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Asia’s growing nancial ecosystem to power the economy
Asia's rising household wealth, expanding nancial industry,
deepening capital markets, and growing intra-regional investment
are not only reections of the region’s rapid economic growth but
also key drivers of its continued expansion.
Driven by rapid urbanization, technological advancement, and
pro-business policies, Asia continues to lead global wealth
creation. Over the past decade, millionaire populations in China
and India have expanded by 74% and 72%, respectively—among
the fastest worldwide—while Taiwan, Singapore, and Thailand
have also seen increases of 50% or more, according to Henley &
Partners. Knight Frank reports that the number of individuals worth
over USD 10 million in Asia (excluding Australasia) rose by 5.0%
in 2024 to over 854'465 and is projected to increase by 8.7% to
928'722 by 2028.
Asia is also at the center of a global shift in millionaire migration: in
2025, a record 142'000 high-net-worth individuals are projected
to relocate worldwide, with Asia serving both as a source and a
prime destination for this mobile capital, driving the expansion
of the region’s nancial industry. According to McKinsey, the
number of single-family oces in Hong Kong and Singapore has
quadrupled since 2020. Bloomberg Intelligence calculates that
Hong Kong could overtake Switzerland in 2025 to become the
world’s largest cross-border wealth hub, with cross-border wealth
managed by the two Asian hubs projected to grow by an average
of 12% annually over the next ve years. Continued wealth inows,
alongside the expansion of the nancial industry, are expected
to generate positive spillover eects across Asian economies.
Meanwhile, Asia’s capital markets have continued to deepen over
the past two decades, supported by nancial reforms and a shift
towards market-based nancing. According to the OECD, the
region added more than 14'000 listed companies between 2000
and 2024—while listings declined in Europe and the U.S.—and
increased its market capitalization by USD 25 trillion. Corporate
bond issuance also grew strongly. Today, Asia accounts for 31%
of global GDP, a quarter of global equity market capitalization,
and more than half of all listed companies, including a leading
share of growth markets. Additional reforms to broaden nancing
access and expand the institutional investor base could help align
the region’s nancial depth with its economic weight and further
support its growth.
Intra-regional investment ows are also strengthening. According
to the Financial Times, more than one-third of outbound greeneld
foreign direct investment from Asian economies remained within
the region in 2024—the highest share since before the pandemic,
with China as the largest source country. Investors from Japan,
Singapore, South Korea, and Australia are also expanding their
regional presence, particularly in Southeast Asia (SEA) and
India. At the same time, SEA countries are integrating their
payment systems, disclosure standards, and sustainable nance
frameworks to lower transaction costs and accelerate investment.
Tightening intra-regional capital ows will enhance Asia’s self-
reliance and sustain its long-term growth.
Macro overview Asia
Source: World Bank (2024), OECD Capital Market Series dataset, Asia Green Real Estate
-10'000 -5'000 05'000 10'000 15'000 20'000
Others
United States
Europe
Asia
World
Figure 1: Growth in capital markets between 2000 and 2024
Capital market activity in Asia has grown substantially
Number of listed companies
Number of companies
+ 11'942
+ 14'303
- 1'055
- 2'243
+ 937
Market capitalization
2024 USD, trillion
+ USD 69 trillion
+ USD 25 trillion
No change
Corporate bonds (outstanding amount)
2024 USD, trillion
-10'000 -5'000 05'000 10'000 15'000 20'000
Others
United States
Europe
Asia
World
-10'000 -5'000 05'000 10'000 15'000 20'000
Others
United States
Europe
Asia
World
+ USD 35 trillion
+ USD 9 trillion
+ USD 21 trillion
+ USD 9 trillion
+ USD 5.1 trillion
+ USD 3 trillion
+ USD 4.5 trillion
Asia Green Market Report Q3 2025 | 3
2018 2019 2020 2021 2022 2023 2024 F2025 F2026 F2027 Average
World 3.6% 3.0% -2.7% 6.6% 3.8% 3.5% 3.3% 3.2% 3.1% 3.2% 3.2%
Euro area 1.8% 1.6% -6.0% 6.4% 3.6% 0.4% 0.9% 1.2% 1.1% 1.4% 1.2%
United States 3.0% 2.6% -2.1% 6.2% 2.5% 2.9% 2.8% 2.0% 2.1% 2.1% 2.1%
Asia 5.4% 4.3% -0.9% 6.8% 3.9% 5.0% 4.6% 4.5% 4.1% 4.1% 4.2%
WEOJAN25
Resilient Asia remains the engine of global growth
Despite persistent uncertainty about the stability and trajectory
of the global economy, growth is expected to remain on track,
reaching 3.2% in 2025 and 3.1% in 2026, according to the IMF’s
October 2025 World Economic Outlook. The 2025 forecast is
0.2 percentage points higher than projected in July, while the
2026 outlook remains unchanged. This modest upgrade reects
a smaller-than-expected impact from new tariffs and generally
easing monetary policies.
