Börsennotizbuch

Neben der Angst vor einer spekulativen Blase an den asiatischen Aktienmärkten (vor allem in China) können sich die Investoren auch um die Lage bei den asiatischen Immobilien Sorgen machen (und überhaupt es gibt keinen Mangel an Sorgen-Anlässe ). Und wenn wir die Geschichte zum Rat ziehen, waren Immobilienkrisen in dieser Region gar nicht harmlos. Economist.com widmet einen Artikel den asiatischen Immobilienmärkten und fängt gleich so an:

TEN years after the start of East Asia’s financial crisis, some economists are fretting that the region is heading for another bust as abundant liquidity and low interest rates inflate bubbles in shares and housing. The bursting of property bubbles in 1997 played a big part in the region’s economic and financial meltdown. Average house prices fell by 20-50% in real terms in most countries between 1997 and 2003. In Hong Kong, nominal prices slumped by as much as two-thirds.

So, die Immobilienpreise sind bekanntlich in den letzten Jahren von Aufschwung und starker Konjunktur in diesen aufstrebenden asiatischen Wirtschaften deutlich gestiegen. Im gleichen Artikel gibt es eine Übersicht der Preissteigerungen.

Aber insgesamt glaubt Economist.com, Entwarnung geben zu können. Die Daten und Überlegungen sind interessant, hier das Fazit:

The only Asian country where a bubble leaps out from these charts is India, where average prices have risen by 16% a year over the past four years, well ahead of average income. It is the only country where house prices have surged by more than in America. In Bangalore and Mumbai prices doubled during 2005 and 2006.

According to Global Property Guide, a research firm, equivalent apartments in South Mumbai now cost three times more than in Shanghai, and not much less than in Tokyo—even though Indian incomes are much lower. Looking ahead the question is no longer whether, but by how much, prices will fall. Property prices in Mumbai and Bangalore have already started to slip this year as mortgage rates have increased sharply.

Elsewhere in Asia, expect home prices to keep climbing. The rest of the world is experiencing its biggest housing bubble in history: never before have real house-prices risen so fast in so many countries. But Asia has yet to join the party.