Which factor does not influence demand for real estate?

Monetary policy primarily influences the broader economy and can affect interest rates and borrowing costs, but it does not have a direct impact on the demand for real estate in the same way that factors like population, demographics, and wage levels do.

Population growth can increase demand for real estate as more people require housing. Demographics play a crucial role as well, since different age groups and household compositions determine the type and location of housing that is most in demand. Wage levels directly affect consumers’ purchasing power, thus influencing their ability to buy or rent properties.

While monetary policy can create an environment that either fosters or constrains real estate transactions, it's more of an indirect influence compared to the direct effects of the other factors listed, which actively shape the demand in the real estate market.