Worries that fast growing China and India may face a housing bubble similar to the debacle that devastated Japan's economy two decades ago seem overblown. In fact, despite a ramp up in prices for property in Shanghai and Mumbai, the cost of housing is far pricier in places like London, New York, even Moscow, based on the Global Property Guide's study of housing cost per square meter. To put that in perspective, a square meter of property in Shanghai costs about $5,000, compared to more than $ 15,000 in nearby Hong Kong and $20,000 in London. Tokyo, once the world leader in property inflation, has fallen behind Moscow, a telling sign of the times. Those seeking blazingly good housing deals should look to Istanbul or Cape Town. Of course, don't let the word get around, else prices will start creeping up.
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