by Simon Black
Sovereign Man
Yesterday we talked about one small market in the US… but in fact there are dozens of cities across the world where property prices entering (or already in) a bubble.
San Francisco. Amsterdam. Stockholm.
Vancouver is infamous for its astonishing real estate bubble, which the government has tried to slow by slapping a nasty transfer tax on certain property transactions.
In London, prices are 15% higher than the previous real estate market peak in 2007. Yet income levels are 10% lower.
It’s the same in Hong Kong, Frankfurt, and a number of other major cities– real estate prices have surpassed their all-time highs, yet income growth is flat (or negative).