With a total return of 4.7 percent during the month, Asia Pacific real estate stocks extended their winning streak in July to six consecutive months of positive returns. 

Global invested property stock set a new record level of US$12.9 trillion at year-end 2013, driven by improving sentiment and capital value recovery, according to the 40th edition of the Money Into Property 2014 report by DTZ.

Southeast Asia has confounded many a real estate investor. Its fragmented markets and ever-changing political landscape make for a rough road. It may not have suffered all that much in this past financial crisis, but that is mainly because it went through one of its own 10 years prior to the onset of this one. 

Even a half-decade after the global financial crisis, participants in Asian emerging property markets keep a close eye on the major central banks of the Western developed world: the US Federal Reserve Bank, the Bank of Japan and the European Central Bank. And, increasingly, they also watch the People's Bank of China.

Some rock stars write hit songs about mythical places, such as a kingdom hidden somewhere in Inner Asia. Others are elected presidents of great nations and promise to turn the mythological into reality. The smashing election of new India prime minister Narendra Modi is one of those occasions that promise the latter. 

By 2015 the Association of Southeast Asian Nations is targeting full economic integration. Will the 10 member nations of ASEAN be able to create a collective economy similar to that of the European Union? As the deadline approaches, what are the opportunities and challenges ahead?