Yes and the very real danger here is a glut in apartment supply.
When this bubble bursts, in history repeating itself, we must not fall into the same trap that killed the Celtic tiger, or destroyed the Spanish economy; and try to save the market, by propping up the debt laden foreign developers, with taxpayer's funds.
Free enterprise must also incorporate inherent risk, if only to remain free enterprise.
And very few smart operators, would be hurt by a necessary adjustment.
A good businessman know when to cut his losses and get out.
Fortunately, that just doesn't seem to apply to the greedy, or indeed, the (overpopulated/over represented) commission junkies, who seem only able to talk up the housing market, even when it has climbed way up into fantasy land!
Rhrosty.