But the ECB’s decision to purchase government bonds on a grand scale has marked the beginning of a new era on the capital markets and we must bear this in mind. Liquidity is rising and interest rates are falling.
Yet this means that there is also an increased risk of  BIS central bankers’ speeches  3  asset price bubbles – not least on the real estate market. The world has thus become a rather more dangerous place for property investors. The situation on the real estate market also hinges on the currently relatively favourable macroeconomic environment.