There are Re bubbles in many countries, including Europe, but
only the buck drops.
en.wikipedia.org
As of 2007, real estate bubbles have existed in the recent
past or are widely believed to still exist in many parts of
the world, especially in the United States, Britain, the
Netherlands, Italy, Australia, New Zealand, Ireland, Spain,
France, Poland, South Africa, Israel, Greece, Bulgaria,
Croatia, Canada, Norway, Singapore, South Korea , Sweden,
Baltic states, India, Romania, South Korea, Russia, Ukraine
and China.
In Moscow, average property prices rose from $700/sq.m in 2000
to over $4000/sq.m in 2007. Approximately half of that growth
took place in 2006. Prices have peaked in February 2007 and
are now gradually declining.
That's $370 per square foot, and the average wages in Russia
are 10 times lower than in the US -g- |
