미분양 급증과 입주 대란으로 대변되듯이 현재 집값 수준에서 공급 과잉임이 명백한 상황인데도 여전히 공급 부족타령이 나오고 있습니다. 물론 지난해보다 그 강도가 훨씬 약해진 것은 사실이지만, 아직도 지금이 집을 살 적기라고 주장하는 근거로서 자주 거론되고 있습니다. ‘주택시장 침체로 주택공급이 줄어들어 2~3년 후 집값 폭등으로 이어진다는 것이 이들의 주장입니다. 이에 대해서는 제가 예전에 아고라에 쓴 글이 있으므로 더 이상 길게 되풀이하지는 않겠습니다.

 

다만, ‘주택공급 부족론의 기본적인 문제점 중 하나는 이들이 수급의 경제학적 원리에 대한 최소한의 이해도 없거나, 이를 의도적으로 무시하고 있다는 점은 지적해야 합니다. 시장경제에서 수급은 기본적으로 가격의 함수입니다. 2000년대 내내 집값이 잔뜩 올라 수요는 거의 고갈된 반면 건설업체의 구조조정 지연 등으로 수요 대비 공급은 계속 과잉 상태에 이른 것입니다. 이 같은 공급 과잉, 특히 분양용, 매매용, 투기용 아파트 공급 과잉은 미분양 적체로 고스란히 나타나고 있는 것입니다.

 

이 글에서는 주택 공급 부족을 부르짖는 사람들의 근거를 살펴보고, 그것이 얼마나 터무니없는 엉터리 주장인지 도표를 통해 간략히 살펴보겠습니다.

 

우선, <도표1>에서 전국 주택건설실적(실제로는 인허가 실적으로 분양에 앞서 행정적 절차를 끝낸 상태를 말합니다. 보통 3년 후쯤 입주 물량 형태로 공급되므로 사실은 3년후 공급 물량을 추정할 수 있는 지표로 봐야 하지만, 여기에서는 공급 부족론을 설파하는 사람들이 주장하는 방식대로 현재 공급 물량처럼 간주하겠습니다.)을 보면 확실히 200만호 주택건설사업 추진으로 60~70만호씩 건설이 추진됐던 1990년대 초반이나 2002~2003년에 비해 건설실적이 줄어든 것이 확실합니다. 특히 주택시장 침체 양상이 확연해진 2008~2009년의 주택건설실적은 전국적으로 40만호에도 미치지 못해 주택건설실적이 줄어든 것이 분명합니다.

 

 

(주)통계청 자료로부터 KSERI 작성

 

하지만, 이미 수도권을 제외한 지방의 경우 대다수 지역의 주택보급률이 110%를 넘어섰고, 인구가 감소하는 가운데 공급 과잉으로 미분양이 적체돼 사실상 과거처럼 주택을 짓는 것이 오히려 이상합니다. 여러분이 건설업체 CEO라면 지금도 미분양이 잔뜩 쌓여있고, 분양할 때마다 완패하는데 지방 공급 물량을 늘리려 할까요? 당연히 지방 공급 물량을 줄이고, 그나마 분양 가능성이 조금이라도 높다고 판단되는 수도권 공급에 치중할 수밖에 없습니다. 그 같은 건설사들의 행태가 수도권 주택건설실적 비중의 증가로 나타나고 있는 것입니다. 따라서 지금 공급 과부족 여부를 따져야 하는 것은 사실상 게임이 끝난지방이 아니라 수도권입니다. 그러면 수도권의 주택건설실적을 보면 어떨까요? 같은 <도표1> 아래쪽 그래프에서 보듯이 전국적 양상과는 사뭇 다른 양상이 나타납니다.

