Australia

“Recent rate stability has been welcomed by investors as an indicator that the peak of the cycle in now within reach, helping to buoy confidence levels as global capital’s preference to increase its exposure to Australia remains steadfast.” – Katy Dean, Australia

China

“Economic fragility, persistent uncertainties, and a significant spread between asking and bidding prices continue to hinder investment volumes. The increasing frequency of public auctions for seized or distressed assets, as well as the growing participation of insurance companies, is gradually easing these challenges, however.”  – James Macdonald, China

Indonesia

“Demand for retail and hotels continues to accelerate while the office and apartment markets are still struggling with limited demand and falling values.” – Tommy Henria Bastamy, Indonesia

Hong Kong

“During Q3, interest in the office sector remained limited to end users, while market attention gravitated towards high yielding retail assets. Additionally, the hotel sector continued to attract Mainland capital.”  – Jack Tong, Hong Kong

India

“Despite global uncertainties, India saw sustained investment momentum in Q3/2023, mainly owing to domestic factors. Foreign investors also played a role, placing long-term bets on Indian real estate as evidenced by some big-ticket office deals.” – Arvind Nandan, India

Japan

“Japan’s economy is making steady progress in the post-pandemic era, and corporate performance has picked up notably. The stabilised credit markets, in conjunction with the weak yen and rapidly recovering inbound tourism should continue to support demand for Japanese real estate.” – Tetsuya Kaneko, Japan

Pakistan

“Despite strong ongoing macroeconomic headwinds, Lahore’s office market has remained robust in Q3/2023, with high occupancy levels and more upcoming supply to service the city’s office needs which remain underserved.” – Nadine Malik, Pakistan

Philippines

“A challenging economic landscape and changing working practices have resulted in elevated vacancy rates and softer rents across most districts, a situation unlikely to turn around until at least 2025 unless a new demand driver appears.” – Fred Rara, Philippines

Malaysia

“The third quarter saw the highest level of transactional activity since the onset of the pandemic, and along with improving economic conditions and political stability (at least momentarily), prospects for a continued recovery in the Malaysian property markets look promising.” – Nabeel Hussain, Malaysia

Singapore

“Tougher residential cooling measures, expectations of a prolonged period of high interest rates, and economic challenges have combined to induce greater caution amongst investors and developers.” – Alan Cheong, Singapore

South Korea

“From a leasing standpoint, the Seoul office sector may be an exception in the region with vacancy rates approaching zero. However, the market is similar to its regional counterparts in experiencing sluggish transaction activity.” – JoAnn Hong, South Korea

Taiwan

“Commercial property market activity slowed in Q3/2023 with total volumes dropping by 60% YoY given the lack of investment opportunities in core areas and the absence of insurance companies.” – Erin Ting, Taiwan

Thailand

“Occupancy rates in Bangkok, Pattaya, and Phuket are showing a gradual recovery but while progress has been steady, a full resurgence is still on the horizon for these key destinations." – Puncharas Angkeaw, Thailand

Vietnam

“Manufacturing, trade, and services will continue to drive Vietnam’s economic growth while real estate M&A activity is increasingly vibrant.  The State Bank of Vietnam has continued to chase down interest rates to 2020 levels, a good sign for residential property.” - Troy Griffiths, Vietnam