Or maybe it is the heavy tilt toward real estate investments that Pensionkassen have had of late (while dealing with low interest rates) and the population in general is educated to pursue (the dream of being a homeowner, meaning being willing to buy at prices way over what the asset class, when compared on a broader investing scene, is really worth).
The people I’ve talked with want to buy and would do so if they had the means. The deciding factor, when discussing the topic with them, doesn’t seem to be “would it be advantageous for me to buy” (the prevalent narrative being that it is, even when it’s not, because why give money to a landlord when you can build equity instead (and pay interests to the bank…)), it seems to be “I would buy if I could afford it but I can’t”. So they’d bid up the price until they’re no more able to, regardless of the relative value of the asset they’re trying to buy.