I think a large part of it is related to Internet-enabled service delivery, so that for instance, HP can hire people in Manila to provide services to companies

I think a large part of it is related to Internet-enabled service delivery, so that for instance, HP can hire people in Manila to provide services to companies in USA and Europe. Another part of it is the economic modernizing going on - 2 years ago when I was in Manila, Philippines, you needed to have cash when shopping or eating out, and houses/condos were sold for cash (you had 48 monthly payments at 0% interest at the end of which you owned the place). When I was there a few months ago, you could get mortgages up to 20 years long and the bug bundle of cash I brought was irrelevant - every store except street vendors took credit cards. Danger is that the increases in real estate worldwide could give us the mother of all asset bubbles, everywhere, simultaneously.