The current real estate cycle feels a bit like that clock; people have been talking about how we’re at the peak for at least a couple of years, but the post-GFC market run has continued. However, while nuclear conflict is not inevitable, the end of an economic cycle is.

Even if the global economic cycle has hit its peak – the World Bank is forecasting GDP growth to fall to 3% and 2.9% in 2019 and 2020 respectively – Asia Pacific real estate markets are not headed for disaster. Mature markets here are solid – Tokyo office values are 20% below their 2008 peak – and Asia’s banks remain well capitalised.

The real strength of Asia is in its emerging economies such as India, where Savills has committed to a strategic expansion, and Vietnam, a growing manufacturing location with an emerging middle class. These countries and others in the region have a positive economic and demographic story: for example the median age is 28 in India and the World Bank forecasts 7.5% GDP growth next year and the year after. These positives will drive emerging Asia through multiple cycles.

Meanwhile China, moving inexorably to being the world’s largest economy, stands somewhat apart as a developing nation with some truly mature city markets.

Asia has been remarkably politically stable in recent years, something other parts of the world will envy, and this looks set to continue, further adding to the region’s resilience. There will be challenges in 2019, but the region has nothing to fear.