[milcron]

QE is definitely a boost for asset prices, but the economy is way too complex and interrelated to draw such direct inferences.

All things being equal, a QE program ought to raise real estate prices.

[adventured]

It'll only raise real-estate prices in that domestic currency, and only insofar as the broader program consequences don't result in a collapse of confidence in your economy, with a spiral of damage from there (otherwise Venezuela would currently be the richest nation in world history).

You can get away with light QE. Once you go full QE, to the extent you do it and depending on how long you do it, you'll start to see it destroy the nation's standard of living, eventually collapsing asset prices in real terms.

[nordsieck]

I suspect that the fundamental underlying phenomenon - the population's age distribution - will outweigh all other factors.

Fewer people = lower real estate prices.