http://www.property4peanuts.com/
Follow above link to see a listing of properties in the 'greatest economy in world' and see how cheap houses there are now. One can get a nice landed house for less than USD 100k! According to the ads, the current prices are about 40% of what it used to be and can now get returns of more than 10%!
Compare that to prices in 'a first world island in a third world sea' where a landed house costs at least USD 1 mil and with rental returns of less than 5%. (Wah, 'first world island' 10 times more first world than 'greatest economy in the world'.)
That's how a small island get to claim to be first world - squeeze more and more people into that small island and the frenzied competition for the limited space would drive house prices sky high. And voila everyone gets to be filthy rich....on paper. And, like all ponzi schemes, it works as long as there are more and more late comers willing to pay higher and higher prices for them.
Like those Americans used to imagine, so they think....
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