Prices in major cities have been rising strongly in recent years. "After the real estate bubbles in the US and several European house markets burst," says the Bundesbank in its latest monthly report, "the German property market, which has been quiet for many years, became more attractive to international investors." Germany is one thing, but the same phenomenon is occurring in major cities more or less everywhere. In London, the property crash of 2009/10 is now but a distant memory. Buoyed by frenzied foreign buying, house and apartment prices are again at record highs, with anything halfway decent going to sealed bids. London property, as one New York Times writer recently observed, is the new "global reserve currency".
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