Bubble of pain

The prices of Bolehland properties are getting higher & higher on this recent 3yrs as the Property Gain Tax is waive off on year 2008-09. Before this, you have to pay heavy tax(up to 30%!!!) on property's gain if you sell your ppty within 5yrs!!!
Currently is 5% tax of your nett gain if selling is done within 5 yrs.
Why our ppty is on high price? Demand> Supply? Historical low Interest rate? Too many spare cash till no where to park? Easy Ownership?
First, I think The Demand Supply's law is not gonna apply here, Easy Ownership is the key factor for most developer to sell off their "product" like hot cake! 5/95 by "XB Cetia"*Pay only 5 % Downpayment + LOW Interest Rate.........etc
My view? LOW FD Rate, LOW Interest Rate are the man behind all this! The true is : No where (better place) to park money, so buy ppty la......Put in the bank for FD? 2.5%? Share Market? KLCI is a joke man......STI? SSEC? SD& RMB are getting stronger on currency....DOW? Kidding me?
Appreciation of ppty is good on recent 5 yrs! Buy an under-construction ppty can be appreciated around 20-40% after CF * Depend on area & ppty type too of course.
Yeah, Many people out there can't afford to buy a landed ppty("Non- Apartment") as the price jump of ppty is FAR MORE faster then your salary!!!
Bubble? Hell yes!!! With pain...