Le marché immobilier à échelle planétaire

Il n’y a pas d’investissement plus local que l’investissement immobilier. La résidence que l’on achète est enracinée à un endroit précis, comme un arbre, et fleurit ou dépérit au gré des conditions économiques locales. Le monde entier défile sur nos écrans de télé, mais le marché immobilier, composé presque uniquement d’amateurs locaux, franchit rarement les frontières géographiques locales.

Bientôt, cependant, ceci pourrait changer. D’ici un mois, le Chicago Mercantile Exchange (CME), en collaboration avec ma société MacroMarkets, ainsi qu’avec Fiserv et Standard & Poor’s, lancera des options sur contrats à terme sur les prix immobiliers dans dix villes des États-Unis. Les contrats seront basés sur les indices des prix immobiliers S&P/Case-Shiller, établis en fonction des recherches spéculatives que mon collègue Karl Case et moi-même avons menées, il y a presque vingt ans. Depuis longtemps, nous démarchons en faveur d’un marché immobilier à terme, mais aucune Bourse, jusqu’à maintenant, ne voulait utiliser ces indices pour créer un tel marché.

Les marchés à terme sur les prix immobiliers permettront aux investisseurs du monde entier d’investir indirectement dans l’immobilier américain, par l’intermédiaire de ces marchés. Un acheteur à Paris, Rio de Janeiro ou Tokyo aura la possibilité d’investir dans des logements occupés par leurs propriétaires à New York, Los Angeles et Las Vegas,entre autres.

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