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Knight Frank’s ultimate guide to real estate market performance and opportunities in the world’s most promising economy.

H1 2026 opened against a broadly supportive macroeconomic backdrop, though conditions grew more complex as the period progressed. The Reserve Bank of India’s repo rate stood at 5.25% through H1 2026, reflecting a cumulative 125 basis points of easing since the start of the rate-cutting cycle. With the last reduction having taken effect in December 2025, the Monetary Policy Committee held at both its February and June 2026 meetings, citing West Asia conflict-related energy risks and a potentially deficient monsoon. FY 2026 GDP growth was estimated at 7.6%, affirming underlying domestic resilience. However, the RBI revised its FY 2027 GDP growth projection to 6.6% and raised its FY 2027 CPI inflation forecast to 5.1%, reflecting uncertainty around energy prices and food supply conditions. For the residential market, cumulative rate easing continues to support home loan affordability, but with further cuts on hold and global uncertainties mounting, the monetary tailwind that sustained demand through 2025 has largely run its course.

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Asian Real Estate Securities — July 2026 Outlook

Asian real estate securities are seeing a modest bounce at the start of July, supported by falling oil prices, softer US labor data, and some rotation away from outperforming technology and semiconductor stocks. Start-of-second-half portfolio rebalancing may also provide technical support for neglected sectors such as real estate. The key question is whether lower crude prices and weaker US jobs data are enough to shift fixed-income sentiment and reduce concern that the Fed’s next move could be further tightening. Central banks remain data dependent, but a less hawkish shift would be the clearest catalyst for a more sustained recovery in Asian REITs and real estate equities.

  • 日本だ： the long-awaited sale of Fuji Media’s real estate business should be a positive catalyst given its scale and pricing. Developers and J-REITs have been weak since Q1 as JGB yields rose, but transaction markets remain strong and J-REIT valuations have drifted back to around 0.85x P/NAV. We expect asset sales and unit repurchases to continue and potentially accelerate. The BOJ meets July 30-31 and is expected to hold after raising short-term rates to 1% in June, with further hikes more likely in Q4 or next year.
  • オーストラリア we remain very constructive following the share price correction that began in late 2025 as rate-cut expectations reversed into three RBA hikes. Consensus may again be too hawkish, and a long pause now appears more likely as housing softens and the labor market slows. August results will be important, particularly 2027 guidance. The key issue is top-line growth, where we are optimistic on retail, industrial, and CBD office in Sydney and Brisbane. Residential earnings remain under pressure, but valuations appear to discount weaker 2027 volumes.
  • 香港 real estate securities have corrected sharply over the past two months after strong prior outperformance. Near-term catalysts are limited, and tighter scrutiny of Chinese outbound direct investment remains an overhang for residential demand, with property launches already slowing. A drop in HIBOR would help, but that would likely require Fed easing, which is not the current base case. Central office rents and luxury retail trends continue to improve, which should support landlords with exposure to Central office and high-end retail.
  • シンガポール we do not expect a major near-term catalyst for the S-REIT sector. Rates remain low but have crept higher, with 3-month SORA rising to 1.10% from its April low of 1.01%. Overall conditions remain supportive, but S-REITs are still range-bound due to a lack of fresh catalysts and limited rotational buying from generalist investors, who continue to favor financials over REITs.
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Takeaways from the APREA Japan REIT Forum

  • Improving market fundamentals and expanding capital market initiatives are creating opportunities to broaden investor participation, deepen liquidity, and strengthen the long-term competitiveness of Japan’s REIT sector.
  • Active asset management, portfolio optimisation, and operational excellence are becoming increasingly important sources of value creation, with investors placing greater emphasis on growth alongside stable income.
  • Private REITs continue to gain scale and institutional support, while opportunities are emerging across alternative sectors—including logistics, residential, healthcare, data centres and social infrastructure—as the investable universe expands.
  • Structural changes in Japan’s real estate market, together with greater collaboration across industry stakeholders and continued product innovation, are positioning both listed and private REITs for the next phase of sustainable growth.
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Across the APAC region, living sector supply is increasingly being created by dislocation in other asset classes. Hotel impairment, office obsolescence, serviced apartment oversupply and selective regulatory reform are reshaping the playbook. Ground-up development still works selectively but is often not the dominant entry path.

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The built environment sits at the intersection of global megatrends such as climate change, energy security and artificial intelligence. Our efforts are guided by Built to Last, our sustainability strategy that keeps us focused on issues that matter most to our stakeholders and where we can have the greatest positive impact.

In 2025, we continued to reduce our emissions. Against our 2021 baseline, we have lowered Scope 1 and 2 emissions per square foot by 32.2%, a 6.4% improvement over the last year – evidence that our strategic changes are delivering results and that we understand how to navigate the complex challenges facing our clients and communities.

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The APREA Malaysia Conference brought together industry leaders and experts to explore opportunities shaping Malaysia’s real assets market. Key discussions focused on the growing appeal of industrial, logistics, and data centre assets; the importance of ESG and climate resilience in value creation; and strategies to attract foreign capital into sectors such as semiconductors, renewable energy, and education.

