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I did. Could you explain where I am wrong? The apartment is that expensive because people can finance it. It's stupid, because an apartment is not magically worth more because people can finance more. Unfortunately that doesn't matter to people who need a place to live.

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I don't know what to tell you, except that the monthly payment on a 1.2mm loan at 1% for 30 years (insert your loan terms here) is 3.86k, not 1k.

Edit: put another way, if you pay 1k/mo on a 1.2mm loan, you'll finish making payments in 530 years. The Jeanne Calment loan!

It's 3.86k if you want to own the property after 30 years. You don't have to. You might as well sell the house for 1.2mm after 30 years and just pay 12m per year on interests for 30 years.

I'm sorry, I should have noticed you were talking about not owning it. I agree with the point that low interest rates mean higher prices, of course.

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