[cylinder]

Just a note. Properties almost everywhere have almost doubled entirely due to interest rate declines over the last 8 or 9 years.

Say a house rents for $25,000/year. At 2007's rate of 4.76% on the 10yr T-bill plus ~200 points for the risk premium, the value of the house is $369,000 based solely on the NOI.

At 2016's rate of 1.85% + 200pts, the value of the house is $649,000, and that's with the same rent as 2007, not even adjusted for inflation.

That's a 75% gain on interest rates alone. Add in other factors such as increased economic activity and capital flight from overseas and you arrive at doubling.