Growth prospects continue to differ across regions. In the U.S.,
GDP is expected to expand by 2.0% in 2025, a slight 0.1-point
upward revision amid elevated policy risk. The euro area is
projected to grow by a modest 1.2%, 0.2 percentage points
higher than the July forecast, as its largest economies continue to
face structural constraints and concerns over scal sustainability.
Meanwhile, Asia is expected to continue leading global growth,
expanding 4.5% this year, before moderating to 4.1% in 2026.
The region’s fast-growing economies have remained resilient,
with growth projected at 5.2% in 2025—0.1 percentage points
higher than in July and 0.7 points above the April forecast—before
easing to 4.7% in 2026. The 2025 growth outlook has also been
revised upward for some of the region’s more mature economies,
including Australia, Hong Kong, Japan, and Singapore.
While U.S. tariffs are weighing on export prospects, front-loaded
shipments, steady demand for electronics, and ongoing supply
chain adjustments within the region—with a larger share of
intermediate goods owing to and through Southeast Asia (SEA)—
have sustained trade activity, particularly in SEA and Taiwan.
Investment in digital and energy-related infrastructure, including
the buildout of data-center capacity, has supported participants
along the tech spending supply chain, including South Korea,
Singapore, Malaysia, Thailand, and Vietnam. Domestic demand
has also remained resilient across most Asian economies—
especially in fast-growing countries—supported by favorable labor
market conditions, low ination, and easier nancial conditions.
Over the long term, domestic reforms to expand private
consumption’s share of the economy and strengthen market-
based nance, together with deeper regional trade and capital
market integration, will help sustain growth and enhance economic
resilience across the region. Rising incomes and household
wealth, expanding urban centers, and rapid digital innovation
will continue to drive consumption upgrades, while ongoing
digitalization and the renewable energy transition—supported by
expanding nancial markets and cross-border investment ows—
will reinforce regional integration and further drive growth.
7%
4%
1%
-2%
-5%
-8%
Figure 2: Real GDP growth rate, annual percentage change
Asia continues to lead global growth, contributing about 60% to global GDP growth
Source: IMF (WEO, October 2025), Asia Green Real Estate
Asia
World
United States
Euro area
projected 2025 GDP growth for
growing Asian economies
Bangkok
+ 5.2%
Asia Green Market Report Q3 2025 | 4
Fed rate cuts pave the way for further easing
Ination across most Asian economies remained subdued in the
third quarter, with China and Thailand recording negative readings
amid softer commodity and energy prices. As disination continues
to take hold, central banks across the region have lowered policy
rates by an average of 55 basis points so far in 2025, according
to S&P Global.
After broad appreciation earlier this year, most Asian currencies
softened slightly against the U.S. dollar in the third quarter but
remained stronger than at the end of 2024. Notably, year-to-date
through the end of Q3 2025, currencies in Australia, China, Japan,
Malaysia, Singapore, South Korea, and Thailand have appreciated
by an average of 5.2% against the U.S. dollar.
Encouraged by a weaker U.S. dollar and the Fed’s recent rate
cuts, regional central banks are likely to maintain or extend their
easing cycles, providing support to growth and domestic demand.
