Hong Kong and Singapore have suffered the worst property price falls; whereas Seoul, Kuala Lumpur and Jakatra have been less affected as supply has been tighter.
Hong Kong, mainland China and Japan are tipped by analysts as the property markets most likely to see recovery first.
'All markets have corrected to varying degrees. But Singapore and Hong Kong corrected significantly in the residential and commercial sectors, with both falling 25 to 30%. That is a pretty big correction,' said Piers Brunner, chief officer of Colliers International's Asia office.
'The economise of Singapore and Hong Kong are based on similar key industries such as finance, tourism, shipping and re-exports, all of which have been affected significantly by the global financial crisis,' he explained.
According to Aaron Fischer, head of CSLA's Asian Property Research, the outlook for Hong Kong and Singapore is gloomy. The organisation's latest report on the Asian property market predicts that property prices in first tier mainland cities will fall by 20 to 25% this year and show zero growth in 2010.
In Malaysia the report predicts a further 25% drop over all sectors of the property market but in Indonesia the luxury property sector is remaining stable.
'It is clear that China will recover first given the huge underlying demand and relatively low private home ownership,' Fischer said. He added that China's property market would be helped by central government's stimulus measures.
