With tripling every 6 years, No. price of housing is now about static - so not much point to your question. Do I think the rapidly rising REAL salaries in Chin will let them buy homes at American prices - Yes they already do. At French home prices? - probably in a few years. You view of what is a high home price per sq foot is distored by the exceptionally low US data - due in part to fact US houses tend to be large (lowers the per sq. foot cost) and because they are down ~1/3 from their peak. Do you not think incomes in China will equal those in France in less than 5 years? - I do, but in part because I think France, like the US, will be in depression by then. Here is list housing costs per square meter of the world’s 12 most expensive cities http://www.cnbc.com/id/29862382/The_World_s_Most_Expensive_Real_Estate_Markets?slide=2 No main land Chinese city even comes close to making the list. "Dirt cheap" compared to France is not a "bubble" - not with incomes climbing 10%/ year in purchasing power (and more when they Yuan is fully cut free from the dollar.) “Li lives with his parents in a cramped 700-sq.-ft. apartment in west Beijing. … If he finds the right place—preferably a two-bedroom in the historic Dongcheng quarter, near the city center—he hopes to buy immediately. … In the last 12 months such apartments have doubled or tripled in price, to about $400 per square foot. … Some Chinese are plunking down wads of cash for homes: Others are taking out mortgages at record levels. Developers are snapping up land for luxury high-rises and villas, and the banks are eagerly funding them. Some local officials are even building towns from scratch in the desert, certain that demand won't flag. And if families can swing it, they buy two apartments—one to live in, one to flip when prices jump further. And jump they have. In Shanghai, prices for high-end real estate were up 54 percent through September, to $500 per square foot. From: http://www.msnbc.msn.com/id/3473390...headed-major-real-estate-bubble/#.Tp4YSpuAqU8 Now compare this “high end” $500/ sq. foot Shanghai price to others around the world shown on this map: (You may need to use <ctrl> + or - to get size OK.) Please Register or Log in to view the hidden image!