International Herald Tribune, 24 Dec 2008
Asia Pacific property markets will soon face “a day of reckoning,” according to the latest edition of a widely-read annual study by the Urban Land Institute and PricewaterhouseCoopers.
While most markets around the world are struggling, “the moment of truth” still hasn’t hit Asia markets, says the Emerging Trends in Real Estate Asia Pacific report for 2009. Falling asset prices, deteriorating debt markets, increasing foreclosures and plummeting transaction volumes are all likely in the first part of 2009, according to the study, which surveys investors, developers, property company representatives, lenders, brokers and consultants.
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