There is a housing boom in Russia where prices in an exclusive area of Moscow known as Ostozhenka, housing exceeds $10,000 per square meter. That translates to just under $1,000 per square foot. After New York, Moscow has the highest concentration of billionaires.
Mortgage financing is a relatively new concept in Russia and is helping fuel the boom. Lack of supply, is also fueling the boom, but as little as 6 months ago, the government was saying there was no housing boom.
Like Russia, China and Korea are seeing lack of supply and ready credit is very similar to the US situation. The housing boom pattern seems to be similar around the globe, however, the disparity between the entry and luxury segments as well as investor speculation in China, Korea and Russia are at a higher level than seen in the US.