What drives real estate prices – sheer numbers or economic weight? Intuitively, all other things being equal, consistently higher rates of growth of resident population in a region or country will drive up real estate prices by comparison to its neighbours and competitors.

The IMF once even advanced a rule that a 0.25% rise in the growth rate of population would lead to a 1% house price appreciation. But in Lithuania, real housing prices escalated by 375% between 2001 and 2007, despite negative population growth since independence in 1990.

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