by Simon Black
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).