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When averaged over a longer period covering the 1992 crash, housing inflation in France is more moderate. But not everyone has the resource to hold on during the bubble years in a market with 15-year cycles.
I think the long term driver (averaging over a generation) cannot be anything else than demographics, hence the housing collapse in Germany. Spain, with its record low fertility rates, looks like the perfect hyper-bubble to me. Will burst when the retired Britons buying on the coast will no longer be able to "commute" their on low cost airlines...
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