Emerging Asia has witnessed rapid growth of private housing and market-based housing finance in the past decade; nevertheless, market development has been uneven across countries. There is evidence that, in those economies with more flexible housing finance markets, house prices are more responsive to overall changes in market conditions, particularly equity price movements. Over the past decade, Asia-Pacific economies have made significant progress in developing private housing markets and market-based systems for financing home purchases. However, development has been uneven across countries due to the heterogeneity in market infrastructure and economic development.