Asia’s real estate markets are still considered emerging markets by many, and, broadly speaking, this is correct. However, for a handful of Asia’s most advanced economies, this label is no longer applicable. The term “emerging market” was created by the World Bank back in 1981 in order to rebrand a group of countries that had previously been described as “third world”. A lot of water has passed under the bridge since then, and there are parts of Asia today that no longer belong with the poorest countries of Africa and Latin America.

Asia has developed a handful of highly advanced economies to rival those of western Europe. Singapore and Hong Kong now have a higher GDP per capita than Germany and France; according to the CIA World Factbook, Taiwan and South Korea both have a higher GDP per capita than any country in southern Europe.