Newsletter

Global Capital Moves Toward StabilityAs Gulf markets cool from their post-pandemic highs, investors are becoming more selective. Dubai’s market has slowed on transaction volume, while apartment prices dipped by around 3% year-on-year, signalling that momentum-led gains are becoming harder to find.In this environment, global capital is rotating toward markets where returns are supported by fundamentals, stability and long-term demand, rather than short-term sentiment.Japan stands out as one of the clearest beneficiaries. Tokyo has ranked as the world’s top city for cross-border real estate investment for seven consecutive years, while Asia-Pacific net buying intentions rose to 17%, up from 13% a year earlier.Tokyo residential prices increased around 10% to 11% in 2025, with major cities forecast to grow another 5% to 6%this year. A weak yen, transparent ownership rules, tight prime office vacancy and rising data-centre demand continue to support Japan’s safe-haven appeal. Malaysia and India Offer Strong Structural UpsideMalaysia is the standout ASEAN market for higher structural upside. GDP grew 5.4% year-on-year in Q1 2026, inflation remained moderate at around 1.6%, and the OPR stayed supportive at 2.75%.Johor is the key catalyst, driven by the Johor-Singapore Special Economic Zone, the upcoming RTS Link, Singapore-backed rental demand and major data-centre investment.India offers scale and long-term demand. Its real estate sector is worth around USD 585 billion in 2026 and is projected to approach USD 927 billion by 2031, supported by technology-sector expansion and strong office absorption.OutlookThe second half of 2026 will favour markets backed by demographics, infrastructure, policy and real demand.Japan offers stability, Malaysia offers regional upside, and India offers scale. For investors, disciplined selection will matter more than chasing market momentum.Download to see insights from other country marketsDownload

Vietnam Residential Market Enters a More Selective CycleVietnam’s residential market opened 2026 in a transition phase, with prices still rising but liquidity cooling. This suggests the market is moving away from easy speculative gains toward a more disciplined cycle.Residential prices rose around 12% year-on-year in Q1 2026, while liquidity fell nearly 40%. However, there was no sign of distress selling, pointing to a healthy reset rather than a sharp downturn.Primary condominium prices reached new highs across major cities. In Hanoi, average prices were around USD 3,950 per sqm, up 30% year-on-year. In post-merger Ho Chi Minh City, prices averaged around USD 3,900 per sqm, supported by new supply and limited premium stock.Supply also improved. Ho Chi Minh City recorded around 8,010 new condo launches, up 104% year-on-year. Yet affordability remains the key challenge, with much of the new supply priced above the level affordable to mass-market buyers. Strong Fundamentals, But Investors Are More CarefulVietnam’s underlying fundamentals remain supportive. The economy grew 8.02% in 2025, while real estate FDI reached USD 389.5 million in Q1 2026, representing around 7.2% of total inflows.However, investor behaviour is changing. Demand is now concentrating on projects with clear legal status, reliable construction progress and long-term value. Satellite locations such as Binh Duong and Ba Ria-Vung Tau are gaining attention as central city prices continue to stretch.OutlookVietnam’s property market is expected to remain attractive, but more selective.With average gross rental yields at around 3.85%, the market is less of a pure income play and more of a capital appreciation and infrastructure-led growth story. Buyers with strong holding power, careful project selection and a long-term view are likely to be better positioned than short-term speculators.Download to see insights from other country marketsDownload

Thailand Becomes a Safe-Haven Market for Global BuyersThailand’s residential market is gaining renewed attention from wealthy foreign buyers seeking investment security, quality of life and long-term flexibility.Amid global economic volatility and geopolitical uncertainty, Thailand is increasingly seen as more than a holiday destination. It is becoming part of a global wealth ecosystem, where buyers can live, invest and plan for the future in one place.Foreign demand for Thai condominiums remains resilient, even as domestic purchasing power slows. Data from the Real Estate Information Centre shows that foreign condominium demand is moving closer to pre-Covid levels of around 13,000 units per year, after rebounding strongly from 2022 onwards.The buyer profile is also becoming more diverse. While Chinese buyers remain important, Thailand is attracting more interest from Russia, Taiwan, India, the United Kingdom and Europe. Recent inquiries from Middle Eastern buyershave also increased, with Phuket receiving stronger interest than Bangkok. Long-Stay Lifestyle and Infrastructure Support DemandForeign buyers are playing a key role in supporting Thailand’s condominium market, especially those seeking second homes, retirement residences, long-term investment assets and bases for digital nomads.One major support factor is the promotion of long-stay visa privileges for buyers of condominiums worth at least 3 million baht in participating projects. Key areas include Bangkok, Phuket, Chiang Mai and Pattaya.Luxury and ultra-luxury condominiums in central business district locations also continue to see healthy demand from high-spending buyers and foreigners.OutlookThailand’s property market outlook remains selective but positive.Foreign demand, long-stay visa appeal, healthcare, international schools and lifestyle value should continue to support key residential markets. Large infrastructure projects, including the southern Land Bridge and Eastern Economic Corridor, may further strengthen Thailand’s long-term position as a regional hub for living, investment and connectivity.Juwai IQI Newsletter July 2026 RDownload

