Jsou ceny domů domečkem z karet?

Prvním velkoměstem, které zaznamenalo boom, se stal kolem roku 1996 Londýn. Mentalita konjunktury se okolo roku 1997 rozšířila do Los Angeles, New Yorku a Sydney, v roce 1998 do Paříže, v roce 2001 do Miami, Moskvy a Šanghaje a kolem roku 2002 do Vancouveru. Tato i další města od té doby zaznamenávají poměrně velký rozmach; reálné ceny domů ve většině z nich vzrostly od roku 2000 nejméně o 50%. Pro majitele domů to znamenalo velkou výhru, ale zároveň to uškodilo těm, kdo plánovali nákup nemovitosti.

V některých z těchto měst nyní růst cen domů ochabuje. Tempo růstu cen v Londýně a v New Yorku se za poslední rok ostře zpomalilo a ve druhém čtvrtletí roku 2004 činil reálný nárůst cen pouze asi 1%. V Sydney dokonce ceny domů ve druhém čtvrtletí poklesly.

Je tedy boom u konce? Nebudou z něj mít prospěch žádná další města? Ba co hůř, mohla by nálada na trhu nemovitostí brzy vést k poklesu cen?

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