For PropertyGuru’s news roundup, Japan is the top cross-border commercial property investment target for 2024. In other news, Vietnamese living abroad but buying domestic property, while Manila was the fastest-appreciating luxury real estate market in 2023.
Japan is top cross-border commercial property investment target in 2024
According to CBRE’s 2024 Asia Pacific Investor Intentions Survey featured in The World Property Journal, Japan is the top target for cross-border real estate investment in Asia Pacific for the fifth consecutive year, with investors focusing on Tokyo, Osaka, and other major regional cities.
Singapore and Australia closely follow as attractive destinations for investment, as investors are drawn to developed, transparent, and liquid markets. India is the preferred emerging market in Asia Pacific, with Mumbai and Delhi capturing the interest of long-term investors seeking to expand their real estate exposure in the world’s fastest-growing economy.
Investors in the Asia Pacific region are maintaining consistent plans to acquire real estate compared to last year, with high-net-worth and private investors expected to be the most active buyers, followed by institutional investors. Notably, investors in Australia, Singapore, and Hong Kong SAR display the strongest intentions to sell.
Overseas Vietnamese snap up domestic property
Foreign Vietnamese are spending big on apartments and land in Vietnam, which they consider as good investment assets compared to prices in developed markets, according to a report by VnExpress.
Harry Nguyen from Australia bought a 100-square-meter apartment in Da Nang City last December for just over VND3 billion ($122,000), which he said was a “sound” investment.
“The same apartment would have cost me around $1.5 million in Hong Kong, $400,000 in Australia, and $300,000 in the Philippines,” he said, adding that he could either live in the property or lease it for around VND30 million a month.
Manila led the world in luxury home price growth in 2023
Manila overtook Dubai as the fastest-appreciating luxury real estate market last year, according to the residential installment of Knight Frank’s Wealth Report, released Wednesday and reported in Mansion Global.
Considered the most densely populated city in the world, the capital of the Philippines recorded annual price gains of 26.3% across its high-end market in 2023, the most of any of the 100 markets analyzed by the real estate firm and property consultant.
With price growth of 16%, Dubai, which ranked No. 1 in the prior edition of the report, slipped to second place; and the Bahamas, having logged price gains of 15% last year, came in third place. The Algarve, in Portugal, and Cape Town, South Africa, both of which saw prices jump 12.3%, rounded out the top five.
The Property Report editors wrote this article. For more information, email: [email protected].
