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.

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: 

• The Q1 2025 ANREV All Funds Index delivered a total return of 0.89%, with negative capital return of -0.40% while distributed income return registered 1.29%. 
• There is broad based positive performance reflected by the ODCE funds’ assets performance across country markets in Q1 2025, with China as the only exception.  
• At the asset level, the residential sector’s total return continues to outperform, the sector returned 1.25% versus industrial’s 0.62% and office’s 0.00% over Q1 2025. 

For any queries, please contact David Green-Morgan or Cheng Wee Tan.

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

Key highlights:

• The first edition of Asia Pacific Market Insights signals a slow and uneven recovery, as the ANREV All Funds Index climbed to 0.90% in Q3 2024 – the first positive return since Q1 2023
• Japan remains the key market with positive carry even with the pressure from the Bank of Japan to normalize rates.
• Rented Residential has become the asset class of choice for most managers, as the sector delivered a total return of 1.59% versus industrial’s 0.60% and office’s 0.02% in Q3 2024.

For any queries, please contact Cheng Wee Tan