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Such appreciation over the years has made cost a much bigger issue for buyers.
Fifteen percent appreciation over a year, which is substantial, is not unusual".
But analysts almost uniformly say they expect further appreciation over the next year.
Osamu Nakano, a sociologist, describes them as "choosing pleasure over pain, recreation over work, consumption over production, appreciation over creation".
But Mr. Perschke said he understood that he was "not going to see that appreciation over the next three years".
Recovery forecasts, Mr. Khater said, are based on historical data from housing market cycles and the average home-price appreciation over the last 30 years.
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"The days of double-digit appreciation are over, but there are still multiple offers on homes when they are priced right".
But outerwear reaches dizzying heights when it's made of crocodile, python, ostrich, Persian lamb, even astrakhan, dramatizing the new appreciation for over-the-top luxury.
But India was an exception: the majority of emerging-market currencies saw appreciations over the period.
That is, unless another source of money can bridge the gap between consumer incomes and outlays, just as house appreciation seamlessly took over when stocks nosedived.
The divisions between separate design fiefs are eroding, Mr. Lincoln asserted, "and people are realizing that you can appreciate the cut of a Helmut Lang suit and have that same appreciation spill over to the detail on the arm of a sofa".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com