¿Son los precios de la vivienda un castillo de naipes?

La primera ciudad en entrar en auge fue Londres, alrededor de 1996. La mentalidad del boom pasó luego a Los Angeles, Nueva York y Sydney cerca de 1997, a París en 1998, a Miami, Moscú y Shanghai en 2001, y a Vancouver alrededor de 2002. Estas y otras ciudades no han parado de ver un aumento de sus precios desde entonces, con un crecimiento de al menos 50% en términos reales desde 2000. Esto ha sido un golpe de fortuna para los propietarios de viviendas, pero ha afectado a quienes tienen planes de comprar.

Ahora el crecimiento de los precios de la vivienda se está debilitando en algunas de estas ciudades. El índice disminuyó notoriamente el año pasado en Londres y Nueva York , llegando a sólo cerca de un 1% de aumento real en el segundo trimestre de 2004. En Sydney, los precios cayeron en el mismo periodo.

¿Se ha acabado el boom? ¿No se beneficiarán otras ciudades? Lo que es peor, ¿podría el ánimo de los mercados de la vivienda hacer que los precios generales comiencen a caer?

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