 

수도권의 경우 200만호 주택건설사업이 진행됐던 1990년대 초반에도 25만호를 조금 넘기는 수준이었고, 2000년대 부동산 호황기였던 2000~2003년에 30만호를 넘기는 수준이었을 뿐입니다. 토지 공급의 한계 때문에 수도권의 경우 매년 25만호 전후 수준의 주택 건설이 이뤄지면 적지 않은 공급이 이뤄진 것이라고 볼 수 있는 것입니다. 그런데 2007년에는 분양가 상한제를 앞두고 30.3만호, 2009년에는 25.5만호의 건설실적이 이뤄져 결코 적지 않았음을 알 수 있습니다. 보통 주택시장 침체기에 들어서면 주택건설이 확 줄어드는 것에 비하면 이 정도 주택건설실적은 사실 상당히 높은 것입니다.

 

그런데 여기에서 끝나는 것이 아닙니다. 공급 과부족을 판단하는 절대적 기준이 있는 것이 아니라 수요에 비해 상대적인 측면에서 봐야 합니다. 앞서 말했듯이 이미 소득뿐만 아니라 빚을 내서라도 집을 살 사람들은 거의 다 사버렸기 때문에 현재의 높은 집값을 떠받칠 수 있을 정도의 수요 풀은 남아있지 않습니다. 하지만 현재 이 같은 수요 고갈 현상은 없는 것으로 하겠습니다. 대신 가장 간단하게 주택 수요의 근원이라고 할 수 있는 인구증가 대비 주택공급 측면을 한 번 따져보겠습니다.

 

인구증가는 매년 출생자 수에서 사망자 수를 뺀 자연인구 증가와 지역별 전출입을 통해 발생하는 인구순유입을 합한 것입니다. 이를 확인해보면 <도표2>에서 보는 것처럼 부동산 경기가 정점을 찍었던 2002년 이후 인구증가가 가파르게 줄어들고 있음을 확인할 수 있을 것입니다. (2009년의 자연증가는 2008년과 같은 것으로 가정했습니다). 2002 36만명이 넘게 증가하던 수도권 인구가 2009년에는 19만명 아래로 떨어졌습니다.

 

 

(주) 각종 자료로부터 KSERI 작성

 

이 같은 수도권 인구증가분에 비해 매년 수도권 주택공급이 어느 정도 이뤄지고 있는지 한 번 살펴봅시다. 이를 쉽게 살펴보기 위해 인구증가분을 주택건설실적으로 나눈 비율을 공급 초과율로 정해 그 추이를 살펴보면 <도표3>의 하단 그래프와 같습니다. 절대량으로 보면 평년 수준으로 보이는 수도권 주택건설실적이 인구증가분에 비해서는 엄청나게 많은 공급이 이뤄지고 있음을 명확히 알 수 있습니다. 공급초과율이 2002년을 제외하고는 단 한 번도 100%를 넘은 적이 없었는데, 최근 3년 연속으로 100%를 넘긴 것입니다. 특히 2007년과 2009년에는 138%, 136%를 기록했습니다.

 

지금까지는 인구와 주택공급의 비율을 1 1로 계산했지만, 평균 가구원수를 계산의 편의상 3명 정도로 잡으면 공급 초과율은 <도표4>에서 보시는 것처럼 훨씬 높아진다고 할 수 있습니다. 예를 들어, 2009년의 공급초과율은 408.1%로 나타납니다. 이는 2009년에 증가한 인구 19만명은 6.3만호 정도만 지어도 모두 수용할 수 있고, 6.3만호를 뺀 주택건설실적 약 19.2만호 정도에는 기존 인구 가운데 누군가 들어가서 살지 않으면 모두 빈집이 된다는 것을 의미합니다.

 

(주)KSERI 작성

 

물론 그 동안에는 수도권의 주택보급률이 낮았고, 2000년대 초반에는 주택수요가 왕성하게 일어났기 때문에 빈집이 발생하지 않고, 누군가 들어가 살아줬습니다. 하지만 2000년대 내내 수도권 주택보급률은 약 14% 포인트나 가파르게 상승해 이제는 100% 수준에 이르렀습니다. 더구나 2000년대 투기 붐이 일면서 앞당겨 소진된 주택수요 덕분에 단기적으로는 가구수 증가분을 넘어서는 초과 공급분을 소화할 여력이 상당히 소진된 상태입니다. 이것이 입주 대란 등의 형태로 대규모 빈 집으로 돌아올 가능성이 높습니다.

