Best that property investors in Asia can hope for is a soft landing

Singapore

REAL estate in Singapore just finished a second ho-hum year, with home prices down 3.7 per cent from 2014. But investors only need to look at the gravity-defying markets to their north and south - Hong Kong and Sydney - to better appreciate the risk that they may have been spared. At least until now.

Property prices in all three urban centres saw a massive surge as Western central banks printed cheap money and Chinese home buyers embarked…