I'm familiar with the boom/bust cycle when it comes to equities...

I'm familiar with the boom/bust cycle when it comes to equities and currency, but I'm not too familiar with real estate since I don't dabble in it too much.

I'm of the opinion it's been a long time since it existed in a natural market. There's a number of levers adjacent to supply and demand that get messed with and make it very artificial. Not to say it can't be a good investment because I have some friends who have done quite well out of it...but for me personally it makes me quite nervous.

I would love it if you could elaborate more though, I always like learning more