In many parts of the world real estate has now followed the US Housing Market and real estate is rapidly cooling down across the globe, with the exception of a few sunny spots.

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Housing Outlook in Great Brittan Figures published yesterday by Nationwide, the second-biggest mortgage lender, showed that house prices fell by 0.5% in February, causing annual house-price growth to dip sharply to 2.7%, down from 4.2% in January. The value of the average house has fallen for four consecutive months and the latest signs indicate that the UK housing market is on the brink of a major decline. 

Housing Outlook in Australia The Real Estate Institute of Australia said housing affordability was at its worst since it began keeping records 22 years ago. The average Australian family can no longer afford the average home mortgage, according to new figures that paint a devastating picture of how unaffordable housing has become in cities like Sidney and Melbourne.  Some are saying that the Australia’s housing price bubble is at least 50% larger than America’s. 

Housing Outlook South Africa Standard Bank said in its monthly report yesterday that the short-term outlook for residential property remained bleak. Year-on-year growth in South African residential property prices was flat for the third straight month in February and was expected to be noticeably lower in 2008 than the 8.3% percent annual growth recorded last year. 

Currently the Best Housing Markets  
The strongest real estate market appears to be Singapore with China, India and South-East Asia also emerging as big property growth centers.

Your thoughts on any of the above countries or any other countries you may have knowledge on.