Uncertainty continues to surround the Brexit saga, which, in turn, continues to disrupt the foreign exchange markets, raising the costs and risks of cross-border investing for U.K. and continental European investors (for more on Brexit, see “Just a minute, please”). The result has been a significant slowdown in capital flows from the United Kingdom and Europe into U.S. and Asia Pacific property markets. This, coupled with the decline in Chinese capital flows, can only serve to extend the current property market cycle in these regions.

It’s interesting, around the globe, investors no longer want to talk much about where we are in the cycle. It has even become a bit politically incorrect at our various editorial advisory board meetings to talk about being late in the cycle. Almost everyone admits no one really knows what the proper “cyc