グローバル不動産の
未来

Residential Market Regains Momentum Hong Kong’s residential market strengthened in June, with 7,650 transactions, up 512 units from May and the highest monthly volume since the removal of property cooling measures in early 2024. The rebound was led by the secondary market, where transactions rose to 5,657 units, while primary sales declined to 1,993 units. Mass residential capital values also increased 0.9% month-on-month. Luxury demand remained active. A unit at Mont Verra in Kowloon Tong sold for HKD 210 million, equivalent to HKD 48,398 per sq ft. However, the interest-rate outlook has become a key risk. Expectations of higher US rates have increased, which could moderate Hong Kong residential market growth in the near term.  Central Leads the Office Recovery Hong Kong’s office market also improved, recording 279,000 sq ft of positive net absorption in June. The overall vacancy rate declined to 13.1%, while office rents edged up 0.1% month-on-month. Central remained the strongest submarket, with rents rising 0.6%, while Tsim Sha Tsui increased 0.5%. Supported by IPO activity, wealth inflows from mainland China and expectations surrounding carried-interest tax incentives, Central Grade A office rents are forecast to rise 10% to 15% in 2026. Performance is expected to remain uneven, with other core districts showing modest growth while Hong Kong East and Kowloon East face continued rental pressure. Outlook Hong Kong’s property market is showing clear signs of recovery, but momentum remains selective. Residential activity is improving, although higher borrowing costs may limit further acceleration. In the office sector, Central Grade A space appears best positioned, supported by improving demand, tighter vacancy and stronger financial-sector activity. The market is likely to favour prime locations and high-quality assets over broader market exposure. The contents of this article were contributed by Nelson Li, Head of IQI Hong Kong. Download to see insights from other country marketsDownload

Foreign Demand Moves Upmarket Foreign interest in Greek property remains strong, although the buyer profile is becoming more selective following changes to the Golden Visa programme. By June 2026, Greece had issued 24,976 primary Golden Visa permits, with Chinese nationals holding 11,921 permits, or 47.7% of the total. New applications slowed to 2,551 in the first half of 2026, as the €800,000 investment threshold in prime zones and restrictions on short-term letting reduced participation from lower-budget buyers. As a result, demand is increasingly concentrated on higher-value assets in Athens, which accounts for roughly 80% of pending Golden Visa applications.  The Ellinikon Lifts the Athens Riviera A major driver of this premium demand is The Ellinikon, the €8 billion smart city development on the former Athens airport site. Lamda Development has recorded around €1.53 billion in cumulative residential sales, with 100% of coastal-front residences and around 85% of the Little Athens district already sold. The project is also influencing prices across southern Athens. Asking prices in the surrounding suburbs have risen by roughly 19% year-on-year. Vouliagmeni now averages around €7,333 per sqm, compared with €4,167 per sqm in southern Athens near The Ellinikon and €2,500 per sqm in central Athens. Outlook Greece’s property market is increasingly becoming a higher-value, location-driven investment story. Prime Athens and the Athens Riviera are likely to remain the main focus for international capital, supported by lifestyle appeal, major redevelopment and continued interest in EU residency. For investors, the opportunity is shifting away from broad market exposure towards premium locations, quality assets and long-term capital growth potential. The contents of this article were contributed by Nikos Pratikakis, Head of IQI Greece. Download to see insights from other country marketsDownload

Global Risks Are Building The global economy is entering a more fragile phase as geopolitical tensions, persistent inflation, elevated sovereign debt and stretched asset valuations converge. Energy remains one of the biggest transmission risks. Continued disruption around the Strait of Hormuz and Bab el-Mandeb could constrain a significant share of globally traded seaborne crude, creating renewed inflation pressure. Under a sustained supply-shock scenario, oil prices could potentially move towards US$95 to US$130 per barrel, adding pressure to businesses, consumers and financial markets. At the same time, investors are already reacting to greater uncertainty. In the week ending 9 July 2026, gold rose around 7.2%, silver gained roughly 10%, while the Nasdaq Composite advanced 5.2%, reflecting the unusual combination of defensive positioning and continued enthusiasm for technology assets.  Rates and AI Add Another Layer of Uncertainty Bond markets are also signalling concern. The US 30-year Treasury yield reached 5.27%, its highest level since 2007, reflecting worries around inflation, government finances and longer-term borrowing costs. The Federal Reserve may increasingly face a difficult balance between containing inflation and protecting economic growth. Additional rate increases could create greater pressure on the US economy, while a stronger dollar may help reduce imported inflation and eventually provide more policy flexibility. Meanwhile, AI remains a major source of both opportunity and market risk. The attached market data also indicates rising hedging costs around AI-related stocks, suggesting investors are becoming more cautious about valuations and creditworthiness across the technology sector. Outlook The 2026 macroeconomic environment is likely to remain volatile and highly sensitive to geopolitical events, energy prices and monetary policy. For investors, the key theme is increasingly risk management over simple market direction, particularly as inflation risks, elevated yields and rapid AI-driven disruption continue to reshape global capital markets. The contents of this article were contributed by Shan Saeed, IQI Chief Economist. Download to see insights from other country marketsDownload

Dubai Office Market Remains Strong Dubai’s commercial real estate market continues to show strong momentum, particularly in high-quality office assets. Rental-contract registrations rose 24.6% year-on-year in Q2 2026, while Dubai recorded 38,082 office leasing transactions, up 4% from the previous quarter. Office occupancy also remained high at around 94%. Demand is being driven by financial services, technology companies, regional headquarters and other businesses seeking modern, efficient and well-connected Grade-A office space. Investor activity remains equally strong. Off-plan office sales reached AED 13.1 billion across 1,668 transactions in H1 2026, with Business Bay accounting for approximately 52% of total sales value.  Prime Assets Continue to Outperform Dubai office rents increased 13% year-on-year in Q2, while prime office rents rose by 16%. Pricing has also strengthened in key locations. Average Downtown Dubai office values reached AED 5,130 per sq ft at the end of 2025, representing a 29% annual increase. Broader investor confidence remains robust. Dubai recorded AED 252 billion in total real estate transactions in Q1 2026, while foreign real estate investment climbed 26% year-on-year to AED 148.35 billion. However, the opportunity is becoming increasingly asset-specific. Around 24.2 million sq ft of new office supply is scheduled for delivery between 2026 and 2030, which could gradually moderate rental and price growth. Outlook Dubai’s commercial property outlook remains positive, but investors may need to become more selective as new supply enters the market. The strongest opportunities are likely to remain in prime locations with metro connectivity, strong tenants, efficient layouts, professional building management and visible rental income. Rather than relying on broad market momentum, the focus is increasingly shifting towards durable income and the scarcity of quality Grade-A offices. The contents of this article were contributed by Haroon Anwar, Head of Global Wealth Management. Download to see insights from other country marketsDownload