Q3 24 Q4 24 Q1 25 Q2 25 A2023 * A2024 *
Australia 0.80% 1.30% 1.30% 1.80% 2.10% 1.00%
China 4.60% 5.40% 5.40% 5.20% 5.40% 5.00%
Hong Kong 1.80% 2.40% 3.10% 3.10% 3.20% 2.50%
India 5.60% 6.20% 7.40% 7.80% 9.20% 6.50%
Indonesia 4.95% 5.02% 4.87% 5.12% 5.00% 5.00%
Japan 0.60% 1.20% 1.70% 1.20% 1.50% 0.10%
Malaysia 5.40% 5.00% 4.40% 4.50% 3.60% 5.10%
Philippines 5.20% 5.20% 5.40% 5.50% 5.50% 5.70%
Singapore 5.70% 5.00% 3.90% 4.50% 1.80% 4.40%
South Korea 1.50% 1.20% 0.00% 0.60% 1.40% 2.00%
Thailand 3.00% 3.20% 3.10% 2.80% 2.00% 2.50%
Vietnam 7.43% 7.55% 6.93% 7.96% 5.10% 7.10%
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 QoQ *
Australia 1.4414 1.6151 1.6048 1.5259 1.5089 1.12%
China 7.0161 7.2993 7.2517 7.1655 7.1185 0.66%
Hong Kong 7.7675 7.7680 7.7803 7.8500 7.7804 0.89%
India 83.801 85.614 85.473 85.760 88.789 - 3.53%
Indonesia 15'140 16'095 16'560 16'235 16'665 - 2.65%
Japan 143.04 157.16 149.54 144.45 147.69 - 2.24%
Malaysia 4.1235 4.4715 4.4375 4.2105 4.2085 0.05%
Philippines 56.038 57.845 57.225 56.330 58.200 - 3.32%
Singapore 1.2820 1.3642 1.3441 1.2737 1.2892 - 1.22%
South Korea 1'308 1'472 1'473 1'350 1'403 - 3.96%
Thailand 32.178 34.095 33.925 32.509 32.405 0.32%
Vietnam 24'565 25'485 25'549 26'121 26'427 - 1.17%
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 QoQ *
Australia 4.35% 4.35% 4.10% 3.85% 3.60% - 0.25%
China 3.35% 3.10% 3.10% 3.00% 3.00% 0.00%
Hong Kong 5.25% 4.75% 4.75% 4.75% 4.50% - 0.25%
India 6.50% 6.50% 6.25% 5.50% 5.50% 0.00%
Indonesia 6.00% 6.00% 5.75% 5.50% 4.75% - 0.75%
Japan 0.25% 0.25% 0.50% 0.50% 0.50% 0.00%
Malaysia 3.00% 3.00% 3.00% 3.00% 2.75% - 0.25%
Philippines 6.25% 5.75% 5.75% 5.25% 5.00% - 0.25%
Singapore 3.88% 2.11% 2.14% 1.56% 1.20% - 0.36%
South Korea 3.50% 3.00% 2.75% 2.50% 2.50% 0.00%
Thailand 2.50% 2.25% 2.00% 1.75% 1.50% - 0.25%
Vietnam 4.50% 4.50% 4.50% 4.50% 4.50% 0.00%
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 QoQ *
Australia 2.80% 2.40% 2.40% 2.10% 3.20% 1.10%
China 0.40% 0.10% - 0.10% 0.10% - 0.30% - 0.40%
Hong Kong 2.20% 1.40% 1.40% 1.40% 1.10% - 0.30%
India 5.49% 5.22% 3.34% 2.10% 1.54% - 0.56%
Indonesia 1.84% 1.57% 1.03% 1.87% 2.65% 0.78%
Japan 2.50% 3.60% 3.60% 3.30% 2.90% - 0.40%
Malaysia 1.80% 1.70% 1.40% 1.10% 1.50% 0.40%
Philippines 1.90% 2.90% 1.80% 1.40% 1.70% 0.30%
Singapore 2.00% 1.50% 0.90% 0.80% 0.70% - 0.10%
South Korea 1.90% 1.90% 2.10% 2.20% 2.10% - 0.10%
Thailand 0.61% 1.23% 0.84% - 0.25% - 0.72% - 0.47%
Vietnam 2.63% 2.94% 3.13% 3.57% 3.38% - 0.19%
Table 1: Real GDP growth rate, annual percentage change
Table 3: Benchmark interest rate, as of quater end
Table 2: Currency exchange rate, against USD as of quarter end
*QoQ % change - red: depreciated against USD, green: appreciated against USD*Red: negative growth, black: 0% to 2% growth, green: > 2% growth
*QoQ absolute change - red: increase in ination, green: decrease in ination*QoQ absolute change - red: monetary tightening, black: no change, green: monetary easing
Table 4: Ination rate, annual percentage change
Table 1-4: Real GDP growth rate, currency exchange rate, benchmark interest rate, and ination rate
Growth to remain resilient in Asia amid stable ination and declining interest rates
Source: Tradingeconomics, IMF, Pictet, Monetary Authority of Singapore (MAS),
Asia Green Real Estate
Asia Green Market Report Q3 2025 | 5
Amid shifting macroeconomic regimes and changing investment
landscapes, conditions are aligning for attractive vintage years in
Asian real estate—driven by a “push” to diversify away from the
U.S. and a “pull” from select Asian markets and sectors beneting
from both cyclical and structural tailwinds.
