Real estate prices are unlikely to drop too much since they're one of the few ways locals can maintain a store of value (if a relatively non-liquid one).
Liquidity is absolutely terrible at the moment and all real estate deals are priced in US dollars (and have been for some time). I'm speculating on that the low liquidity will eventually push the real estate asks down, I mean after all what good is your asking price if no one will ever match it. If not - there will be other buying opportunities.
Sometimes you have to be very patient. The US real estate bubble took ~5 years to fully bottom out, although already in 2009 the prices were very good: https://fred.stlouisfed.org/series/CSUSHPINSA
Liquid assets already took a serious beating (see the REITs that I pointed out).
Sometimes you have to be very patient. The US real estate bubble took ~5 years to fully bottom out, although already in 2009 the prices were very good: https://fred.stlouisfed.org/series/CSUSHPINSA
Liquid assets already took a serious beating (see the REITs that I pointed out).