[teunispeters]

Don't forget large scale purchasers using property for tax evasion, money laundering or other such uses. They largely don't even care if the property is maintained.

(eventually properties collapse, but if they keep the values inflated this way, that won't matter to them)

If you want to know more, look into RCMP reports on high property prices in Vancouver BC/Canada circa 2010s+, for example.