Morgan Stanley doesn’t seem to think so. In a recent report it wrote:
Speculative activity seems low compared with previous cycles, with sub-sales at only 13% of total sales vs. 18% in previous up-cycles. Foreign demand has so far been dominated by Indonesian,Malaysian, mainland Chinese and Indian buyers, and a return of more broad-based foreign demand could see prices spike higher. Most important, the en bloc market could return by 2011, as developers’ landbanks start to run down.