This article is written by Shan Saeed, Global Chief Economist of Juwai IQI, who shares his expert insights on global economic trends.

Version: CN, BM

A Budget to Reshape Business Priorities

Malaysia’s Budget 2026, to be unveiled on October 10, is poised to reshape business priorities by balancing subsidy rationalisation, new fiscal incentives, and regulatory reforms within a tightening global environment.

With GDP growth projected between 4.5% and 5.5%, the government aims to anchor sustainable expansion while containing the fiscal deficit to around 3.5% of GDP.

A disciplined trajectory compared with 5.0 % in 2022.

Redirecting Subsidies Toward Growth Sectors

The subsidy rationalisation programme, expected to save RM 10 – 12 billion annually, will redirect resources toward productivity-enhancing sectors such as digital infrastructure, renewable energy, and logistics modernisation.

Meanwhile, RM 3 – 4 billion in fresh tax incentives are anticipated for AI, semiconductor design, and green manufacturing, further aligning Malaysia with the ASEAN Digital Economy Framework 2030, projected to unlock US$2 trillion in regional digital value.

Corporate Transformation and Investment Outlook

For corporates, these measures are both transformative and testing. Rationalised energy subsidies could raise industrial operating costs by 5 – 8 %, pushing firms to accelerate efficiency and ESG adoption.

Yet, targeted R&D credits and capital allowance extensions could boost private-sector investment by an estimated RM25 billion in 2026, according to early analyst consensus.

Strategic Adaptation in a Changing Policy Landscape

In a climate where policy shifts can redefine business models overnight, clarity and engagement with regulators have become strategic imperatives.

Companies that pivot early investing in technology, energy efficiency, and transparent governance, will be the clear winners in Malaysia’s new growth architecture.

Allocative Precision for a Resilient Future

Ultimately, Budget 2026 is not about austerity; it’s about allocative precision. Reallocating capital from consumption to innovation, from dependence to competitiveness — positioning Malaysia as ASEAN’s most resilient mid-tier economy by 2027.

The post Resilience. Innovation. Growth — Malaysia’s Strategic Blueprint for 2026. appeared first on IQI Blog.

The Hong Kong leasing market showed a positive net absorption of 192,000 sq ft in May, notably with OKX Hong Kong FinTech Company leasing a floor at AIRSIDE in Kai Tak. Despite the completion of China Merchants Plaza adding new supply, the overall office vacancy rate improved to 13.6%, with Central and Tsimshatsui seeing drops, although Hong Kong East’s vacancy rate rose. Office rents continued their slight downward trend, with Hong Kong East experiencing the most significant decline. In terms of transactions, Litu Holdings acquired a significant share of shop and office units at Kam Chung Building for HKD 388.0 million, despite a previous failed attempt by the Winland Group to secure a compulsory sale of the building at a higher reserve price. 
 
In May, the residential property market experienced an overall month-on-month decline of 10.3% in transaction volumes, despite a rise in the primary market being offset by a drop in the secondary market, while mass residential capital values continued their downward trend. Developers, facing a supply glut and tight financing, continued to lower prices, as exemplified by Deep Water Pavilia undercutting other Southside projects. However, lower HIBOR levels positively impacted the primary market, leading to a significant price reduction and rapid sale of units at THE HENLEY. In the luxury segment, a unit at 8 Deep Water Bay Drive commanded a high price of HKD 213.5 million. 
 
Source: The Land Registry, JLL

The post HK Property Market May 2025: Office & Residential Trends appeared first on IQI Blog.

Malls in the Delhi-NCR region have undergone a significant transformation, evolving from mere shopping centers into comprehensive lifestyle ecosystems. This shift is particularly evident in Grade A retail developments, which now seamlessly integrate commerce, leisure, and culture, offering a diverse range of experiences from global cuisine and luxury fashion to wellness zones, interactive installations, and even co-working spaces. These modern malls have become vibrant cultural and social hubs, attracting visitors not just for shopping, but also for food festivals, music gigs, and other community events, catering to families, couples, and young professionals seeking a holistic destination for retail therapy, fitness, entertainment, and dining. 

This evolution is reflected in robust market performance, with India’s top eight cities witnessing a substantial 55% surge in retail leasing during the March 2025 quarter. While high streets led this growth, malls maintained strong and steady activity, indicating a growing consumer preference for curated retail environments. Delhi-NCR leads this trend, driven by innovative developers who are creating spaces with a data-driven retail mix, combining luxury brands with high-street names, wellness studios, gaming arcades, and artisanal cafés. These enhanced spaces feature intelligent zoning, seamless navigation, biophilic design, and technology-enabled services like smart parking and loyalty apps, all designed to elevate the consumer journey as retail continues its dynamic evolution

The post Redefining Retail: The Evolution of Malls into Lifestyle Ecosystems  appeared first on IQI Blog.

