Fearing the Wrong Bubble

Manggihabir*

There is a heated debate on how dangerous the country's expanding property prices in the last two years will turn out to be. At one end, are those that warn of an impending property bubble burst, which could severely hurt the banking sector and warn that the rows of empty office and apartment buildings in far-off Spain and China could become a familiar sight here.

At the opposite end are those who incredulously ask 'what bubble?' This

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