The Asia Pacific Market Insights is a snapshot that compiles perspectives from our research committee to evaluate the market dynamics of the Asia Pacific non-listed real estate sector.  

Key highlights: 

• Currency volatility has significantly distorted fund performance: Over the last four years, foreign exchange fluctuations have caused quarterly swings of up to 8% in the USD-denominated ANREV ODCE Index, masking a period of relative stability where local currency returns averaged 1.4% per quarter.

• Core fund capital inflows are showing signs of recovery: For the first time in a challenging capital-raising environment, net capital inflows into core funds increased by 18% year-on-year in 2025, suggesting a renewed investor interest in core fund opportunities.

• Investors are shifting away from traditional funds toward direct strategies: According to the 2026 Investment Intentions Survey, investors are increasingly looking to decrease their exposure to non-listed funds in favor of more hands-on control through joint ventures and club deals.

For any queries, please contact David Green-Morgan or Sebastian Ramirez.