In the second half of 2025, the Philippine real estate market is showing renewed momentum, spurred by infrastructure developments, hybrid work preferences, and the growing influence of Overseas Filipino Workers (OFWs) as property investors. Metro Manila remains pivotal, but provincial cities like Cebu, Davao, and Iloilo are becoming vibrant growth centers, driven by the government’s “Build Better More” infrastructure initiative. Meanwhile, vertical living is evolving with post-pandemic preferences—buyers now prioritize condos offering home-office flexibility, open-air access, and smart amenities. OFWs are increasingly investing in income-generating properties, and the digitalization of property transactions is transforming the market experience, led by tech-forward firms like IQI Philippines. 

Looking ahead, demand remains robust for mid-market and affordable housing, especially in emerging BPO and industrial zones. Townhouses, house-and-lot offerings, and sustainable developments are attracting millennials and returning Filipinos. Meanwhile, the commercial sector benefits from e-commerce-driven growth in logistics and warehousing. Despite a generally optimistic outlook, challenges linger: high interest rates, elevated construction costs, and political or economic uncertainties are prompting some buyers to remain cautious. Nonetheless, the broader trend suggests a resilient and adaptive market, poised for sustained growth.

The post Philippine Real Estate 2025: Resilient Growth and Emerging Opportunities Beyond Metro Manila appeared first on IQI Blog.

Pakistan’s residential property sector is demonstrating solid growth, with prices rising steadily at 8-10% annually in major cities like Karachi, Lahore, and Islamabad. This growth is largely fueled by extensive infrastructure development under the CPEC umbrella and initiatives like the Naya Pakistan Housing Scheme, which are driving urban expansion and increasing demand, particularly within the mid-income and affordable housing segments. Rental yields in prime areas, hovering around 5-7%, further establish real estate as a dependable asset class. Concurrent policy reforms, including tax amnesty schemes, revised valuation tables, and capital gains reforms, are formalizing the sector, reducing speculative activity, and enhancing stability and transparency, ultimately benefiting serious investors and end-users. 

Private developers are increasingly adopting smart-city concepts and developing gated communities with integrated utilities, green zones, and robust security infrastructure, thereby redefining urban living standards. This shift is leading buyers to prioritize quality-of-life features in their investment decisions. For investors, the Pakistani real estate market offers a compelling blend of affordability, high rental yields, and long-term capital appreciation. The improved regulatory oversight and formalization are mitigating risk, especially for investments in approved, well-located, and developer-backed projects. Strategic investments in emerging areas with strong infrastructure growth are poised to deliver significant returns, while rental income provides a reliable passive cash flow. Therefore, aligning with policy developments and prioritizing quality over speculation is paramount for successful investment in this evolving market. 

The post Pakistan’s Real Estate Boom: Growth Fueled by CPEC, Reforms & Smart Cities appeared first on IQI Blog.

Vietnam’s residential real estate sector is witnessing a strong revival in foreign investment, with FDI reaching USD 4.8 billion in the first half of the year—a 2.4-fold increase from the same period in 2024. While newly registered capital accounted for 24% of this total, much of the growth stemmed from capital adjustments, reflecting sustained investor confidence. Singapore led the charge with over USD 2.4 billion in investment, followed by China, Sweden, and Japan. This surge comes despite broader global economic challenges, underscoring Vietnam’s continued appeal due to its stable macroeconomic environment, investor-friendly policies, and promising long-term prospects. 

Infrastructure advancements are a key driver, with national megaprojects like the North-South Expressway and Long Thanh International Airport boosting connectivity and fueling interest in suburban and secondary markets. Additionally, the upcoming Telecommunications Law 2023, set to take effect in early 2025, is expected to ease regulatory constraints and further enhance the country’s investment landscape. While short-term uncertainties remain, Vietnam’s real estate market stands out as a strategic choice for investors targeting sustainable growth in Southeast Asia. 

The post Vietnam’s Residential Real Estate Rebounds: Foreign Investment Surges Amid Infrastructure Boom and Policy Reforms appeared first on IQI Blog.

As of June 2025, Canada’s real estate market shows initial signs of stabilization, with national home sales seeing their first monthly increase since late 2024, though still below historical averages. The market is nationally balanced, but regional variations persist, with Ontario favoring buyers while Quebec and Alberta lean towards sellers. Home prices are still declining, particularly in high-cost markets like Toronto and Vancouver, despite some support from Bank of Canada rate cuts being offset by ongoing economic uncertainty. 

Across major Canadian cities, Toronto’s GTA housing market experienced a gradual recovery in June, marked by increased listings and improved affordability, with sales slightly down year-over-year but a significant rise in new listings allowing buyers more negotiation power and leading to a 5.4% annual drop in average selling price. Vancouver also showed early signs of recovery, with sales improving from May’s sharp decline, and active listings at a multi-year high, contributing to a 2.8% year-over-year decrease in the composite benchmark price and creating favorable conditions for buyers due to lower mortgage rates. In contrast, Montreal’s real estate market remained robust, characterized by strong year-over-year sales growth, rising prices for single-family homes and condos, and low inventory, maintaining a competitive seller’s market heading into summer. 

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The post Navigating Canada’s Real Estate in June 2025: From Stabilization to Local Dynamics  appeared first on IQI Blog.

