If by doing well you mean "do not drop (too much)" then perhaps you have a point. But I thought that the whole point of this game was to make money, not lose as little of it as possible.
I sold an appartment in Aix-en Provence a few months ago and there the downturn was perceptible. Aix, as you know, is one of the most sought after (and expensive) cities in the south of France. The city is now getting hit.
London, especially the upper end of the market, is also under pressure, because the golden boys who made this market are now loosing their jobs.
On Long Island in Greater New York desperate real estate agents are organizing "Foreclosure Tours" using buses rented for the occasion. Prospective buyers are taken from one foreclosed house to another. Latest news is that only one 'tourist' has so far put in a bid.
As before said, I would still wait for this thing to blow over before jumping into any of these markets, and this could well take awhile.

Neustria