Among these determinants are wealth, permanent income, and the user cost of owning the good - in effect its “price.” That price, in turn, depends importantly on the rate of interest. The demand for housing as an asset may also reflect some specific institutional changes.
It is very promising to go further down this road as a way of unleashing fresh innovative potential. Of course, broader capital market access does not mean doing away with bank-based funding – just complementing it. On the other side, we need to improve conditions for those providing capital. Investors need clear and reliable investment conditions in order to make commitments.