Home, are the prices too high? Why they cost like in 2008 (considering inflation)
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The history lesson
The bankruptcy of the banks in the United States and the difficulties of two giants such as Credit Suisse and Deutsche Bank in Europe evoked the specter of 2008 and the systemic crisis caused by the bankruptcy of Lehman. At the time, the blow to the global real estate market was tremendous and in Italy there was a sudden reversal of the cycle that had seen prices and transactions grow after the introduction of the euro. Four years later, our country had to face another major crisis, this time local and not global, due to the increase in the Btp Bund spread and the lack of liquidity which led to the blocking of mortgages and a more disastrous fall in values real estate. All this translated into at least ten years of weak real estate market. This brief excursus serves as a premise to the question that many ask themselves: for the brick today as in 2008? Net of some similarities that also exist, the answer is decidedly not. And the reason is very simple: then we were in the presence of a real estate bubble that does not exist today, in particular prices and mortgages then were much less accessible than today and had reached a level whereby the market blockage and the fall in values it was inevitable, while today there is still ample room for growth to reach a situation comparable to the one that led to the collapse fifteen years ago.
04 Apr 2023
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