Australia

“While uncertainty around the economic outlook and future path of interest rates may foster some caution in the short-term, investors are recognising the improving risk-return prospects ahead of them, setting the stage for a gradual recovery in investment activity in 2024, into 2025.” – Katy Dean, Australia

China

“Despite a general decline in annual investment volumes across various geographies and asset classes, a surge in activity emerged towards the year-end. Sellers demonstrated resilience by adjusting valuations and expectations, while creditors processed seized assets. Despite the challenging overall market conditions, the retail and multifamily sectors maintained a bullish momentum, benefiting from government support and heightened expectations due to increased REIT activity.”  – James Macdonald, China

Indonesia

“Despite the global economic slowdown, Indonesia remains an attractive investment destination for both foreign and domestic investors. This positive sentiment is despite the fact that certain sectors remain under pressure, due to rising interest rates.” – Tommy Henria Bastamy, Indonesia

Hong Kong

“A generally lacklustre 2023 was lifted by some large deals which were inked in the final quarter of the year as good quality stock came to market, attracting end-user interest.”  – Jack Tong, Hong Kong

India

“On the back of recovering commercial markets and improved sentiment, investment in Indian real estate is poised to rise. Growth segments including data centres, life sciences and student housing are expected to provide lucrative opportunities in 2024 helping investors rejig strategies and diversify allocations.” – Arvind Nandan, India

Japan

“Japan's corporations are thriving, and optimism remains high for further wage growth. Monetary policy normalisation is expected, but the increments in interest rates appear modest, and we expect to see continued investor appetite for real estate.” – Tetsuya Kaneko, Japan

Pakistan

“Despite strong ongoing macroeconomic headwinds, Karachi’s office market remained robust in Q4/2023, with high occupancy levels and sufficient upcoming supply to service the city’s steadily growing office needs which remain underserved.” – Nadine Malik, Pakistan

Philippines

“The Philippine economy continues to beat expectations amid inflation woes while the Metro Manila office market is slowly gaining momentum. Office leasing activity is focused on a flight-to-quality to new green buildings." – Joshua De Las Alas, Philippines

Macau

“Real estate policy changes are having an impact on the property market landscape.” – Franco Liu, Macau

Malaysia

“Transactional activity totaling nearly RM4 billion, including commercial, residential and industrial real estate was concluded in Q4/2023, fueling optimism for 2024.”– Nabeel Hussain, Malaysia

Singapore

“Investment sales continue to be dogged by economic uncertainties and the lack of value-add opportunities which can overcome high borrowing costs.” – Alan Cheong, Singapore

South Korea

“Approaching year-end, investors exercised caution across all sectors, particularly in light of the ambiguous path and timing of interest rate movements amidst a pessimistic economic growth outlook.”  – JoAnn Hong, South Korea

Taiwan

“Taiwan’s commercial property market survived 2023 mainly driven by local technology companies, with annual transaction volumes at the same level as last year given sluggish exports and a high-interest rate environment.” – Erin Ting, Taiwan

Thailand

“Notably, Chonburi surpassed Bangkok for the first time since 2018 in foreign residential unit transfers. Despite this, Bangkok retained dominance in transferred value, capturing 57.7% of the total." – Robert Collins, Thailand

Vietnam

“2023’s real estate performance was muted. However, the macroeconomic environment, public investment, inflation control, and FDI are forecast to support growth in 2024. The recently passed Land Law will usher in an era of change, boost developer confidence and accelerate infrastructure spending.” - Troy Griffiths, Vietnam