Newsletter

Written by Shan Saeed, IQI Chief EconomistCentral banks have got the limelight again. Since 2008, global central banks have taken sole responsibility in delivering economic outcomes, not out of choice but nobody else is taking the responsibility.  Global Broad Money Supply (2000–Q3 2025).Global broad money supply* rose to $142 trillion in September 2025, up from$26 trillion in 2000, reflecting a robust compound annual growth rate (CAGR) of 7.0%. Growth accelerated notably in 2025, increasing 9.1% year-to-date and 6.7% year-on-year in September,  significantly boosted by the U.S. dollar’s 9.9% depreciation. China accounted for the largest share at $47.1 trillion (33.1%), followed by the European Union ($22.3 trillion, 15.7%), the United States ($22.2 trillion, 15.6%), Japan ($11.0 trillion, 7.7%), and the United Kingdom ($5.0 trillion, 3.5%), together comprising three-quarters of global liquidity. Between February 2020 and February 2022, money supply jumped 25%, before leveling off around $125 trillion through 2022 and 2023. From 2021 to 2024, growth slowed to a muted 1.4% CAGR, pulling the 2019–2024 rate down to 5.3%, below the long-term trend.  Data covers 169 countries and territories, representing 99% of global GDP. All figures are converted to U.S. dollars.  1970 ERA IS BACK IN STYLE. TANGIBLE ASSETS ARE IN VOGUE.  Bank of America analysts reiterated their "long gold" recommendation, predicting that gold prices will peak at $6,000 per ounce by mid-2026.Meanwhile, Wall Street has been raising its gold price targets. Goldman Sachs expects gold prices to reach $4,900 per troy ounce by the end of next year, up from its previous forecast of $4,300. JPMorgan analysts said gold prices could reach $6,000 per ounce by 2029.CHINESE INVESTORS ARE HEADING FOR DUBAI.  According to the Financial Times, Chinese investors are heading for Dubai. Discover more here:Download

Written by Hamid R. Azarmi, Head of Business DevelopmentAs 2025 comes to an end, the global economy shows signs of stabilisation with the IMF projecting 2.8 percent global growth, reflecting easing inflation and the possibility of interest rate cuts in 2026.While growth has not fully returned to pre-pandemic levels, markets have benefited from policy consistency and improving macroeconomic conditions. Investors have repositioned portfolios by moving toward higher-quality assets, extending fixed income duration, and focusing on resilient sectors, including infrastructure, energy transition, and income-generating alternatives.Structural challenges remain, such as elevated government debt and widening geopolitical tensions, but the overall environment has shifted toward cautious confidence. A defining theme of 2025 has been the rapid rise of artificial intelligence as a transformative force in global markets. Nvidia becoming the world’s most valuable public company highlights the extraordinary surge in demand for AI infrastructure, with data centre revenues expanding by more than 400 percent in some quarters.Yet investors must remain vigilant amid geopolitical uncertainty and climate-related risks. Those who embrace technology, strategic diversification, and long-term planning will be best positioned to navigate a slower but more opportunity-rich global landscape.  Discover more here:Download

Written by Nelson Li, Head of IQI Hong Kong Hong Kong’s office sector recorded a positive shift, achieving 143,700 sq ft of net absorption, largely driven by increased leasing activity from banks and multinational firms. The overall office vacancy rate dipped to 13.4%, with Central improving to 11.0% and Wanchai/Causeway Bay easing to 12.0%. Rents slipped marginally by 0.1% month-on-month, though early stabilisation signs appeared in select prime buildings. A notable transaction saw a whole floor in COSCO Tower sold for HKD 220 million, the lowest price recorded there since 2010, reflecting the market’s adjustment phase. Overall, it signalled gradual stabilisation as corporate tenants continued consolidating and upgrading workspace. In the residential sector, momentum strengthened as primary market transactions rose 10.8% m-o-m to 1,974 units, while secondary sales climbed to 3,669 units, lifting total activity by 6.7%. Mass residential capital values increased by 0.6%, reversing August’s decline. Lower financing pressure helped support sentiment as the one-month HIBOR reached 3.6% and banks reduced prime rates following the US rate cut. Demand for new launches remained strong, with The MVP in Mid-levels West selling all 50 units in its first release. The luxury segment also saw activity, highlighted by a HKD 138 million sale at One Stanley. These trends point toward a market gradually recalibrating under improving liquidity and buyer sentiment. For more countries updates:Download Now!

Written by Manu Bhazin, Country Head of India India’s retail industry is undergoing a major transformation, fuelled by rising disposable incomes, rapid urbanisation, a young demographic profile and growing appetite for premium consumer experiences. According to BCG–RAI, the retail sector valued at ₹82 lakh crore in 2024 is projected to surpass ₹190 lakh crore by 2034, driven largely by the expanding middle-income segment and strong discretionary spending in fashion, F&B, beauty and entertainment. On the real estate front, India has added 18.6 million sq. ft. of mall supply in the last five years, bringing Grade A retail stock to 88.7 million sq. ft., with Mumbai, Delhi-NCR and Bengaluru contributing 63% of this inventory. Retail leasing has also remained remarkably resilient, with over 22 million sq. ft. absorbed since 2023, supported by international brand entries, growing retail REIT activity and strong institutional interest. At the same time, India’s retail real estate is evolving toward experience-led formats, with new malls becoming larger, averaging over 1 million sq. Ft. and focused on entertainment zones, destination dining, wellness and social experiences. This marks a clear shift in consumer behaviour as malls transition from shopping venues to multi-purpose lifestyle destinations. The combined effect of rising demand, sophisticated brands, and modern mall infrastructure signals the emergence of a more competitive and globally aligned retail ecosystem. As India enters its next phase of economic rise, its retail landscape is becoming bigger, bolder and more experiential, reflecting the confidence of a young and rapidly growing consumer-driven nation.  For more countries updates:Download Now!

