South Korea might be the country to watch. In Korea too, for many decades people have been sold on the dream that homes will always be a fantastic, high-return investment. But the lowest birthrate in the world means the population already shrunk last year. Covid will have played a part by causing excess deaths but those were quite low in Korea. Adversion to immigration as a potential solution is even higher than in the US and this seems very unlikely to change as well. It will be interesting to see what happens to the housing market giving the extremely rapid aging of the population that is already happening.