These are all excellent points and observations. Let me add one more: real estate, and residential housing in particular, is not monolithic. Price and value are affected by local conditions. Paris isn't London and neither are New York etc. etc. etc. The cited demographics are undoubtedly true in a "macro" sense but real estate development and investing is intensely "micro" at the same time. Perhaps an alternative approach is to consider Mr. Pueyo's comments as context in which to consider specific real estate decisions.