International real estate agency Knight Frank anticipates that the Indian property surge, which characterized most of 2007, is likely to extend into 2008. However, this forward momentum may be affected by the ongoing credit crunch. Therefore, prospective buyers are advised to "wait and watch for a month" before making any investment decisions. According to projections released by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in January, the Indian real estate market is expected to grow between 40% to 45% in 2008. This follows a substantial growth rate of 35% to 38% over the prior two years, predominantly due to significant inflows of investment into the country. "In certain cities, yes [the boom will continue]. In the centre of towns and cities such as Mumbai and Delhi the boom is continuing, but I do not know what is going to happen with the present situation," remarked Jaideep Singh, who leads the India desk at Knight Frank. Further evidence of this market's resilience is highlighted by a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE), which was published in February. This survey indicated that India’s thriving property sector has captured the attention of foreign investors, placing it within the top three property markets globally. Presently, following the US and China, India offers the most promising opportunities for capital appreciation worldwide.