Given these “push-and-pull” factors, transaction volumes in the
APAC region have continued their recovery this year despite
heightened uncertainties, rising 26% quarter-on-quarter (QoQ)
and 2% year-on-year (YoY) in the third quarter, and 11% year-to-
date as of September, according to JLL. Notably, cross-border
investment volumes increased 60% YoY in Q3 2025 and 88%
year-to-date as of September, with intra-regional capital becoming
increasingly active.
With disination taking hold across most Asian economies,
a weaker U.S. dollar and ongoing Fed rate cuts have provided
Asian central banks with additional room to further ease interest
rates, creating a catalyst for market entry. Meanwhile, cap rates
have expanded materially in certain markets and sectors over the
past few years, presenting opportunities to capitalize on repriced
properties. In Sydney, for example, prime oce values in the
CBD have declined an average of 18% from their 2022 peaks,
according to Oxford Economics, and are now stabilizing. With
lower interest rates, spreads between cap rates and government
bond yields are widening again, creating an opportune window
to deploy capital—through careful property selection to capture
favorable local market dynamics, supported by the operational
expertise to drive income growth or execute value-add strategies.
«Conditions are aligning for attractive vintage
years in Asian real estate—driven by a
“push” to diversify away from the U.S. and a
“pull” from select Asian markets and sectors
beneting from both cyclical and structural
tailwinds.»
Rental growth prospects provide another key cyclical catalyst,
driven by favorable supply-demand dynamics in select markets
and sectors. On the supply side, construction costs for
commercial real estate have risen across the region, particularly in
mature Asian markets such as Tokyo, Sydney, and Singapore—by
approximately 25% cumulatively from 2022 to 2025, according
to CBRE. Elevated construction costs have constrained new
supply. In Sydney, for example, oce completions are projected
to be negligible in 2025 and 2026, while Singapore is expected
to see similarly restrained supply between 2025 and 2027. On
the demand side, sustained “ight-to-core” and “ight-to-quality”
trends have intensied competition for high-quality, centrally
located oce properties in key regional hubs, further supporting
rental growth.
Complementing these cyclical tailwinds, Asia’s robust fundamentals
and ongoing structural shifts—including demographic changes,
consumption upgrades, industrial automation, intra-regional
integration, supply chain diversication, and infrastructure
development supporting digital and carbon transformations—
underpin long-term, sustainable demand across various real
estate sectors. For example, Asia is expected to account for 64%
of global retail sales growth from 2024 to 2029, according to
Euromonitor, supported by the rapid adoption of e-commerce. In
Indonesia, notably, e-commerce penetration has increased from
10% pre-COVID (2019) to over 30% in 2024—close to China’s
level—and is expected to reach around 45% by 2029.
