Hmm..interesting article. But massive alarm bells:
The buying binge is being fueled by an explosion in consumer credit. Shiny new bank branches are sprouting around town (...) Last year, the volume of retail loans surged by 137%, to $15.5 billion.
That's the last thing you need in a potentially unstable country. It's bad enough in places like UK, where nobody in the cities can afford a house without ludicrous borrowing, or USA where mortgage defaults are now having a knock-on effect on international stock markets.
Once credit gets going, the spiral is exceedingly hard to control. And after all, what is credit but imaginary money based on economic confidence? (and underpinned by oil and gas energy...)