 

이처럼 주택공급은 지금 부족한 것이 아니라 사실은 엄청난 공급 과잉이 지속되고 있는 것입니다. 단순히 인구증가분이나 가구수 증가분과 비교해 보아도 이런데, 사실상 현재의 거품 가격에서 수요가 바닥난 상황이나 주택시장의 침체 정도를 고려하면 더더욱 엄청난 공급 과잉이 지속되고 있다는 것을 의미합니다.

 

그런데 향후에는 어떻게 될까요? 통계청 추계로도 2018년부터 인구가 감소하기 시작하고,특히 왕성한 주택 매입 연령층인 35~54세 연령대 인구는 2011년부터 줄어들게 됩니다. 이미 지방으로부터 인구 유입도 한계에 이른 수도권 인구라고 크게 사정이 다를 것으로 기대하기는 어렵습니다. 1인가구 증가 등으로 가구수는 늘어난다고 하지만, 가구수 증가분 자체는 줄어들고, 1인가구 대부분이 저소득층이라는 점을 고려하면 큰 의미는 없습니다. 이런 상황에서 지난 정부에서 계획된 각종 2기 신도시와 뉴타운, 재개발 재건축 지역의 주택들과, 현 정부 들어 대대적으로 진행되는 보금자리 주택 공급이 2012년 하반기부터 입주 폭탄형태로 쏟아지게 됩니다. 물론 주택시장 침체가 계속될 것이기에 절대적 물량은 줄어들 수 있지만, 주택 유효수요와 인구증가분에 대비해보면 매우 막대한 공급 과잉이 될 가능성이 높습니다.

 

따라서, 현재 주택 공급이 부족해 2~3년 후 집값이 뛴다는 둥의 터무니없는 선동에 속지 마시길 바랍니다. 현재는 뉴타운, 재개발 등의 사업 초기 과정에서 멸실 주택 물량이 많아져 공급 과잉이 확연히 느껴지지 않는 상태이지만, 2년 후 정도가 되면 공급 과잉이 누구나 인정할 수밖에 없을 정도로 생생하게 느껴질 것입니다. 따라서 지금 걱정해야 하는 것은 오히려 만성적인 공급 과잉으로 인한 집값의 장기 하락입니다.

 

 

모든 사람이 땀흘린만큼 제대로 대접받는 건전한 민주주의 시장경제 건설을 위한 좀더 의미 있는 토론과 참여를 원하시는 분들은 김광수경제연구소포럼(http://cafe.daum.net/kseriforum)을 방문해주십시오.

 


by 선대인 2010. 5. 13. 09:33
  • 이전 댓글 더보기
  • Nike Free 3.0 2012.05.19 18:52 ADDR EDIT/DEL REPLY

    Asia is really a united states where by each assert features its own culture plus specialized meals. Your various weather conditions problems around the two region also play a role in the range of Native american foods. The numerous cookery preparations are likely to be seen as an lots of veggies, pulses along with spices or herbs. Vegetarianism is undoubtedly typical in lot of regions. British, Mughal and Portuguese control in britain contains determined the actual taste as well as meal associated with locations.

  • Cheap Snapbacks 2012.06.04 12:03 ADDR EDIT/DEL REPLY

    Online listing of offered Products and services has therefore emerged to be one of the most popular marketing tools for companies and other service providers. One can easily avail the services of a reputed IT service provider for mass products upload on the popular e-commerce sites and/or on their E-commerce portals. Amazon has emerged as a popular e-commerce shopping portal which helps companies get their products enlisted, uploaded and then made for easy viewing to all online visitors.

