I am trying to understand two quote in the same article as I do agree that foreign buyers have some impact on the market but how does 9.1% of a market create a 60% sales volume. There has to be other factors that are taking advantage of the foreign market and still other factors affecting the overall market.
Some of the players in the market are or were definitely taking advantage of the situation because there was an opportunity to make money. Two of the biggest influences were the real estate agents (some of whom has no concept of economic –supply and demand) and speculators who seem by their actions to understand economics more than the real estate agents. The speculators bought because demand was tight and sold for a profit.
Homeowners being migratory become "foreign buyers" in different districts because their income does not increase to the proportion that the prices increase. Most buyers will bot qualify for a mortgage today and some are selling because of new rental proposal