Suburban Launches Drive Strong New Home SalesSingapore’s private residential market continued to show strong momentum in April 2026, led by healthy demand in the Outside Central Region (OCR).New home sales rose for the second consecutive month to 1,548 units in April, up 19.1% from March and 129.3% year-on-year. The increase was mainly supported by two major suburban launches, Tengah Garden Residences and Vela Bay.The OCR recorded a 14-month high in launched units, with 1,406 units released in April. It also accounted for the bulk of developer sales, making up 87.7% of all new private homes sold during the month.Tengah Garden Residences was the standout performer, selling 99.1% of its project within the launch month. As the first private residential project in Tengah, it attracted buyers looking for first-mover advantage and future capital and rental appreciation.Vela Bay also performed well, selling 71.8% of its total units, supported by sea-view units and proximity to Bayshore MRT Station and East Coast Park. OutlookSingapore’s new private home demand is expected to remain firm, especially among first-time buyers and HDB upgraders.While Middle East conflicts could push energy prices higher and place upward pressure on interest rates, any rate increases are expected to be moderate in the near term. Current mortgage rates remain relatively low compared with the peak of over 3% two years ago, supporting affordability.As long as employment and income growth stay resilient, buyer confidence should remain intact. Upcoming launches such as Dunearn House, Lucerne Grand and Lentor Gardens Residences may further test market depth in the second half of 2026.Download to see insights from other country marketsDownload

Saudi Residential Market Cools After Rapid GrowthSaudi Arabia’s residential property market is entering a clear cooling phase after several years of strong price growth.The national Real Estate Price Index stood at 103.3 in Q1 2026, down 0.2% quarter-on-quarter and 1.6% year-on-year. The decline was mainly driven by housing, where prices fell 3.6%, led by lower residential land, apartment and villa prices.The correction is most visible in Riyadh, where real estate prices declined 4.4%. This marks a sharp shift after the capital recorded strong gains in both 2023 and 2024.The main pressure point is affordability. After major price increases over the past five years, higher mortgage costs have reduced buyer activity and pushed the market into a more selective phase.However, this is not a weak market story. Rental demand remains strong. In Riyadh, apartment rents rose 19.6% year-on-year, while villa rents increased 17.2%. Saudi Arabia’s average gross rental yield stood at 6.84% in Q1 2026, supporting income-focused investors. Policy Support and Foreign Ownership Strengthen Long-Term DemandSaudi Arabia’s long-term housing fundamentals remain supported by Vision 2030, which targets a 70% homeownership rate, lower down payments and greater mortgage liquidity.The country is also expected to need more than 800,000 additional homes by 2030, pointing to a continued supply gap.A major catalyst is the new foreign ownership law, which took effect in January 2026, allowing non-Saudis to buy property in the Kingdom for the first time.OutlookSaudi Arabia’s market is shifting from fast capital gains to a more fundamentals-driven cycle.For investors, mid-2026 may offer a buyer repricing window, especially where rental demand, policy support and long-term supply needs remain strong. The outlook is more disciplined, but still attractive for investors focused on income, quality assets and long-term market growth.Download to see insights from other country marketsDownload

