Globally, we are witnessing the biggest and most extensive house price boom in recorded history, both in terms of the number of countries experiencing real house price gains, and the number of successive years that house prices have been rising.

However, while property in much of the developed world is at historic peaks, property prices in most Asian countries are well below peak levels. Here, the Global Property Guide explores why.

Essentially property prices in Asia have lagged for three reasons:

1. The Asian Crisis caused a long period of high interest rates, and an economic slowdown, which slowed the growth of the mortgage and real estate markets.
2. Post-crisis loan portfolios were full of defaulted property loans. It took a long time before banks regained the capacity to lend at pre-crisis rates.
3. Poor credit information, weak legal systems, lack of transparency, high revenue extraction by governments in the form transfer taxes and of registration fees, all raise the costs of housing, and discourage lending and housing investment in some countries.

full article:
An indepth Global Property Analysis in Asia

Value follows what and where people want thing....
With the exception of a few resort type locations, these area have not developed anything a large number of people want... so it has low value.

As far as investments, I work with groups spending money who are from key spots in these area, but I would never put money into the area. It would be far less of an investment and more like a gamble.

I have a home in Asia. Its kind of like a slow falling bomb. Bought some cheap country land and put a home up on it for 300,000 and the first night I slept there, the resale value dropped about 100,000. Thats why I insisted to my J-wife, I will buy a home in the US at the same time and unless something very ususual happens, it will be worth more than I paid for it.