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Across the Asia Pacific region, property markets started the year on a strongAcross the Asia Pacific region, property markets started the year on a strongnote, with office, industrial and logistics assets driving the ongoing recovery.
In China, the busy first quarter saw end-users and investors, including foreign investors, closing major deals in keycities. There was a resurgence in investor interest in Hong Kong and Singapore, while Japan witnessed the completionof a number of commercial and residential transactions. In Korea, low interest rates and liquidity continued to fueldemand for office space, a trend likely to persist as competition intensifies for a shrinking pool of assets, while Taiwansaw demand spike for commercial properties. In Australia, a typically quiet quarter witnessed heightened activity in theoffice segment, while New Zealand’s property market, buoyed by policy changes, low interest rates and expectations ofreopened borders, is gearing up for an active year.
In the region’s emerging markets, India saw healthy demand for residential and commercial assets, and investorsremain bullish about the market’s medium to long-term prospects. Vietnam’s property sector is in the midst of arebound supported by government reforms, while Indonesia’s property market is benefiting from a smooth rolloutof vaccines and policy changes that should strengthen purchasing power, improve market confidence and encourageinvestment. Thailand is also witnessing higher levels of market activity, especially in the logistics, warehousing andindustrial sectors, but a rebound in the hospitality sector will depend on the resumption of international travel. In thePhilippines, where the economy shrunk last year for the first time since 1998, the property market is likely to pick upfollowing the easing of quarantine restrictions and the deployment of vaccines. Meanwhile, in Myanmar, the ongoingpolitical turmoil will affect the near-term outlook, but the market is expected to retain its long-term growth potential,especially in the infrastructure and industrial segments.
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