Asia's Resilient Property Markets Come at the Price of Affordability
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Asia's property markets have been relatively resilient compared to US and Europe, but this has come at the cost of deteriorating affordability.
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Residential prices across Asia have rebounded or continued to rise, with the exception of Hong Kong.
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Commercial real estate values in Asia have not fallen as sharply as in US and Europe, resulting in a "negative carry."
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There is less leverage in Asia's commercial property markets compared to US.
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Fundamentals of Asian property markets are stronger than US, but a drop in US interest rates could shift investment away from Asia.