Philippines Real Estate Shows Stronger Recovery SignalsThe Philippines property market is entering the second half of 2026 with improving momentum. The US-Iran ceasefire and reopening of the Strait of Hormuz have helped stabilise global oil markets, leading to major fuel rollbacks in the Philippines.This is easing pressure on household budgets and business costs, while also supporting buyer confidence. At the same time, the proposed Japan-Philippines petroleum reserve partnership strengthens the country’s long-term energy security outlook.The residential market remains selective. Metro Manila condominiums are still a buyer’s market, with around 74,000 to 75,300 unsold units. However, developer discounts, rent-to-own schemes and longer payment terms are creating attractive entry opportunities.Supply is also expected to tighten, with only about 3,600 new condo units annually from 2026 to 2028, far below the previous peak average of 13,000 units. Regional markets such as Cavite, Laguna, Cebu, Iloilo and Davao remain stronger performers, with projected annual appreciation of 5% to 7%.Industrial and Commercial Segments Lead GrowthIndustrial and logistics remain the strongest investment theme. The New Clark City industrial hub is reinforcing the Clark-Pampanga corridor as a key manufacturing and logistics destination, while industrial rents have risen 45% since 2019.Commercial property is also improving. Office demand rose 70% year-on-year in Q1 2026, supported by BPO and IT-BPM expansion. Retail vacancy is expected to fall below 10% by end-2026, while hospitality is benefiting from flight surcharge cuts and route restoration. OutlookThe Philippines market is not without challenges, but its fundamentals remain strong.With 115 million people, record OFW remittances, infrastructure expansion and improving energy stability, H2 2026 could mark a clearer recovery phase. Industrial assets, Clark-linked logistics, regional residential corridors and prime income-generating assets are likely to remain the best-positioned opportunities.Download to see insights from other country marketsDownload

Global Economy Faces Pressure, But Growth Remains IntactThe global economy is moving through a more uncertain phase in 2026, mainly due to the Middle East conflict, higher oil prices and rising living costs. These pressures have made fuel, food and daily expenses more expensive in many markets.Even so, global growth remains positive. The IMF expects the world economy to grow by 3.1% in 2026, slightly lower than 3.4% last year, but still resilient under current conditions.Investors are also becoming more defensive. Gold has risen by more than 44% over the past year and is now trading at around US$4,830 per ounce, showing continued demand for safe-haven assets.At the same time, technology remains one of the strongest global investment themes. In Q1 2026, investors placed a record US$300 billion into startups worldwide, with around US$242 billion directed into artificial intelligence companies. Major technology firms are also expected to spend more than US$527 billion this year on AI infrastructure. Asia Remains the Growth CentreFor regional investors, Asia remains a major bright spot. Developing Asia is expected to grow by 5.1% this year, making it one of the fastest-growing regions globally.Malaysia, Thailand and Vietnam are benefiting from technology-related investment, while Asia Pacific real estate investment reached US$47 billion in Q1 2026, up 31% year-on-year.Rental yields across Southeast Asia and Turkey remain attractive at around 5% to 8.5%, compared with 3% to 4% in many Western markets.OutlookThe practical message for investors is to stay calm, diversified and focused on long-term fundamentals.A balanced strategy may include maintaining cash reserves, holding defensive assets such as gold or fixed income, and selecting real estate in high-growth markets. In a fast-changing world, informed and patient investors are likely to find the strongest opportunities.Download to see insights from other country marketsDownload

Malaysia Housing Market Shows Firmer Prices on Lower VolumeMalaysia’s housing market is entering mid-2026 with firmer prices, even as transaction activity slows.According to NAPIC/JPPH’s Q1 2026 data, overall property transactions fell 8% year-on-year to 89,966, while transaction value slipped only 0.6% to RM51.09 billion. This suggests a more controlled market rather than a broad contraction.Pricing remained positive. The Malaysian House Price Index rose 1.7% to 235.2 points, while the average home price increased to RM507,533, up from RM494,384 in Q3 2025.By property type, terraced and semi-detached homes led growth at 2.2%, followed by high-rise units at 1.3%. Detached houses dipped 0.7%, showing that demand remains more selective across different segments.The interest rate environment remains supportive, with Bank Negara Malaysia keeping the OPR at 2.75% in May 2026. Inflation also remained manageable, with headline inflation at 1.6% and core inflation at 2.1% in Q1 2026. OutlookMalaysia’s property market is expected to remain selective in the second half of 2026.The main challenge is still unsold supply. Residential overhang exceeded 32,000 completed units worth RM16.37 billion, while unsold serviced apartments reached 19,263 units worth RM16.52 billion.New launches are also being moderated, with 9,112 residential units launched in Q1 2026 and a take-up rate of only 11.5%. This points to cautious buyer sentiment, especially as many buyers continue to face mortgage approval challenges.Looking ahead, landed homes, transit-oriented locations and areas linked to the Johor JS-SEZ and RTS Link are likely to remain more resilient. Oversupplied high-rise and serviced-apartment pockets may continue to give buyers stronger negotiating power.Download to see insights from other country marketsDownload