The causes of property and financial bubbles are fairly well known...but it does appear to be an interesting confluence among places like London and NYC...
Full article here.
The trouble with nonresident property owners is that they’re fair-weather friends. There are three main groups in London at the moment: the super-rich buying holiday homes, investors looking for a quick buck, and overseas nationals looking for a safe haven. Normally you don’t get those groups all at once. When there’s massive overseas investment, you don’t expect many financial refugees, and vice versa. In the past the global super-rich were few in number—relying broadly on having an oil field in the sandpit or a fleet of tankers on the pond—and they spread their charms more evenly around the world.
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