Written by Emmanuel Andrew Venturina, Head of IQI Philippines Cavite is solidifying its position as one of the Philippines’ most dynamic property markets, driven by a strong local economy anchored in manufacturing, outsourcing and leisure industries. Improved road connectivity across South Luzon has transformed Cavite from a suburban extension of Metro Manila into a vibrant urban center and major satellite city, attracting national developers eager to invest beyond the capital. Industrial activity is expanding quickly, supported by manufacturing operations in automotive, semiconductors, and packaging, and strengthened further by new foreign investment pledges secured under the Marcos administration.These investments are expected to boost industrial space absorption, job creation and long-term economic activity across the province. This industrial momentum is directly fuelling residential demand, especially in General Trias, where lot-only developments have achieved 60 to 100 percent take-up and upscale projects priced between P4 million and P10 million account for nearly half of sales. Affordable and economic housing units priced from P580,000 to P3.2 million are also nearly sold out, with General Trias’ average house-and-lot price reaching P3.2 million per unit. With its strong residential base, proximity to industrial parks and expanding infrastructure, Cavite is positioned to become the next major real estate growth corridor in South Luzon. The rollout of transformative projects such as Calax and the Silang Interchange, expected to be fully operational by 2026, is set to elevate land values and accelerate the province’s property development cycle even further. For more countries updates:Download Now!

Pakistan’s tourism driven and coastal real estate sector gained strong momentum in 2025, supported by domestic travel demand and increasing global investor interest. Key destinations such as Gwadar, Karachi’s coastline and the northern mountain regions are rapidly emerging as real estate hotspots. Gwadar is undergoing a major transformation under CPEC, with the Gwadar Development Authority establishing a 2,585-acre Central Business District with valuable coastline frontage. Karachi’s luxury waterfront is also being reshaped by large-scale developments such as Emaar Oceanfront, a 75-acre seafront community offering premium apartments and penthouses, and Goldcrest Bays Sands, which provides sea-facing homes with private beaches and resort-style amenities. In Gwadar, Oshun by Eiwan is among the first beachfront resort-style residential developments, combining coastal and mountain views to capture rising CPEC-driven demand. Government-backed planning, sustainable infrastructure and smart-city frameworks are adding further confidence to the market. International capital is flowing in, highlighted by Gentry Beach, a US-based investor announcing a multi-billion-dollar plan for high-rise and mixed-use luxury projects in Karachi and Islamabad. Premium coastal developments prioritise master planning, eco-friendly design and lifestyle offerings, including signature towers and waterfront promenades. For investors, these projects offer dual income potential, combining short-term rental opportunities with long-term capital appreciation. With globally recognised brands like Emaar involved and smart-city infrastructure underway, Pakistan’s coastal and tourism-anchored real estate sector is positioned for strong premium returns as the country opens its coastline to more institutional and overseas capital. For more countries updates:Download Now!

Written by Dustin Trung Nyugen, Head of Vietnam Apartment prices in Hanoi have surged sharply over the past decade, with values now exceeding VND100 million (US$3,786) per sqm across several major projects. Some developments have seen prices rise more than 2.5 times since launch, and year-on-year gains remain substantial, including 39% at Royal City, 36% at Park View City, 32% at Hinode City, and 29% at Times City. This rapid appreciation has firmly established VND100 million per sqm as the new benchmark for mid- to high-tier apartments in the capital. In Ho Chi Minh City, the trend is even more pronounced. More than 50% of the 5,500 units launched last quarter were priced at or above VND100 million (US$3,800) per sqm, reinforcing the dominance of the high-end segment. Average prices in HCMC climbed 21% to VND96 million per sqm, with surrounding provinces Ba Ria–Vung Tau and Binh Duong showing similar upward momentum after being merged administratively with the city. Together, these developments indicate a sustained upward trajectory for Vietnam’s residential market, driven by strong demand and limited supply in key urban centres.For more countries updates:Download Now!

Written by Yousaf Iqbal, Head of IQI CanadaCanada’s housing market held steady in October 2025, with national sales dipping 0.8% and average prices settling at C$676,000, slightly higher than September but 1.5% below last year. The Bank of Canada’s move to lower rates to 2.25% provided some relief for buyers, although affordability remained stretched in major cities. Toronto and Vancouver continued to soften as new listings increased and prices adjusted downward, while Prairie markets like Calgary and Edmonton remained notably strong. Across the country, moderating rents and rising supply supported more balanced market conditions. Overall, early signs of stabilisation are emerging as Canada moves toward 2026 under a lower-rate environment.Regional dynamics showed clear divergence. The GTA saw a 9.5% drop in sales and a 7.2% decline in average prices, reinforcing a buyer-friendly landscape as inventory grew and the MLS® HPI fell 5% year-over-year. Vancouver posted a 14% drop in sales and a 13.2% rise in active listings, pushing prices lower across all housing types. Meanwhile, Quebec stood out as the strongest performer, with sales rising 8% and prices increasing across all categories: single-family homes up 8%, condos up 5%, and plexes up 17%.These contrasting trends highlight Canada’s multi-speed market, shaped by affordability gaps, inventory shifts, and varying local economic conditions.For more countries updates:Download Now!