Real estate markets in Asia
Asia Green Market Report Q3 2025 | 6
Figure 3: Real GDP and population growth rate by city*
Robust economic and population growth drives long-term demand for real estate in Asian metropolises
Beijing
+ 5.96
%+ 5.40
%
Population
Growth
Real GDP Growth
Jakarta
Hong Kong
Shanghai
Tokyo
Seoul
Manila
Ho Chi Minh City
Hanoi
Guiyang
Chengdu
Bangkok
Kuala Lumpur
+ 3.44% + 1.35%
Population growthReal GDP growth
+ 2.42% + 0.68%
Population growthReal GDP growth
+ 2.65% + 2.65%
Population growthReal GDP growth
+ 3.55% + 2.73%
Population growthReal GDP growth
+ 1.39% + 1.74%
Population growthReal GDP growth
+ 5.94% + 4.17%
Population GrowthReal GDP Growth
+ 5.84% + 1.56%
Population growthReal GDP growth
+ 4.18% + 0.52%
Population growthReal GDP growth
+ 2.00% + 0.05%
Population growthReal GDP growth
- 0.15%
Population growthReal GDP growth
+ 5.40% + 1.89%
Population growthReal GDP growth
- 0.43% + 0.03%
Population growthReal GDP growth
+ 2.70% + 1.70%
Population growthReal GDP growth
Singapore
Source: Asia Green Real Estate, the statistics bureaus and Statistical
Yearbooks of the respective cities, statista.com, IMF, macrotrends.net
* Real GDP growth rate, 2019-2023 average (2018-2022 for Bangkok; 2017-2021 for Tokyo)
Population growth rate, 2019-2023 average
Real GDP growth – red: negative growth, black: 0% to 2% growth, green: > 2% growth
Population growth – red: negative growth, black: 0% to 0.5% growth, green: > 0.5% growth
+ 0.48%
Asia Green Market Report Q3 2025 | 7
Oce real estate market
Encouraged by cyclical tailwinds in select markets oering
repriced opportunities with solid rental growth prospects, APAC
oce transaction volumes reached USD 17.8 billion in Q3 2025,
up 53% YoY, according to JLL. Over the rst nine months, total
transaction volumes reached USD 47.5 billion, rising 36% YoY.
Occupier sentiment also strengthened in Q3 2025, with technology,
media, and telecommunications and nance sectors leading
leasing demand across most markets. As occupancy continued
to rm, regional rental growth rose to 2.8% YoY in Q3, marking
the seventh consecutive quarter of growth, according to JLL.
Amid elevated uncertainties, tenant priorities have continued to
evolve, with demand focused on centrally located properties with
high quality and modern specications. At the same time, lease
exibility and cost eciency have become increasingly important
considerations.
Limited new supply in the core areas of key regional hubs—such
as Tokyo, Sydney, and Singapore—has further underpinned rental
growth. In Tokyo, vacancy rates tightened to below 2%, while
prime rents rose 2.5% QoQ and 8.2% YoY in Q3 2025, according
to Knight Frank, with robust pre-leasing activity reinforcing this
momentum. In Sydney, prime rents increased 2.2% QoQ and
3.9% YoY in Q3 2025, driven by persistent “ight-to-quality” and
“ight-to-core” trends. A tight supply pipeline in 2025 and 2026
is expected to continue supporting rental growth for high-quality
spaces in prime locations. In Singapore, vacancy rates in the core
CBD tightened to 4.9% in Q3 2025, and supply is expected to
remain limited over the next two years, sustaining upward pressure
on rents.
In growing Asian markets such as Bangkok and Jakarta, ongoing
relocation into core, prime properties has helped maintain stable
rents, despite a tenant-driven market. In major Chinese cities,
rents have continued to decline amid elevated vacancy levels.
