Like you fren, I also thought we'll have correction starting in 2012. I foresee this correction however will only be applicable to areas or developement where :

1. "New money" areas / development
2. Areas or development where its instrinsic value does not match similar, same locale developments. Lay man terms, OVER PRICED.

My bet is areas like TTDI, BU, DU etc will hardly kena....................

1st QUARTER 2011 PROPERTY BAROMETER
Posted Date: Feb 18, 2011
By: iProperty.com

NEW YORK

New York City’s housing market nished 2010 with a 10% increase in sales prices over the last 3 months of the year. According to the Real Estate Board of New York, Manhattan saw the highest prices and the biggest surges, with average prices increasing 13% during Q4 2010 to US$1.45 million. Nouriel Roubini and John R. Taylor, known as the "Dr. Dooms" of nance, and John Paulson, the hedge fund manager who made hugely successful bets on when the housing bubble would burst, are some of the Wall Street heavyweights who have recently purchased New York residential property. This is perhaps the most positive sign for the Manhattan property market since the nancial crisis and we expect prices will continue to increase during 2011.

KUALA LUMPUR

Malaysia had a very strong year during 2010. The implementation of two economic stimulus packages, allied with the encouraging performance of the manufacturing and services sectors, which both expanded by 7.5% and 5.4% respectively during Q3 2010, led to an estimated GDP growth of 6.5% during 2010. The Malaysian Ringgit, the best Asian emerging market currency in 2010, is expected to continue its strong performance in 2011 with a 4.7% gain, after its 12% appreciation last year. We expect the Kuala Lumpur property market to remain stable during 2011 and estimate growth levels of 5% on the back of increasing transaction volumes during 2010 and an ambitious economic transformation program. According to the World Economic Forum, Malaysia was the only emerging market to enter the top 20 list of countries in the world’s financial development index.

LONDON

The London property market is expected to continue a similar pattern to 2010. Supply of new housing is expected to remain limited as funding for construction remains tight and mortgage lenders continue to favour the equity-rich. London’s lack of real estate stock, along with local buyers’ diculty securing nancing, is expected to continue to spur London’s rental markets. Rents performed well in 2010, rising by 16% and this trend is expected to continue in 2011. What has been key to the UK market is the low interest rates; the UK base rate remained at 0.50% after the Bank of England’s January meeting; however economists expect it to rise to 1% later in the year. Even with this increase, interest rates would still be at a historic low; interest rates averaged 5.18% from 1997 to 2007. IP Global does not see a particularly steep recovery, but with low interest rates and high rental yields the UK will still oer strong value over the next 12 to 18 months.

CHINA

China's Economic Forecasting Institute has estimated that during 2011 the country’s GDP will expand by 9.8% with ination forecast to average 3.7% for the year. Ination is expected to reach its highest level in Q1 2010 as a result of rising commodity prices and salaries. China’s central bank has raised interest rates twice since October 2010 to curb the country’s rampant growth and has also recently announced property purchase limitations for second and third-tier cities as a result of property prices still increasing by 0.3% during December to end 6.4% higher y-o-y. The level of restrictions now faced by property investors and the likelihood of more during 2011 gives IP Global the view that investment elsewhere in a less speculative market will oer investors more security.

DUBAI

Recent data has highlighted that Dubai house prices are almost 60% below their peak levels. According to Reuters, this is set to drop further by 5% during 2011, as new units are released onto the market, therefore increasing supply. With rents in the city decreasing, interest rates still high and service charges inated, many buyers are expected to wait and review the Dubai market later in 2011.

GREECE

The outlook for Greece continues to look bleak. The Euro currency continues to struggle and Greece’s debt levels remain high at 140% of their GDP. Desperate to raise funds, Greece oered 6000 of their Islands for sale in 2010, which were previously o-limits to citizens and foreigners. Greece only just avoided the danger of default by securing a multi-billion Euro rescue package from the EU and International Monetary Fund (IMF) over a three-year period, agreeing to painful austerity measures and reforms. Greece’s economy is expected to contract by 3% this year and whilst their economy continues to deate, IP Global does not suggest investment in this market.