Australia’s housing market extended its upward momentum in June, with national home values rising 0.6%, continuing a five-month streak of growth. This recovery follows a brief dip earlier in the year and is being driven by widespread regional gains—Hobart was the only capital city to record a minor decline. Quarterly, home values rose 1.4%, an acceleration from the 0.9% increase in Q1, signaling strengthening market sentiment. Falling interest rates since February, coupled with expectations for further cuts, have bolstered buyer confidence and lifted auction clearance rates. However, growth remains moderate compared to the pandemic-era boom. 

Supply constraints are reinforcing price resilience, with for-sale listings down 6% year-over-year and 17% below the five-year average. Capital cities have recently started to outperform regional markets on a monthly basis, although regions still lead on a quarterly scale. Darwin emerged as the top performer among capitals with a 4.9% quarterly rise, reaching new record highs, while Perth and Brisbane continued their strong runs. National home values are up 3.4% over the financial year, and if current trends hold, annual growth could reach 5.8%—just above the decade average. Still, affordability remains a limiting factor for how far prices can rise. 

The post Australia’s Housing Market Climbs for Fifth Straight Month as Rate Cuts Fuel Optimism appeared first on IQI Blog.

In February, transaction volumes in the primary market rose to 900 units, while the secondary market saw a decline to 2,300 units, resulting in an overall m-o-m decrease of 11.1%. Mass residential capital values declined by U.(% m-o-m in February. following a 0.4% rebound in January.

• The government raised the threshold for properties subject to a nominal stamp duty of HKD 100 from HKD 3 million to HKD 4 million in February. I nis measure eases the burden for buyers or lower-value properties by reducing transaction costs, potentially stimulating demand in the entry-level residential market.
• The primary housing market gained momentum as unit prices continued their downward trajectory. EIGHT SOUTHPARK in Ma Tau Kok sold all 101 units launched on the first day or the project launch
• Among major luxury sales transactions. a house at Bisney Crest in Pokfulam was sold for HKD 203. 8 million or HKD 35.339 per sq ft (SA). This transaction reflects a 1.9% unit price increase compared to another house in the same project that was sold in July 2024.

Source: The Land Registry, JLL

The post Hong Kong Property Market Update: February Sees Policy Shifts and Mixed Sales Trends appeared first on IQI Blog.

This article is contributed by Mannu Bhazin, Country Head of IQI India

India’s ultra-luxury real estate segment is undergoing a golden age—an era marked by discerning buyers, record-breaking sales, and a shift in the very definition of “home.”

With wealth creation on the rise, especially among high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs), there’s a distinct appetite for elevated living that blends legacy, lifestyle, and long-term capital appreciation. From sea-facing penthouses in Mumbai’s Bandra and Worli to stately golf-course villas in Gurugram and the imperial grandeur of Lutyens’ Delhi, the demand for homes priced upwards of ₹20 crore has never been stronger. These aren’t just properties—they’re statements of identity, generational investments, and, for many, dream homes finally within reach.

The surge is backed by multiple tailwinds. Rising disposable incomes, global exposure to refined living standards, and an expanding base of first-generation wealth creators have made ultra-luxury homes both a personal aspiration and a financial strategy.

These homes offer a rare trifecta: unmatched lifestyle perks, the ability to preserve and grow capital, and the status of owning something truly scarce in an increasingly crowded world.

Prime city zones with low density, lush green buffers, and seamless access to business districts are now gold mines of generational wealth, often appreciating faster than any other asset class in the country and are driven by scarcity. The numbers speak volumes.

Premium assets in India’s top metros have historically yielded annualised returns in the range of 9–14%, with some ultra-exclusive properties—those with a story, a view, or a rare provenance—tapping into 18–20% territory.

This scarcity premium, driven by limited supply and ever-increasing aspirational demand, is what makes India’s luxury real estate an outlier in terms of value retention and appreciation.

Interestingly, despite relatively modest rental yields—usually 2–3% of the property value—even the country’s most affluent prefer holding these properties primarily for personal use.

For them, the value lies not in recurring income but in lifestyle elevation and wealth preservation. However, when managed professionally—particularly in scenic, leisure-driven destinations—these “trophy homes” can fetch significantly higher yields, sometimes up to 5–7% annually.

Top-tier city properties have historically delivered annualised returns between 9–14%, with truly rare assets commanding premiums and pushing the 18–20% mark.

The luxury housing market (₹4 crore and above) across India’s top seven cities recorded a 28% year-on-year growth in sales during the Jan–Mar quarter alone.

The momentum is powered by evolving urban infrastructure, a renewed focus on wellness and quality of life, and a subtle but notable narrowing in the gap between monthly rents and EMIs.

With the Reserve Bank of India’s recent repo rate cuts, the timing couldn’t be better for aspirational buyers to turn homeowners.

Ultimately, luxury real estate remains the preferred haven for India’s elite—offering stability in turbulent times, diversification beyond volatile equities, and tangible value in a rapidly digitising, often intangible world. Whether as a legacy asset, a weekend escape, or a curated investment, the ultra-luxury home is now less of a rarity—and more of a reality.

The post The Resilient Rise of India’s Ultra-Luxury Real Estate Market appeared first on IQI Blog.