Das globale Eigenheim

Von allen Investitionen sind Eigenheime am stärksten an einen bestimmten Ort gebunden und damit auf Gedeih oder Verderb den lokalen wirtschaftlichen Bedingungen unterworfen. Auf unseren Fernsehern verfolgen wir zwar blitzschnell weltweite Entwicklungen, aber unser Eigenheimmarkt, der fast ausschließlich in den Händen lokaler Amateure liegt, bleibt in unserem Hinterhof verankert.

Das könnte sich allerdings bald ändern. Innerhalb eines Monats wird die Produktbörse Chicago Mercantile Exchange (CME) in Zusammenarbeit mit meinem Unternehmen MacroMarkets sowie mit Fiserv und Standard & Poor’s Futures und Optionskontrakte auf die Eigenheimpreise in zehn US-amerikanischen Städten auf den Markt bringen. Die Grundlage dieser Kontrakte bilden die S&P/Case-Shiller-Immobilienpreisindizes – eine Weiterentwicklung jener wissenschaftlichen Arbeit, die mein Kollege Karl Case und ich vor fast zwanzig Jahren leisteten. Wir haben uns viele Jahre für Immobilienfutures engagiert, aber bis jetzt wollte keine Börse einen Futuresmarkt auf Basis derartiger Indizes schaffen.

Die Futuresmärkte werden es Anlegern auf der ganzen Welt ermöglichen, durch den Kauf von Anteilen indirekt in US-amerikanische Eigenheime zu investieren. Ein Anleger in Paris, Rio de Janeiro oder Tokio kann also in New York, Los Angeles und Las Vegas in Eigenheime investieren, die von ihren Eigentümern bewohnt werden.

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