[jgilias]

Housing inflation everywhere is mostly due to the stock of housing growing a lot slower (or not at all) compared to the growth of broad money supply.

If there’s more of the thing that you use to account for stuff, but stuff doesn’t become more, the number in your units of account goes up.

Edit: Apart from that, there’s monetary premium put on real estate, as people effectively use it to short the currency by buying it with debt.