Other fundamentals such as population growth, incomes and lags on the supply side were important drivers of the construction and price cycles. That said, interest rates cost of finance is an important consideration.
[4]  do play an important role; the  Residential construction grew from 2012 to be 6 per cent of GDP at the beginning of 2016 and stayed around there for the next three years. This was its highest share of the economy since 2006.