Real estate price in South Asia is rising at a rapid pace.The market price is clearly dictated by demand. South Asian population is growing by leaps and bound. The inherited land is getting subdivided again and again to such a point that it does not make sense to divide any more. Current trend is to build high rise building and divide the units among siblings. When construction cost is a factor, a third party developer is involved. The developer builds the building, keeps a certain percentage of units to resale and distributes the rest to the land owners.
Unlike in North America, real estate price almost never go down. Most people rely on their savings to make a purchase. Unemployment rate or mortgage interest rate has very little to do with housing price.
