Rentabilidad de la inversión en vivienda, apalancamiento y especulación (1996-2008)

To understand the formation and extent of the speculative tsunami that sweeps the coast of the Spanish economy since the end of 2007, it is necessary to analyze the profitability of property sales in the past decade. This article analyzes economic and financial profitability, and the multiplier effect of leverage, in the Spanish housing market. We also deal with the conditions under which homeownership is more profitable than renting. The article distinguish, among other types of investors, those that buy for residential purposes and those speculating on housing inflation