Housing prices will continue to rise over the coming years. The pace of these rises, however, will slow down considerably. High interest rates, tighter access to loans and a cooling labour market are the factors that will reduce demand. Supply, on the other hand, seems to have peaked and is likely to diminish over the next years - which should help stabilise real estate prices. A turn-around is expected in the market in 2009 when interest rates start to fall again and a new upward cycle begins in the economy.