Around the world, there is still opportunity in real estate. Not at the highest end. For example, in Los Angeles, some areas like Beverly Hills are very pricey. Young people can't go and live there; it's out of the question.
But they can go and live in East Los Angeles, which is developing very rapidly, having previously been a dilapidated area. That’s happening over in other cities such as Berlin, Frankfurt, Munich and Zurich. If I lived in those areas, I would probably invest some money in real estate.
In Asia, we have huge wealth in Japan, South Korea and Taiwan. We have developing countries with very low GDP per capita, as low as $1,000 per annum in Laos, Cambodia, Vietnam, Myanmar. These are regions that will also have rising real estate markets over time. It's is very regional and fragmented, but there are opportunities.
