"Asia Pacific Real Estate: Navigating Growth Slowdown and Rising Costs" is part of a new series of short blogs authored by ANREV members, offering focused perspectives on specific real estate markets and sectors across Asia Pacific. Each paper provides timely insights into investment themes and strategic considerations, drawing on the deep expertise of industry practitioners. Further publications in the series will follow, with timelines to be confirmed.

As higher interest rates, rising costs, and weaker growth expectations weigh on confidence, real estate markets across Asia Pacific are entering a more challenging phase. In this second blog of ANREV’s new series, Hanna Safdar from AEW shares insights on how investment activity is slowing, underwriting assumptions are being reset, and select markets remain resilient.

The piece highlights how Singapore retains its safe-haven status on the back of solid fundamentals and currency stability, while Japan continues to attract domestic confidence in income growth, though cross-border capital is growing more selective. It also explores how rising construction costs are constraining development activity, prompting larger contingencies and more conservative lease-up assumptions in a softening demand environment.

ANREV is pleased to announce the first release of our ODCE Index Preliminary Report. This report delivers high-level performance indicators just 15–17 business days after quarter-end, providing our members with an early pulse on the Asia Pacific open-end diversified core equity (ODCE) sector well ahead of full index cycles.

The first edition of the report reveals a preliminary total return of 0.84% in Q1 2026 from the 8 Asia Pacific ODCE funds, with an estimated total NAV of USD 13.29 billion.

If you have any queries on the report, please contact Daisy Huang or Eileen Chiu.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

This year's survey attracted the participation of 103 fund managers with 50 domiciled in Europe, 34 in North America, 18 in Asia Pacific, and 1 in South America, totaling a minimum of US$138 billion of new equity raised for investments into non-listed real estate.

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from April 2026 include:

• Global real estate returns recorded their quickest growth of 2025 in the final quarter, bringing full year returns to 4%.

• However, the first quarter of 2026 has brought renewed headwinds for real estate with the prospect of higher interest rates back on the agenda. The recovery during 2024 and 2025 is weaker than those recorded after the global financial crisis and Covid period.

• Capital raised for global real estate investment rose by 12% in 2025 but remains well below the highs of 2021 and 2022.

The gross return report shows a 3-month total gross return of 2.19% for the period between January and March 2026.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 18 ACOE funds.

Please contact Daisy Huang and Christy Lau if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.41% in March 2026. The ACOE includes 18 funds with a total GAV of AUD 119.92 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, Karen Yeung, or Christy Lau if you have any questions regarding the Index.