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A group of real estate experts downplayed the possibility of a Japan-like property bubble burst at a forum hosted by the Korea Chamber of Commerce and Industry on Tuesday. Participants who shared the view that South Korea's property market is different from Japan included professor Choi Hee-gap from Ajou University. Choi said that Japan suffered a property market crash - ?which was initiated by enterprises in the 1980s? - in the wake of policymakers? rapid hikes in interest rates in the 1990s. ?Unlike the Japanese case, Korea saw the expansion of the realty market on the back of active investment of households," he argued. ?Further, thanks to financial authorities? strict regulations on mortgage loans over the past several years, a bubble in housing prices is not so big." But he added that the government should implement detailed measures to cope with the aging society and resolve worries over a sharp drop in housing prices. Kim Deok-ryeh, a researcher at Korea Housing Institute, said whether the sluggish real estate market will be revitalised depends on ?the pending bill on easing regulations, the coming presidential elections and the eurozone fiscal crisis?. Among the participants were officials from the Ministry of Land, Transportation and Maritime Affairs, Hyundai Research Institute, Citizens? Coalition for Economic Justice and the Korea Housing Builders Association. About 180 business leaders also participated in the KCCI forum as observers. Meanwhile, Hyundai Research Institute recently warned that Korea may follow in the footsteps of Spain and Ireland as the country is now past its demographic window, the period when the percentage of people able to work reaches its peak. ?We must be mindful of the possibility of a property bubble burst as a sharp fall in the proportion of the working age population cuts demand for real estate," an HRI analyst said in the report titled ?Time to Prepare for Demographic Bo

Egypt's new president Mohamed Morsi is reconsidering the peace agreement with Israel and ties with Iran in an attempt to build a strategic balance in the region.   Morsi was quick to announce that all issues will be addressed by governmental bodies as he will not make decisions on his own, according to Springhill Group Home.   "Part of my agenda is the development of ties between Iran and Egypt that will create a strategic balance in the region."   Morsi has convened with his advisors to form a new Cabinet prior to his swearing-in on Saturday as the first freely-elected leader. On the other hand, the defeated candidate Ahmed Shafik was found to have left the Egypt in the midst of mounting fraud charges against him since his time as the nation's civil aviation minister.   The Muslim Brotherhood's candidate has pledged to become a leader for all Egyptians.   "I will be a president for all Egyptians. I call on you, great people of Egypt… to strengthen our national unity - the only way out of these difficult times," Morsi said hours following his being declared the new president.   Egypt has breathed a collected sigh of relief when the election and proclamation have finished without the feared bloodshed. Morsi's triumph, also marking Egypt's first fair and free election in the modern times, followed almost 2 years of political upheavel and civil unrest from Hosni Mubarak's military-rule.   Britain, France, US and the European Union have deemed the democratic election and the winning civilian president as significant parts of Egypt's history. The US in particular has encouraged Morsi to continue Egypt's transition to democracy that began last year.   However, even if Morsi has already resigned from the Muslim Brotherhood of Egypt when he was elected, Israel is still worried of him for his Islam affiliations that could possibly endanger the peace of the two neighboring nati