Thanks for sharing! Yes - but with a BUT: I think it depends where. On average this certainly is very true. But urban areas (I speak for Germany): they will probably not see a decline in population but rather an increase. Less dense areas may die out. Urban areas with strong economies are “hot” and I am not convinced this may change soon. Home-office may make “urban centers” less attractive and overvalued - but “suburbs” will remain very valuable imho. People still want to have good infrastructure and schools, so even with a shift from city-center office work to “suburb-homeoffice” I don’t think this will change...

And for clarification: in Germany (over-simplified) expensive locations in city centers run at 10kEUR/sqm, suburbs maybe at 4k-7k EUR/sqm in strong regions? So this may sound “super cheap” to folks in the US with a bit of upside until we reach “US prices”.

I am sorry and surprised to hear that they didn’t make inflation even on the sale... Crazy.