Table 5: CBD Grade A oce rent per sqm per year
Source: Asia Green Real Estate, Cushman & Wakeeld, CBRE, Colliers
*% change Q2 25 vs. Q2 24 – Red: < - 5%, black: - 5% to 5%, green: > 5%
In local currency In USD
Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 25 Trend*
Bangkok 13'800 14'160 14'340 14'340 14'340 441
Chengdu 936 900 840 816 816 114
Guiyang 720 696 660 636 636 89
Hanoi 8'277'705 8'360'482 8'359'906 8'468'585 8'553'271 327
HCM City 14'020'614 13'412'490 13'620'299 13'620'299 14'545'430 557
Hong Kong 8'112 7'970 7'828 7'673 7'608 969
Jakarta 3'619'530 3'642'684 3'646'483 3'692'218 3'723'010 229
Kuala Lumpur 895 882 882 889 891 211
Manila 12'120 12'036 11'964 11'844 11'844 210
Seoul 447'228 449'580 457'056 465'552 474'084 351
Shanghai 3'225 3'164 3'142 3'073 3'026 422
Singapore 1'544 1'544 1'544 1'556 1'563 1'227
Sydney 990 996 1'007 991 991 649
Tokyo 137'317 139'403 140'829 142'927 153'830 1'010
Asia Green Market Report Q3 2025 | 8
In local currency In USD
Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 25 Trend*
Bangkok 148'200 151'000 152'963 152'963 154'900 4'765
Chengdu 18'549 18'003 18'700 19'300 19'200 2'680
Guiyang 9'995 9'835 9'517 9'515 9'519 1'328
Hanoi 59'131'965 63'056'267 72'734'190 74'603'080 78'962'272 3'023
HCM City 63'000'000 66'000'000 76'000'000 77'000'000 82'000'000 3'139
Hong Kong 143'468 139'909 138'906 133'734 133'113 16'957
Jakarta 52'869'048 52'893'079 52'893'079 52'917'121 52'869'048 3'256
Kuala Lumpur 10'409 10'409 10'366 10'344 10'301 2'447
Manila 295'923 295'771 296'758 299'434 304'261 5'401
Seoul 16'033'000 14'590'000 15'914'000 17'852'000 16'593'000 12'295
Shanghai 56'371 55'474 56'100 55'700 59'000 8'234
Singapore 30'476 29'083 29'680 30'440 30'422 23'886
Sydney 8'606 8'660 8'706 8'571 8'606 5'640
Tokyo 1'702'964 1'806'038 1'814'779 1'948'488 1'983'672 13'733
Table 6: Average condominium price per sqm
*% change Q2 25 vs. Q2 24 – Red: < - 5%, black: - 5% to 5%, green: > 5%
Source: Asia Green Real Estate, CBRE, Colliers, JLL, Census and Statistics
Department of Hong Kong SAR, Real Estate Brokerage Association of Korea,
creprice.cn, Urban Redevelopment Authority Singapore, CoreLogic,
Real Estate Information Network System
Residential real estate market
Better positioned to withstand cyclical uncertainties, the residential
sector also benets from robust structural tailwinds. A persistent
lack of supply, combined with increasingly concentrated demand
in the region’s key metropolises, continues to support the growth
of various living formats, including multifamily rentals, serviced
apartments, and student housing. Demand is being fueled by
a rising number of smaller households, ongoing domestic and
international migration to urban hubs, and growing needs for
professionally managed quality rental housing amid declining
aordability.
Attracted by its long-term potential, transaction volumes in APAC’s
living (residential-for-rent) sector reached USD 5 billion in Q3 2025,
according to JLL—a more than threefold increase compared with
the same period in 2024—bringing year-to-date volumes to USD
11 billion, up 1.4 times YoY. Notably, Japan’s multifamily sector
recorded the strongest investment activity since Q1 2020.
In Tokyo, driven by continued population inows and owners
passing on higher costs, average apartment rents in the central
districts (the 23 wards) rose 1.0% QoQ and 8.2% YoY in Q3 2025,
according to Savills. Robust rental growth, coupled with active
transaction activity, has sustained price growth, with the average
closing price in the city’s core business areas (the ve central wards)
increasing 16.5% YoY in Q2 2025. In Singapore and Sydney, lower
borrowing costs and a more resilient economic outlook, combined
with persistent supply constraints, have continued to drive upward
pressure on residential rents and prices.
In Bangkok and Jakarta, residential rental demand has remained
steady, supported by expatriates, tourists, and local young
professionals. Despite two new projects coming online, occupancy
for serviced apartments in Jakarta’s CBD improved in Q3 2025,
reecting a seasonal normalization in demand.
Meanwhile, China’s property market has continued to weaken,
prolonging cash ow challenges for developers. Sales declined
7.9% YoY in the rst nine months and have more than halved
compared with 2022 levels, while prices have continued their
downward trend. The government’s focus in the property sector
remains on stabilization and risk mitigation, rather than actively
stimulating the market.
Asia Green Market Report Q3 2025 | 9
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