Which markets are cheap right now in the world?

Looking around I see a lot of very high end marquee properties are either for sale or just sold eg Playboy Mansion, Bill Koch's Elk Mountain Lodge, Jeff Greene's Palazzo di Amore, Tom Barrack's Never Land ( formerly Michael Jackson's) etc., most of these properties were bought during or right after the credit crisis which tells me that smart money thinks real estate has topped....

http://la.curbed.com/maps/most-expensive-houses-los-angeles

 

I don t know how indicative this is from a top, in the article below the author states " U.S. equities are trading at all-time highs compared to housing prices "

http://www.marketwatch.com/story/ba...al-as-inflation-makes-its-comeback-2016-10-17

Aain looking at some US REIT charts i'm not convinced they are any use with a diversification goal as they follow closely the SPX ( I checked a couple of months ago, not sure if they are expected to diverge when stocks go down, but without checking the charts in 2008 they must have dived in unisson)

 

Luxury Housing Risks: Echoes of The Great Recession

 

Mexican Peso and Russian Ruble, against the Euro and Japanese Yen.

 

The stock exchanges of Russia, Brazil, and Poland; European financials; producers of coal, natural gas, copper, steel, uranium, and nickel; silver and oil as commodities.

 

Palazzo di Amore has been reduced $66M, now only $129M.