Is there a housing bubble in Brazil? The recent growth in the civil construction sector, along with the dramatic increase in property prices (132% between 2008 and 2012 in city of Sao Paulo), divided specialists in relation to the possibility of the existence of a bubble real estate in Brazil. On the other hand, countries like the USA and Spain are the economic, social and urban future artificial formation of a promising real estate market. The aim of this paper is to identify the processes of formation of a housing bubble and its implications for the formation of the urban territory. Therefore, we will study the recent Spanish case with the intention to verify correlations with the current reality of the city of Sao Paulo. Its methodology is based on the analysis of economic data and their relation to the processes of urbanization in new territories or transformation of established urban grid. The aim is to provide the tools necessary and relevant in the socio-economic-architectural and urban area in the real estate market, in order to promote discussion on the current situation of Brazilian cities.
