It is Christmas time, so we thought we would just have a presentation with red and green dots showing the best and worst locations in the world for real estate. This also, of course, shows up safe and unsafe collateral. From bright red (extreme valuations) to dark green (ultra-cheap), we spent a couple of months cataloguing the world’s major cities and laid it out for more than 160 cities. The results are below. The best property value (price and yield) in Asia lies in Japan and Malaysia. The worst value all around (globally!) is in Singapore. The cheapest (and healthiest collateral) values for property globally lie in the US, Ireland, Germany and France. Basically the emerging world has little value and western cities have all the value now.
The World it turning upside down – again. To wit:
*1988: The peak of the S&L boom and then came the bust and ultra-low rates. This was the beginning of the “Asian Miracle”.
*1998: The peak of the Asian Miracle and then came the bust and ultra-low rates. This was the beginning of the Western “Great Moderation” and real estate bubble.
*2008: The peak of the Great Moderation and then came the bust and ultra-low rates. This was the beginning of the “BRICS miracle.”
*2013: The peak of the BRICS boom and then came the bust with Eike Batista’s Collapsing Empire. This is the beginning of the Western Recovery.
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Paul Schulte has had a career in equity research which spans 22 years on both the buy and sell sides covering the Asian and emerging markets. He also has 5 years of government policy experience in emerging markets. He has been frequently ranked in top-five…read more
