Property prices high in asia

Property prices in much of Asia are still undervalued compared with pre-crisis levels but are expected to keep gaining in momentum, a report from a research house said Monday.
Singapore's strong showing this year underscored a more general recovery in the region since the 1997 Asian financial crisis, said The Global Property Guide. "Singapore is attracting and admitting more foreign-born workers, which is positive for prices," said the online report.
Residential property prices in the city-state surged by 24.3 per cent after adjustments for inflation to emerge as the world's hottest this year, Global Property said, followed by Shanghai, up by 20 per cent.
Robust economic growth accounted for the performances, the report stated. In Asia, it recommended Singapore, Thailand, Cambodia, Japan, Australia and New Zealand to investors.
Global Property cautioned against investing in Europe, with the exception of a handful of Eastern European states, because of high valuations after a long period of price appreciation.
The report found Egypt attractive for its high rental yields and low taxes but warned of a possible oversupply in Dubai, United Arab Emirates.