By the way – London is also unstable – but it’s in Europe. Close to where the money is being minted in Russia, Middle east, etc. It is very space limited so they truly have a supply demand issue. They don’t allow huge amounts of suburban sprawl.. But that being said – the vast majority of people feel that prices are so disconnected from fundamentals that it will implode. It’s not the big money which really matters – the gap between rich and everyone else is getting more and more dramatic. It’s looking at 1 Million + for 1 bedroom apartments. They are all tulip buyers.
