Anyone sitting in an unwanted house, who has seen their equity decline and fall in the last couple of years, might not want to hear any more about the dire state of the British, or New Zealand, property markets.
However, they might want to know about other parts of the world.
The Asian region comprises many different nations, which include different cultures, systems of government and standards of living. The property market throughout Asia has therefore been affected differently.
The Singapore market has been falling dramatically since the start of this year, and there is speculation that the Japanese market will hit rock bottom next year and be rife for buyers. Indian prices have also been falling, but may be picking up, though developers are being accused of being greedy by putting up prices as interest rekindles, risking stalling the turn-around.
Philippines real estate is currently holding its own, but predictions are that the recession will cause UK and US companies to recall their expats towards the end of this year, leaving a glut of unwanted luxury apartments in the major cities, such as Manila.
Conversely, China is experiencing strong recovery, though banks are being warned not to over-lend (buyers in China are required to furnish a 40% deposit). Nepal is in a mini-boom as wealthy Nepalese are looking for safe places to keep their money, and prices in Vietnam are soaring.
So there is certainly a varied picture coming out of Asia. There are opportunities to be had for the wise investor but the main lesson to be learned from the recent US fiasco is to ensure you have tangible assets and to not over-reach or over-gear.
Tags: Asian real estate, China property, India property, Japan property, Philippines property, property market, Singapore property, Vietnam property