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According to a new study by Deutsche Bank, summarised in this article
http://www.businessinsider.com/the-most-overpriced-housing-markets-in-the-developed-world-2012-2?op=1The problem with this study, as usual, is DB uses official house price data, which is highly misleading in the case of Spain. Real Spanish property prices are much better value than this study suggests.
The same cannot be said of UK house prices, overvalued by 34%. UK house price data is much more reliable.
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