Australia

“Recent campaigns are highlighting the preference for global capital to increase exposure to Australia, and this will play a significant role in unlocking investment activity during the second half of 2023.” – Katy Dean, Australia

China

“International investors have been taking stock of the China market in the first quarter, as the country reemerges from three years of self-imposed isolation. Market fundamentals are challenging with a weakened economy and elevated vacancy rates and falling rents. Nevertheless, inflation rates remain manageable and borrowing costs are lower than they were a year ago.”  – James Macdonald, China

Indonesia

“Several factors have restored confidence in the market, and there is optimism that the economy can grow by 5.1% in 2023 even amid global economic uncertainty.” – Tommy Henria Bastamy, Indonesia

Hong Kong

“Recovery is finally underway but at a slower pace than expected thanks to higher interest rates, supply bottlenecks and labour shortages among other factors. The hospitality and retail sectors are inevitably attracting most investor attention.” – Simon Smith, Hong Kong

India

“2023 started with caution as worries over a looming global recession clearly impacted investor confidence. Quarterly investment activity therefore fell by 97% to US$45 million, with offices being the preferred asset class.”– Arvind Nandan, India

Japan

“An uncertain outlook on interest rates has made investors more selective, although transaction volumes remain elevated. The picture is likely to be clearer in Q2, which should help investment gain momentum.” – Tetsuya Kaneko, Japan

Pakistan

“Pakistan's economy faces a difficult year ahead with lower growth projections, dwindling foreign exchange reserves, and soaring inflation. Despite these challenges, the retail market has shown resilience in Q1/2023.” – Nadine Malik, Pakistan

Philippines

“Although we saw a rebound in spending in the hospitality sector, discretionary spending on tourism may be affected by higher interest rates this year.” – Fred Rara, Philippines

Malaysia

“It bodes well that the significant transactions seen during the quarter are primarily between non-related parties. We are also encouraged by the pipeline of transactional activity, but a lot depends on the new government’s ability to provide an extended period of political stability.” – Nabeel Hussain, Malaysia

Singapore

“Although interest rates are still an issue for income producing properties, choice assets still command a following.” – Alan Cheong, Singapore

South Korea

“Under difficult conditions, we note a subdued quarterly investment turnover despite pricing discounts.” – JoAnn Hong, South Korea

Taiwan

“Multiple challenges, including a gloomy economic outlook, rising interest rates, and newly launched cooling measures have made buyers more conservative, and transactions slumped in Q1 as a result.” – Erin Ting, Taiwan

Thailand

“Thailand's real estate market has seen favorable growth in recent quarters, especially in the residential sector, with foreign buyers accounting for a significant portion of condominium purchases.” – Puncharas Angkeaw, Thailand

Vietnam

“Government support for real estate has been noticeable in the first quarter with the implementation of new decrees and resolutions and a move towards reducing interest rates. These policies are likely to have a notable positive impact, with a brighter outlook expected in Q3/2023.” - Troy Griffiths, Vietnam