  • sac louis vuitton 2012.06.07 09:46 ADDR EDIT/DEL REPLY

    the key is your choice,louis vuitton site officiel,chaussure louboutin, let a person feel�� Chongqing good Chongqing know officials in government money to serve the people you have a look the people of Chongqing have you look at other local people. Louis Vuitton backpacks are generally more expensive than regular sac louis vuitton purses, making it tough for today��s budget-conscious consumers to afford them.

  • bolsas louis vuitton 2012.06.07 09:54 ADDR EDIT/DEL REPLY

    Louis Vuitton bags have never been off the list of the most sought after items for most fashionable people. bolsas louis vuitton As a great brand with a long history, Louis Vuitton has never failed to impress people with its new and brilliant innovations in the designs of bags and other products. Although some styles of Louis Vuitton have existed for such a long time, but the new ideas brought by the designers to them have make them timeless. And the Louis Vuitton Speedy bag is among the best examples. Here what I want to talk about is this Louis Vuitton monogramouflage Speedy bag. It is a set of practical, simple and worldwide welcomed by modern ladies all over the world. After the death of his father, Georges louis vuitton began a campaign to build the company into a worldwide corporation, exhibiting the company's products at the Chicago World's Fair in 1893. In 1896, the company launched the signature Monogram Canvas and made the worldwide patents on it.[3][4] Its graphic symbols, including quatrefoils and flowers (as well as the LV monogram), were based on the trend of using Japanese and Oriental designs in the late Victorian era. The patents later proved to be successful in stopping counterfeiting. In this same year, Georges traveled to the United States, where he toured various cities (such as New York, Philadelphia, and Chicago), selling Vuitton products during the visit. In 1901, the Louis Vuitton Company introduced the Steamer Bag, a smaller piece of luggage designed to be kept inside Vuitton luggage trunks.

  • borse louis vuitton 2012.06.07 10:04 ADDR EDIT/DEL REPLY

    Louis Vuitton bags have never been off the list of the most sought after items for most fashionable people. louis vuitton sito ufficiale As a great brand with a long history, Louis Vuitton has never failed to impress people with its new and brilliant innovations in the designs of bags and other products. Although some styles of Louis Vuitton have existed for such a long time, but the new ideas brought by the designers to them have make them timeless. And the Louis Vuitton Speedy bag is among the best examples. Here what I want to talk about is this Louis Vuitton monogramouflage Speedy bag. It is a set of practical, simple and worldwide welcomed by modern ladies all over the world. Whether it is Handbag, wallets, Belts, Scarves, Bracelets, watches or Pendants, borse louis vuitton only one thing come to our minds and that is of products from Louis Vuitton series from Paris. Louis Vuitton replicas are of high quality and good looking that it is very difficult to differentiate between original and the replicas. The other unique features of Louis Vuitton replica are use of genuine leather to make Louis Vuitton replica products.

  • louis vuitton bolsos 2012.06.07 10:20 ADDR EDIT/DEL REPLY

    The great charms of Louis Vuitton handbags are irresistible. Women love these bags very much. The introduction of new Louis Vuitton handbags each time is focused by reporters and bag designers. At the same time, bolsas louis vuitton ladies also pay attention to these attractive bags all the time. Which type of fashion do you prefer having and are you the one who��s got a good taste of this thing? Well, louis vuitton bolsos if you do then we must ask you that if you have ever used Louis Vuitton Monogram Replica Hand Bags because if you are unable to buy these Louis Vuitton Monogram Replica Hand Bags then you do not have the slightest of clues of how fashion is to be adopted by a lady of today's time. Louis Vuitton Monogram Replica Hand Bags are available in different colors and sizes and moreover, some amazing color schemes are yet to be introduced in the outlets of Louis Vuitton. You will find monogram replica hand bags as simple and yet trendy designed items with minimal rates.

