The unravelling of international financial systems and subsequent contagion into the broader world economy has clearly inflicted multiple wounds on residential property markets. Even the luxury end has been hit as high-net-worth individuals watch their investments in shares and, most recently oil, nosedive. The cost of existing debt has risen and new credit lines have become rarer and tighter. And we have seen huge and rapid currency fluctuations, which have a big effect on cross-border purchases.

Admittedly, it is an odd time to be recommending places to buy a house. But, as we move into 2009, with prices falling and more distressed sales coming to the market, it could just about make sense. Those with money are starting to scavenge for bargains.