Hong Kongers, who turned pessimistic about property early in 2008, now seem to be at something of a stalemate: Buyers are unwilling to commit unless they see a real steal, and sellers are unwilling to cut prices all that much.

It will take far more economic pain to bring these boom cities, the beneficiaries of tremendous economic growth, back to real estate reality.

• In pictures: World's best places for real estate buys

Singapore's historic row buildings – with their colorful facades and European -inspired motifs and louver windows – are in demand among home buyers.

What do analysts for two of the world's largest real estate agencies - one in Europe and one in Asia - think about the state of the property industry?

Bob and Sofia Simpson spent 10 years building their villa outside Athens but they now say it has been more than they ever hoped for.

In recent years several of Austria's provinces have relaxed the rules that historically prevented foreigners from owning property, but it was those restrictions that kept prices low in the country's second-home market.

Fueled by rising tourism, the property market on the Indonesian island of Bali has been on a roll in recent years, especially at the high end. And while the worldwide economic crisis has stalled some of that growth, the cash nature of this Southeast Asian market is offering some protection from the sharp price downturns occurring in the rest of the region.

Three years ago, Carol and Paul Pearson decided to buy a second property in their home town of Windermere, in England's picturesque Lake District. Now they are among the growing numbers of second-home owners racing to rent properties that, in many cases they cannot sell and cannot afford to keep.

Buzios, Brazil, was international right from the start, when French, Spanish, Portuguese, Dutch and English pirates arrived in search of New World riches. Now, it's an eclectic mix of expatriates with every walk of life represented.

The rolling fields of North Carolina and the dairy herds of Sherri Snelson's childhood are a world away from her new life in London and her four-story Victorian house in the heart of the vibrant Fulham section of the city.

After two years of double-digit growth, the luxury sector is expected to see more declines.

The old brick warehouses that once received cargoes of cane sugar, spices, furs, rice, cloth and wine are becoming some of Antwerp's most desirable residential properties.

Beit Zayit, located in the hills just outside of Jerusalem, has transformed itself from a chickens-in-the-backyard neighborhood of simple stucco homes to a suburban enclave of more luxurious, pool-in-the-backyard houses.

With its intimate link to the worlds of fashion and design, few would connect Milan to the Bohemian life. But Elinor Schiele's living space does bring to mind the home of a struggling writer or artist.

No man is an island. But plenty of people fancy the idea of owning one.

Nguyen Qui Duc wanted a weekend retreat from Hanoi and he found it in the mountains of Tam Dao, Vietnam.

• Photos: In Vietnam