisuke, says the bubble will eventually burst. He defines a bubble as prices driven by capital beyond real demand, with central areas such as the Bayside area, Minato, Chiyoda and Shibuya showing bubble-like signs. He contrasts the Heisei bubble with the Reiwa bubble, noting the latter is more localized amid population decline. He lists three potential triggers for a crash; among them, two appear most plausible: a reversal of ultra-low interest rates and tighter rules on foreign buyers. If either occurs, prices could fall, as foreign capital inflows have supported prices and tightening could become a turning point.