According to the Demographia International Housing Affordability Survey, Hong Kong was ranked the most unaffordable city to buy property, with Australia and Canada rounding out the top three most overvalued housing markets in the world. Here is a direct video link.
May be time to dust off that Irish passport. Reminding us yet again: credit bubbles boost asset values beyond reason for a period of time and then deflate asset prices to trade below average typically for years thereafter. There has never been one time–ever in history–when this has not been the case. See more from the report here.