You are absolutely right. This is by far the main reason. Even more so as in Sweden you usually have two mortgages. One personal which is used to purchase the property and one taken out by the co-op itself which you pay as part of the monthly fee. On top of that you are also personally liable for mortgage debt.
Sweden and a few other EU nations have their own Central Bank and can do distortions greater than the European Union Central Bank, while garnering even less publicity, let alone less local knowledge that these are strange actions.