I do agree house bubbles are created, however, I actually think in most western countries, more houses and apartment are needed. Although the population maybe decreasing, the number of householders is still increasing quite a lot. This is due to the fact more and more people will be without a relationship, will want to have their own place, student wanting to live not with their parents anymore, people getting older and older, the immigrants we so desperately need to keep our economies running. Therefore, it'll probably take some time before the bubble is at its peak and start the inflate.
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