CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}
Landing page banner desktop – 2352 x 1040_2024-2025 Asia REIT market report.png Landing page banner mobile – 750 x 480_2024-2025 Asia REIT market report.png

Asia REIT Market Insight

22/07/2025

Cushman & Wakefield data reveals a total of 263 active Real Estate Investment Trust (REIT) products in the Asia market as at Dec. 31, 2024, with a combined market value of US$235.8 billion, reflecting a year-on-year decline of 6.5%. The year 2024 was characterized by structural trends in the Asia REIT landscape. Firstly, the Chinese mainland REIT market achieved robust growth, surpassing Hong Kong in market value to secure a top-three position among Asia REIT markets. Meanwhile, mature markets such as Japan, Singapore, and Hong Kong witnessed market value contractions, influenced by shifts in the global financial environment. And finally, emerging markets such as Thailand, the Philippines, Malaysia, and India gained momentum, supported by strong domestic economic fundamentals.

Major Asian REIT markets also experienced widespread declines in stock prices through 2024, despite three interest rate reductions by the U.S. Federal Reserve in the second half of the year. Contributing factors included politically driven uncertainty, the pace of monetary policy adjustments, and the varying impacts of national interest rate policies. Among mature markets, Singapore stood out with heightened activity in equity financing and mergers and acquisitions (M&A). Singapore data centre REITs stand out as an example, with thriving activity bolstered by advancements in artificial intelligence (AI). Local office and hotel assets also continued to demonstrate resiliency in operational performance. In the Japan market, REITs recorded higher dividend yields, with hotel REITs outperforming due to surging demand from inbound tourism.

Looking ahead, the Asia REIT market is poised for continued evolution as it navigates the dual forces of mature market stabilization and emerging market expansion. The mature markets of Japan, Singapore, and Hong Kong will likely focus on enhancing operational efficiencies and optimizing capital structures, while grappling with the challenges posed by global monetary policy shifts and rising financing costs. On the other hand, emerging markets, particularly the Chinese mainland, Thailand, the Philippines, and India are expected to continue to grow, bolstered by strong economic fundamentals and supportive regulatory frameworks.

By asset sector, data centre and hospitality REITs are expected to remain highly visible on investors’ radar, driven by AI advancements and recovery in the tourism sector, respectively. Additionally, M&A activity is likely to pick up as players seek scale and diversification to better weather market fluctuations.

Download the report now to get more insights on the REIT market across Asia. 

Insights

Phu Tho’s Leap Banner.png
Article

Phu Tho’s Leap: From Hanoi’s Gateway to Northern Industrial Powerhouse

In the most significant administrative restructuring in a decade, Vinh Phuc* – one of Northern Vietnam's most dynamic industrial hubs – is entering a transformative phase as it officially merges with Phu Tho and Hoa Binh to form the new Phu Tho province.
Xuan Pham • 23/07/2025
The HCMC South office market.jpeg
Research • Workplace

The HCMC South office market transforms with the wave of Technology occupiers

Ho Chi Minh City, Vietnam’s economic powerhouse, continues to attract both domestic and international businesses, driving a growing demand for high-quality office space.
Ngoc Le • 23/07/2025
hanoi retail
MarketBeat

Hanoi Retail MarketBeat

Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
Trang Bui • 22/07/2025
Landing page banner mobile – 750 x 480_2024-2025 Asia REIT market report.png
Research • Investment / Capital Markets

Asia REIT Market Insight

The REIT market in Vietnam is still very new. Vietnam can learn from the three leading markets and aim for a balanced portfolio with a combination of different types of real estate.
22/07/2025
3q24-hcm-industrial
MarketBeat

Southern Key Economic Zone Industrial MarketBeat

Cushman & Wakefield MarketBeat reports analyse quarterly economic and commercial real estate activity in Ho Chi Minh City, Binh Duong, Dong Nai, Long An, and Ba Ria - Vung Tau.
22/07/2025
HCMC-MarketBeats-card.jpg
MarketBeat

Ho Chi Minh City MarketBeat

Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
Trang Bui • 22/07/2025

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS