However, for places that are less travelled and less well known, the value is less obvious. Some places are cheaper but riskier, such as Penang in Malaysia. You could lose hundreds of thousands of dollars that would dent your retirement, so don't be misled by low prices. Malaysia and Singapore have strongly rebounded after the recession; I'm not sure if the recession really hit Hong Kong prices.

To pick up on the central theme of your book, 'Turning Crisis into Profit', how does one turn crisis into profit? When the market has given us exceptionally low interest rates and you can get a decent rental and/or resale income, that's something to bear in mind. When borrowing costs are higher, it's tough to profit.

Plus, it's tougher in Asia, where you have to put down more than 30 per cent of a property's value as a down payment, which is about what they put down in the West. Many people are afraid to buy property because they are unsure about their jobs and property values and whether they will be able to meet their mortgage payments. It does concern me that in Hong Kong, some people are getting away with putting down as little as 10 per cent on their mortgages. Markets need to be managed or else people get in over their heads.

However, I do believe someone else's crisis can be your opportunity. Prices in London and New York have come down significantly, though the United States still has further to go because there is still too much supply and too few domestic buyers. London and New York are established markets and pose opportunities for Asian and Middle Eastern buyers. However, I would caution people about Los Angeles, Chicago and Florida; in the short run, they don't make for an attractive story because of their inventory overstock. We don't have that problem here in Hong Kong, Singapore or Shanghai, where supply is tight and the long-term fundamentals look good.

That said, many major Asian [hub] valuations are at ridiculous levels right now and that's prohibitive to many. There's just no way around it - if you want to be in such cities, in the heart of the action, you need to be a high-income earner. But Asians are very aspirational and therefore such places retain their value and cache, so I'm optimistic about higher valuations.

The best Asian cities are Hong Kong, Singapore and Kuala Lumpur. There are some Asian locations where the government doesn't restrict developers too much. Such cities are worth buying in as they attract the best talent [of professionals] and are short on supply, hence better value retention and appreciation. For future hot spots, I suggest looking at Ho Chi Minh City and Hanoi in Vietnam, and the hinterland of China.

What advice would you offer those acquiring property in emerging, distressed and recovering markets? Don't be too leveraged. Pay in cash as much as possible; if you've got the means, buy it outright. Make sure the jurisdiction has a sound legal system giving you watertight legal title. Also, it's important to have a steady supply of tenants if you're buying for investment purposes. If it's tougher to get a mortgage, and if there's no freehold property as in the Philippines, Indonesia or Thailand, think twice.

Do you agree that Asian real estate is relatively recession-proof because the region has the highest population density and seems to be creating wealth faster? Broadly speaking, that's true, but generalisations are dangerous and markets differ markedly. You need to ask how liquid your home is and about the broader macroeconomic prospects of that locale and country. Many people are still crazy about Thai property. They need to ask what the resale value and resale ease is of that home they've just bought on the beach in Phuket. You may not be able to offload it when you want at a price you want.

Hong Kong, Singapore and London have tight supply; there's scarcely enough land to build anything new - that's not true of several emerging regional economies. While markets develop, that can take time.

For the foreseeable future, I would say Hong Kong, Melbourne, Sydney, Singapore and London offer the best investment value and prospects for capital preservation.