主なハイライト

  • ESG has become a core driver of long-term asset value, with climate resilience, technology integration and operational excellence increasingly influencing investment performance, asset competitiveness and institutional capital allocation.
  • Industrial real estate in Malaysia is evolving into critical digital infrastructure, with AI-driven demand, power availability, connectivity and future-ready design becoming the defining factors for asset selection and long-term value creation.
  • Attracting cross-border capital requires a combination of transparent regulation, strong local partnerships, disciplined market fundamentals and policy support that enhances liquidity and investor confidence.
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The Asia Pacific regional economy entered 2026 on a positive note, having exceeded growth expectations through 2025. Further support was received by the U.S. Supreme Court ruling on tariffs, however conflict in the Middle East provided unexpected headwinds as the world navigates the largest oil supply shock in history.

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Family offices are becoming increasingly institutionalised and influential in global real estate, supported by the rapid growth of private wealth and a greater willingness to pursue cross-border investments, co-investments, and value-add strategies. Rather than concentrating on traditional trophy assets, many are allocating capital to sectors supported by long-term demographic and technological trends, including living assets, logistics, digital infrastructure, private credit, and operational real estate, with a focus on stable income and portfolio resilience.

Australia is attracting growing interest due to its transparent property market, economic stability, and opportunities in private credit and housing-related investments, while Singapore and Hong Kong continue to strengthen their roles as regional hubs for family office capital. The trend is particularly evident in Southeast Asia, where family offices are expanding across multiple markets and placing greater emphasis on governance, sustainability, operational expertise, and long-term value creation.

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After a turbulent start to the decade, globalisation is settling into a new equilibrium. A series of major economic and geopolitical shocks have reshaped the cross-border flows of goods, capital and people that defined the previous era of ‘Great Moderation’.

A key driver of change is an increase in state influence. Governments have implemented around 220 new investment policy measures annually since 2022. This represents a 75% increase on the pre-Covid-19 average, according to analysis of the UN Conference on Trade and Development’s Investment Policy Monitor.

These initiatives are designed to meet a broad set of objectives, including responding to common structural pressures such as growing economic and technological competition. Many focus on supporting ‘strategic’ sectors, including semiconductors, clean energy and digital infrastructure, often with a national security dimension.

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Asian real estate securities continue to underperform broader equity markets, which have been carried by technology, semiconductor, and banking names. Real estate fundamentals across the region remain sound; the disconnect between fundamentals and price performance reflects investor apathy toward rate-sensitive assets in an environment where inflation remains elevated and central bank direction is uncertain. A resolution of Middle East tensions and a shift toward less hawkish central bank guidance remain the most likely catalysts for a sustained sector recovery.

  • June 16th is the pivotal date for the region. The BOJ and RBA announce rate decisions simultaneously. We expect the BOJ to hike despite May’s softer Tokyo CPI print, where core-core inflation decelerated to 1.6% against a 1.9% consensus. The RBA is expected to pause, with three of the four major banks now seeing 4.35% as the cycle peak and the next move a cut in 2027. BOJ guidance on the pace of subsequent hikes will matter as much as the decision itself.
  • Japan: valuations are mispriced and offer a good risk/return for medium-term investors. Developers and J-REITs have struggled as JGB yields have moved higher, yet cap rates remain firm and transaction activity is robust. The sale of Fuji Media’s Sankei Building subsidiary, which has attracted bids exceeding ¥1 trillion against a book value of ¥613bn, is the largest property transaction in Japanese history and will establish a definitive cap rate benchmark for Grade-A Tokyo office. A transaction at current bid levels, driven by TSE governance reform pressure, would accelerate the broader wave of corporate real estate asset monetisation across the market.
  • Australia: A-REIT valuations in some cases have reverted to 2022 levels, when rate increases were only beginning. Given the severity of the correction relative to other markets, a confirmed RBA pause followed by softer macro data could produce a stronger-than-expected rally. Residential developers Mirvac and Stockland are the most direct beneficiaries of a rate peak, with settlement volumes and lot sales acutely sensitive to mortgage affordability. The 2026 Federal Budget’s negative gearing reform, restricting deductions to new builds from July 1, 2027, adds a structural tailwind for both names. Goodman offers defensiveness in a higher-for-longer scenario, with data center development now representing 73% of work-in-progress.
  • Hong Kong: capital control enforcement is the key near-term risk to monitor. Mainland Chinese buyers set a record HK$43bn in residential purchases in Q1 2026. Beijing’s May tightening of cross-border capital flow rules has raised concern, though JPMorgan estimates that non-HKID mainland buyers represented only 5.5% of transaction volume and 7.2% of value, limiting the practical impact. Mid-end residential demand remains supported by population growth and rental yields. Q2 transaction data due in July will be the first clean read on whether stricter enforcement is affecting volumes.
  • Singapore: the catalyst must come from outside. With no MAS meeting until October and 3-month SORA at 1.06%, the domestic policy backdrop is benign. S-REITs offer reasonable yields and solid underlying fundamentals across retail, office, and data center sectors, yet remain lackluster absent a broader shift in sentiment. A drop in crude oil prices and less hawkish global central banks would likely be the trigger. City Developments’ strategic review, due by end of June, is the most significant near-term company-specific catalyst, with SGD 6-7bn of non-core asset disposals identified and the return of Kwek Leng Peck as Vice Chairman signalling active family involvement in the portfolio repositioning.
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