  • site officiel 2012.06.07 10:20 ADDR EDIT/DEL REPLY

    Money Crazy ,woolrich,louis vuitton site officiel,Franklin Marshall Homeless person��s home,louis vuitton pas cher, pear vortex smile ,canada goose jakker,louis vuitton pas cher spaccio woolrich Xinghai homeless people listen on, shrimp sister were you. Other adaptations that come with, sac louis vuitton in the same spirit include a mechanism for shoulder strap, one of the very few bags come with a shoulder strap and a handle is forged from rolled no.

  • chanel handbags 2012.06.07 10:41 ADDR EDIT/DEL REPLY

    chanel bags enjoy high reputation all over the world. They are designed for hand, elbow and shoulder carry thanks to comfortable flat leather handles. You will notice numbers that specify the model selection, arm length, bridge measurement and colour code in the sunglasses. On on the list of arms,louis vuitton uk, chanel handbags the words 'Made in Italy' might be embossed. Chanel Handbags And sure, the model title must be printed in compact circumstance around the Chanel Bag Sale major of both equally the lenses. Every one of these actions are particularly critical to confirm the authenticity of your shades.

  • コーチバッグ 2012.06.07 11:34 ADDR EDIT/DEL REPLY

    COACH will be such an important celebration in particular arrangements in Beijing, China, expressed under the enterprising spirit, have full confidence in China and throughout the Asia-Pacific markets.

    At the same time, this festival will be held also affirmed the high degree of recognition of China and Asia, the COACH brand.

  • mulberry outlet 2012.06.07 16:06 ADDR EDIT/DEL REPLY

    Vast majority of Mulberry stores offer cheap mulberry bags. But you need to care to choose a reliable one. mulberry outlet We are your trusted Mulberry outlet shop that offer genuine discounts for elegant mulberry bags. No matter you select great accessories for yourself,louis vuitton uk, or choose perfect gifts for others, cheap mulberry handbags are always welcome. Enjoy the gorgeous status with the fashion signature - Mulberry Bags. Get cheap and unique mulberry handbags here, you are making a wise decision. There are obviously great deals of mulberry bags of different styles and colours. At this time, I seize the opportunity, mulberry outlet uk took out his camera to his wife, Pei and his son, they are a few to a few close-up, permanently leave this beautiful, romantic, sweet moments. Soon, a small bucket to pick full. Looking at these fruits of their labor, Cafe de Coral, everyone's face emerged out of a brilliant smile.
    moncler Jackets are the most desired costume, which is hard to side your face from. moncler Nowadays people are so much addicted to fashion trends that people now don��t think about to wear anything which is not fashionable. Even in winter while people are shivering in cold, they even need some trendy and attractive outfits which could make them a style statement. Therefore a large number of distinct experiences within the style make it to become bit of stylish word. moncler outlet Its extensively deemed the fact that Moncler symbolizes your fashion around plenty of segments remaining. Although there may be require that you should worry about the species of style you take up and get the correct Moncler goods for that they really have obtained numerous a variety of opinions a variety of models. If you��re able to find a Moncler jacket that is most suitable available for you you should have already been warm all the time perhaps inside frosty winter months and may write about the particular classy look and feel at the same time.
    The actual diamonds that emblished the particular style connected with their Bird on a Rock icon offers been displayed for good within the New York 5th method flagship shop tiffany and co. Luxurious and beautiful designed tiffany & co diamond hoop earrings are the demand of the today's women There is no denying the universal appeal of jewellery earrings Compare the sales of any other ornament tiffany jewellery types like say jewellery necklaces or jewellery bracelet and you will find that earrings will win the race by far

  • moncler 2012.06.07 16:19 ADDR EDIT/DEL REPLY

    See how to avoid from this months really gynaecoid? silhouettes, wide lace, mulberry outlet flower paper prints,? pale designs along with the ostensibly almost endless colors stop anxiety a fundamental issue stays: are generally rebels everywhere you go going to need to sell their own Balmain stimulated barbed natural leather leather coats, de-constructed golf tees,moncler jackets, kohl eye liner together with care we are saying the idea stop �� booties �� with regard to pad dresses, ladylike paper prints, peplum leather coats, sweet colorful cosmetic Louis Vuitton Fashion Show Bags foundation together with stilettos? I had an experience once that taught me that mulberry outlet uk I was health rich beyond measure This was about 20 years ago and at that time I was selling exercise equipment for a nationwide outlet in a mall in Southern California
    moncler is ordinarily a premium brand brand of trendy winter clothes for grownup moncler men and girls and goes on to be in institution offered that 1952. They have an amazing assortment of clothing that meets all of your winter requirements. getting pretty lightweight and cozy, moncler jackets are effortlessly transportable in only a tiny bag. moncler jackets could possibly be washed in the gadget and so are pretty affordable to maintain. under is outlined a gist from the assortment of clothing offered by moncler: The system gives each individual garment a unique, item-level identification code sewn into the label. moncler outlet By connecting with the product authentication service found at www.certilogo.com, anyone can verify the authenticity of the garment and the collection it belongs to. The service, available in eight languages; leverages amongst other things the supply chain information made available by the Maison, and has made it possible to alert tens of thousands of consumers that have come into contact with counterfeit Moncler garments worldwide. But recently attention is now focusing on the Internet, and since October 2010 Moncler was first to adopt the E-Commerce Controller service, an extension of the Certilogo service specifically designed for preventing customers from unintentionally purchasing fakes on the Internet.
    We've been fashion girls who really like jewelry so we developed our jewelry blog such as silver jewelry weblog tiffany and co. Luxurious and beautiful designed tiffany & co diamond hoop earrings are the demand of the today's women Pandora bracelets more than necklaces. tiffany jewellery This is because people like to put charms onto bracelets and wear them on their wrists. Wearing jewellery on the wrist is seen as a great way to add character to the body. Watches are also worn on the wrist

  • tiffany and co 2012.06.07 16:30 ADDR EDIT/DEL REPLY

    Rain do not know when to stop, Mulberry Tote Bag Leather ahead in the sights, mulberry outlet store mountains misty, mulberry outlet looming, and also strong light rain, mist in the hills slowly rising hovering, as if it is not heaven, floating down the cloud,louboutin uk, but the strange rocks, turned out the smoke. Raft leisurely glide in Lijiang above, brisk and gentle, wide river to see a trace of waves, only a few ups and downs under the flying swallow for the rain of the Lijiang River, adding a bit sultry landscape. By a river, flowing water, thousands of beautiful paintings, and before we wake up the flavor came from the mesmerized appreciation yard Xingping town just around the corner, mulberry outlet store is really more than two hours Mulberry Walter Briefcase Black to Lijiangmake people beautiful. Perhaps you have also got quite used to seeing ��It�� bags from Mulberry, mulberry outlet uk which seems to you that the brand has become synonymous with ��It�� bags. Although this might not be 100% true about the house, at least its latest collection has helped it to live up to the name. You are seeing here a new family launched for spring/summer 2011 -- the Mulberry Edie bags, which will surely be a great hit. replica omega watches uk free delivery
    Now no should include your do it yourself in layers of winter clothing to combat the freezing cold; moncler moncler jackets are right here to provide best suited winter safety and provide you with a debonair look. No should compromise on how you show up to possess the ability to stay warm. Times are changing, so you have to adapt to the development trend of the times and fashion elements of transformation, moncler outlet or you will soon be eliminated. Moncler Jackets for your stylish throughout the winter are surrounded by warm, of course, to try and bring you extraordinary Moncler share feelings at the same time, you want to try new things and enhance the ability of self-promotion.Moncler Jackets [ read more ]
    The favorite merchandise that tiffany jewelry sells are their line of silver necklaces that can be reasonably priced compared with gold and platinum designs,tiffany and co still even these are not that cheap. Luxurious and beautiful designed tiffany & co diamond hoop earrings are the demand of the today's women You have to be conscious is more advisable while purchasing Jewellery items. tiffany jewellery One of the best Jewellery shops available these days is jewelleryshoppy.co.uk that you can check out if you are looking for quality gold wedding jewelry.

