中文摘要：

聚焦于西班牙1996-2007年间的房地产泡沫，此次危机与西班牙前两次经历的地产泡沫有着相似的背景条件：将住房建设作为利好投机性投资。但几次泡沫供给结构却不同：此次住房供给主要为分散式，不同于以往的集中供应；旅游地产大量出现；房屋拥有型社会形成。作者认为供给结构的改变并非危机的主要原因，并提出了造成房地产泡沫的四个关键要素：符合一定条件的土地、土地规划的配合、充足的资金与可获得的土地所有权。结论是：政策的制定直接影响土地利用、发展规划、金融系统与个人资产、造成住房由使用品变为投机投资的对象、银行体系信用缺乏保障，最终导致了住房库存量陡增，大量房屋拆除事件与失业率攀升等经济和社会方面的不良影响。

英文摘要：

This is a paper about the housing bubble in Spain between 1996-2007, pointing out that all the three real estate bubbles took place in a political and economic context favorable towards the construction of houses as speculative investment. The significant changes in the configuration of the supply is noteworthy： the huge growth of the dispersed urban supply surpassed the most traditional concentrated supply; the role of tourism as a generator of purely real estate demand stands out; home ownership experienced a spectacular overturn in the second half of the 20th century. All these could not lead to the bubble unless these four key factors are fulfilled： qualified territory, supportive urban planning, money and available land ownership. The conclusion is that the implementation of policies promoted not only the transformation of housing into goods for exchange-rather for use-but also the flowed credit from banks. The real estate bubble finally indicated its most harmful effects on economy and institution, in terms of a large quantity of unsold homes, evictions and the unemployed.