IMO the prices will adjust in nominal terms. They’re already adjusting. Prices typically go up in the summer, but this summer they’re going down. Prices may still be up year-over-year, but inventory is steadily going up and there are plenty of asking price decreases. In real terms it’ll decline even more, I suppose, although the increase in housing prices is already accounted in inflation, so a decrease can only mean less inflation.
Also I’m thinking the high-flying USD makes our real estate more expensive for foreign investors, which creates additional downward pressure.