LThe boom in houses and apartments has fearfully made its way from the metropolitan regions to the provinces – whether in Bad Dürrheim or in the Harz Mountains. For Reiner Braun, managing director of the market research institute Empirica in Berlin, one thing is certain: “We have a bubble on the German real estate market.”

And what Braun observes is growing into a worldwide phenomenon. Economists everywhere are warning of rising prices on the housing market – and their consequences. And some troubling memories come up.

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