Osaka, Shanghai, Tokyo, Singapore, and Taipei

According to Urban Land Institute (ULI) these are the real estate hotspots in Pacific Asia. Two of the top three are in Japan, ULI seems to be endorsing the Japanese market strongly, an indication that the poor economic situation there is nearly over. Here is the quick & dirty run down of their Asia Analysis:

Strong development markets include Bangalore, Ho Chi Minh City, and Mumbai, and these cities also are high on investors' buy lists. Other solid buy cities include Guangzhou, Bangkok, Beijing, Seoul, New Delhi, and Kuala Lumpur. The relatively mature markets of Melbourne, Hong Kong, and Sydney are viewed as hold markets. Manila and Jakarta are the lowest-ranked cities in the survey.

What are developer/investors working on in these cities. Offices are at the top of the list with the highest amount of investment. Just behind that is the hotel & resort sector. "New Delhi ranks as the best market for purchasing hotel and resort properties, with Mumbai, Ho Chi Minh City, Beijing and Taipei following." There're two Indian cities on that top five - it looks like the tourism industry is about to come to India in a big way.

Beyond offices and hotels the report says that retail, industrial/distribution, and housing are expanding in that sequence. I have only read the press release, but the full report is available on the ULI website.