Cushman & Wakefield data shows that, as at March 31, 2026, the Asia REIT market comprised 289 active real estate investment trust (REIT) products with a combined market value of US$279.4 billion, up 18% from the end of 2024. The market entered a new phase of expansion through the 2025–2026 period, adding 26 products, with the Chinese mainland contributing 21 new listings and serving as the region’s core driver of issuance. While the U.S. listed equity REIT market remained more than five times larger by market value, Asia’s relatively smaller scale continues to point to substantial long-term growth potential.
The regional landscape continued to reshape. Mature markets stabilized and recovered moderately, with market values in Japan, Singapore, and Hong Kong rising approximately 12%, 14%, and 8%, respectively, from the end of 2024 to March 2026. Emerging markets expanded more rapidly: India launched new REIT products and increased market value by 62%, surpassing Hong Kong for the first time to become Asia’s fourth-largest REIT market by market value; the Chinese mainland public REIT market entered a regularized issuance phase and recorded strong market value growth; Malaysia, South Korea, the Philippines, and Thailand also posted gains supported by new products, policy development, and improving investor sentiment.
The Chinese mainland remained one of the most important growth stories in the region. As at March 31, 2026, the market had 79 listed public infrastructure REITs with cumulative issuance of RMB215.5 billion and a combined market value of approximately RMB221.3 billion. The launch of the commercial real estate REIT pilot at the end of 2025 broadened the eligible asset universe to offices, shopping malls, hotels, outlets, and mixed-use commercial assets, creating a new securitization channel for stabilized operating properties and opening long-term room for market expansion.
Looking ahead, Asia’s REIT market is expected to continue evolving through the dual forces of mature-market stabilization and emerging market expansion.
Key Highlights
- Asia's REIT Market is Growing Again. Market value increased 18% from the end of 2024 to US$279.4 billion as at 31 March 2026, reaching 289 active REIT products across the region.
- Chinese Mainland Broadens Beyond Infrastructure. The commercial real estate REIT pilot now includes offices, shopping malls, hotels and mixed-use assets, creating a new capital recycling pathway for stabilized assets.
- India Reaches Institutional Scale. India's REIT market value rose 62%, becoming Asia's fourth-largest REIT market by value. In addition, India’s REITs portfolio size almost doubled in a year.
- Singapore REITs Remain Active Buyers. Singapore-listed REITs completed S$8.8 billion of acquisitions in 2025, highlighting continued appetite for quality assets.
- ESG Is Becoming Investment-Critical. Asset quality, operational performance, income resilience and ESG disclosure are becoming increasingly important differentiators for investors.