  • Adidas Jeremy Scott 2012.07.09 18:51 ADDR EDIT/DEL REPLY

    demonstrate a rounded personality. They are able to act as a good role model for their colleagues. They have the ability to take the rough with the smooth, and are always consistent with others whatever their personal circumstance or problems may be. They never take their frustrations out on others.

  • Celine Purses 2012.07.21 16:08 ADDR EDIT/DEL REPLY

    Me and my friend were arguing about an problem similar to this! Now I realize that I had been correct. lol! Thank you for that information you article.

  • coach outlet 2012.07.23 14:54 ADDR EDIT/DEL REPLY

    By the fashion, novel appearance, sophisticated technology, superior quality, Coach Outlet won domestic and international customers,

  • Coach Factory 2012.07.23 15:19 ADDR EDIT/DEL REPLY

    Even if Coach Factory you invested on a colorful bag you have to choose the right occasion.

  • Coach Factory Outlet Online 2012.07.23 15:34 ADDR EDIT/DEL REPLY

    Coach Factory Outlet Online is a store exclusively at your service. Different kinds of Coach bags are on sale. Get more information from it online store. Coach Factory is the premier source to review all new Coach and other stylish brands of Handbags,

  • CHI Straightener 2012.12.11 15:54 ADDR EDIT/DEL REPLY

    http://www.chiflatiron-hairstraightener.us
    http://www.montblancpenscheap.us/
    http://www.beatsbydrdreaustraliacheap.org/
    http://www.planchaspelo4ghd.org/
    http://www.beatsbydre-casque.org/
    http://www.christianlouboutin4outletsales.org/
    http://www.ghdrettetang4billig.org/
    http://www.christianlouboutin4uksale.co.uk/
    http://www.ergobabycarrier4canada.org/
    http://www.beatsbydrdrecheap.com/

  • timberland españa 2012.12.25 17:06 ADDR EDIT/DEL REPLY

    Le créateur néerlandais a conquis la planète avec son univers fantasque, teinté de surnaturel, http://www.timberlandbaratas.com Hombre Timberland. Designer, scénographe, le fondateur et directeur artistique de la société Moooi crée aussi bien des objets usuels (pour Marks & Spencer, http://www.timberlandbaratas.com Timberland Online, Alessi, http://www.timberlandbaratas.com timberland españa, AQMW, http://www.timberlandbaratas.com timberland...) que des pièces luxueuses réalisées pour des éditeurs prestigieux (Baccarat, Cappellini...), http://www.timberlandbaratas.com zapatos timberland. Il vient de livrer l'H?tel Andaz à Amsterdam, http://www.timberlandbaratas.com botas timberland, un lieu qui relie la ville à son passé, tout en cultivant l'onirisme cher au créateur. Retrouvez cet article sur lemonde.frLa bague de Jér?me FerrariUn peu de tenues... Le volumeLe Ljubljana de Renata SaleclMode : Le mélange des genresDéfilé Manish Arora : secrets de maquilleursInscrivez-vous aux newsletters du Monde.frDevenez fan de Yahoo! Actu sur Facebook et suivez-nous sur Twitter.Related articles:


    http://nativespeaker1.tistory.com/47 Un attentat suicide perpétré

    http://nativespeaker1.tistory.com/38 Une conseillère municipale de Lorgues (Var) reconnue coupable de "menaces de mort" et de "dénoncia

  • high quality watches 2013.04.07 17:59 ADDR EDIT/DEL REPLY

    Time is very limited for me in busy office time, so I always focus on the style of watch.I think your blog is very suitable for me to consider the choice! By the way i recommend watchesblogui a webside I am also fond of.I hope that you would like