there's an extraordinary amount of leverage in at least finnish real estate investing right now. Condos are being sold with 30% money down, and the debt is at the "building" level, not personal debt of the investors. the credit-worthiness of the buyers is not really checked at all if they can manage the down payment. first few years you pay only the interest on these loans.
sound familiar?
nordea was the first to introduce some limits to these loans given to the housing coops(? not sure about the term) a week or so ago.