Asian property markets now cooling

By Accommodation Times (www.accommodationtimes.com)

Several countries in Asia had been facing rising prices of property during the year to end Q3 2011, albeit less strong than last year, following the government measures to curb the heat in their respective housing markets.
Hong Kong, house prices were up 12.07% year-on-year, after a rise of 19.30% the previous year.
Malaysia, house prices rose by 3.15% year-on-year, after a rise of 5.76% during the same period
last year.
Singapore, house prices rose by 2.73% year-on-year, a big drop from last year’s 18.96%.
Taiwan, house prices were up a mere 0.46% year-on-year, after a rise of 6.97% during the same period the previous year. During the latest quarter, house prices were down 7.02%.
However, housing markets inSouth Korea and Philippines(Makati CBD) improved from a year earlier with price rises of 1.55% and 0.89%, respectively.
In Japan (Tokyo) and China(Shanghai), housing markets have been deteriorating since Q1 2011, and during the year to end Q3 2011, house prices dropped by 1.99% and 4.16%, respectively. House price declines are being reported across China, indicating the success of government measures during the past year. The country’s skyrocketing housing prices have been blamed for social tensions and other economic problems.