Skater,
My cousin who lives in the U.S does quite a bit of real estate investments and apparently the market there is like Oz 3 years ago. She's making a mint at the moment. Currently, she's interested in buying land on the Florida Coast with ocean views or close to the ocean. I think she said it cost US$50k approx and they have alraedy increased by 30%...I don't know if I heard her correctly but it sounds very cheap to me. At that price you could almost afford to buy and hold for land. Interest rates is like 1% last time I heard.
Maybe because there's no immediate rental income to offset the mortgage, US people aren't interested in land acquisitions hence so cheap.
Another city is Johannessburg, my best friend lives there and they're about to purchase their 3rd property. The 1st, bought a few years back has more than doubled in value. She says the market there is really hot.
With the UK market, London specifically, it seems there are bargains out there if you look hard enough. My friend's in the process of buying a house in London (probably a townhouse), with 3brs for GBP190k. Sounds very cheap considering semi detach in Nth Hampton sell for that price.
HongKong mostly apartments with expensive body corporate fees but I have friends that are making loads buying new off the plan prestigious Condo's and re-selling. That's all too risky for me.
The only negative about UK is that it's not the norm to use property managers to let out and collect rent for you. Everyone i know collect rent and let out the houses themslves. Their mentality is why pay someone when you can do it yourself. The tenancy laws don't seem that strict their either...seems tenants don't have equal rights unlike in Oz where Tenants have even more rights.
That's why so many foreigners invest in Oz...it's just so much easier here. Relatives from UK have properties here and they never come over to check on them as it's all managed so well and the tax benefits make it even more attractive.
I'm very interested in U.S though.