Newsletter

Written by Somsak Chutisilp, Country Head of ThailandCONSUMER CONFIDENCE AND ECONOMIC DRIVERSThe Consumer Confidence Index (CCI) fluctuated throughout 2024 but showed a strong rebound in Q4, signaling renewed optimism among consumers.This rebound is supported by government economic initiatives and the continued recovery of the tourism sector, both of which are expected to positively impact the retail market in 2025.Retail Expansion and New SupplyInvestment in both existing and new retail centers continues to generate consumer interest and engagement. In 2024, several major retail center renovations were completed, and new openings added over 185,000 square meters of net new retail supply.With tourism and retail closely linked, the rise in international tourist arrivals has especially benefited established enclosed malls in downtown Bangkok.Looking ahead, the enclosed mall format is expected to contribute another 200,000 square meters of supply, which will test current occupancy rates amid growing competition.Innovation and Consumer Trendsin a highly competitive retail landscape, both developers and brands are focused on delivering innovative products and exceptional customer experiences.According to Oxford Economics, Bangkok consumers allocate up to 40% of disposable income to discretionary spending, with the largest share going toward food and beverage (F&B).The F&B segment remains the dominant category for new international brand entries, with Japanese brands leading the way. Meanwhile, European brands continue to maintain a strong presence in the fashion and accessories segment.With consumer demand expected to stay strong in core retail locations, many overseas brands are eyeing Thailand as a key growth market in 2025.Click here now for more info!Download

Written by Manu Bhazin, Country Head of IndiaINDIA SET TO BECOME THE WORLD’S FOURTH-LARGEST ECONOMY: A NEW ERA OF GROWTHIndia is on the brink of a historic economic milestone, with the International Monetary Fund (IMF) projecting that the country will surpass Japan to become the world’s fourth-largest economy in 2025. According to the IMF's April Outlook, India’s gross domestic product (GDP) is expected to reach approximately $4.187 trillion.This marks a remarkable rise for India, which was the world’s fifth-largest economy until 2024. The United States, China, and Germany will retain their positions as the top three economies, but India’s consistent growth is a testament to its resilience and economic dynamism.The IMF has also forecasted that India’s economy will grow at 6.2% in 2025 and 6.3% in 2026, driven by strong private consumption, particularly in rural areas. Despite a slight downward revision of 0.3 percentage points due to global uncertainties and trade tensions, India’s growth outlook remains robust. The IMF's analysis highlights a transformative phase for the global economic order, where India’s ascent is a clear indicator of the changing balance of power.In many ways, real estate has been a cornerstone of India’s economic rise. The sector is one of the largest contributors to GDP, supporting millions of jobs, driving infrastructure development, and catering to a population with rapidly evolving needs. As India grows richer, the demand for housing, commercial spaces, logistics hubs, and retail outlets has surged, making real estate a critical pillar of economic growth. India’s journey to becoming the fourth-largest economy has been fueled by a real estate boom, both in urban and semi-urban areas. The sector’s growth has been powered by a mix of residential, commercial, and industrial developments. Major cities like Delhi-NCR, Mumbai, Bengaluru, and Hyderabad have witnessed record-breaking property transactions, while Tier-II and Tier-III cities have emerged as new growth engines.Looking ahead, as India’s economic trajectory points towards becoming the third-largest economy by 2028 with a projected GDP of $5.58 trillion, the real estate sector will continue to be a fundamental driver of this growth. Demand for premium residential properties, commercial office spaces, industrial hubs, and logistics parks will only increase. Real estate, with its ability to absorb investments, generate employment, and support a growing consumer base, will remain an essential building block of India’s economic success story.Click here now for more info!Download

Written by Emmanuel Andrew Venturina, Country Head of PhilippinesPHILIPPINE REAL ESTATE MARKET DEMONSTRATES RESILIENCE AMID GLOBALMANILA, Philippines — Despite global economic uncertainties, the Philippine real estate market continues to exhibit remarkable resilience in 2025. Driven by robust domestic demand, strategic infrastructure developments, and adaptive industry practices, the sector remains a pivotal component of the nation's economic stability.Economic Headwinds and Market AdaptationThe 2025 global economy faces inflation, rate fluctuations, and geopolitical tensions. These challenges impact all sectors, including real estate. However, the Philippine market has responded well. Colliers Philippines reports that office space net take-up is expected to rebound, driven by traditional and outsourcing firms. Residential Sector: Shifting Preferences and Steady DemandResidential real estate remains key to growth. While Metro Manila's vacancy rate may hit 25% by end-2025, developers are turning to suburban areas to meet buyers’ needs for more space and affordability. In Caloocan, 10.7 billion has been allocated for urban development, targeting affordable housing and reshaping the city’s landscape.Office Market: Embracing Flexibility and InnovationThe office sector is adapting amid remote work trends. In Q1 2025, demand rose 7% year-on-year, largely due to the IT-BPM sector. Companies seek flexible, sustainable spaces, prompting developers to support hybrid work with innovative solutions.Retail and Hospitality: Signs of RecoveryRetail and hospitality are gradually recovering. Cushman & Wakefield Philippines notes improved mall occupancy, spurred by increased consumer spending. Developers are revitalizing retail spaces to align with shifting consumer behavior and rising foot traffic.Industrial and Logistics: Capitalizing on E-commerce GrowthThe segment continues strong, fueled by e-commerce and infrastructure progress. Regions like North and Central Luzon and CALABARZON are seeing more investment in logistics hubs. The "Build Better More" program boosts connectivity through expressways and airport upgrades, enabling new industrial opportunities.Investment Climate: Renewed Confidence and OpportunitiesRecent legislative reforms—such as the amended Foreign Investment Act and expanded REITs—have enhanced investor confidence. REITs offer access to income-generating assets and new capital-raising channels. Tourism and industrial real estate are set to benefit from rising foreign investments.Sustainability and Technological IntegrationSustainability and tech integration are reshaping the industry. Developers now emphasize energy-efficient design, green certifications, and digital infrastructure to meet growing demands from buyers and institutional investors.Outlook for 2025 and BeyondThe market’s adaptability underpins its potential for sustained growth. Demographic strength, urbanization, tech adoption, and infrastructure investment are key drivers. Experts highlight the importance of innovation and consumer insight, stating, “Real estate in the Philippines is no longer just about location—it's about lifestyle, resilience, and long-term value creation.”ConclusionIn 2025, Philippine real estate stands out for its resilience and adaptability. With solid fundamentals and growing investor interest, it continues to offer both opportunity and stability in a challenging global environment.Click here now for more info!Download

Written by Yousaf Iqbal, Head of IQI CanadaCanada Real Estate Market – April 2025 OverviewIn April 2025, Canada’s housing market displayed mixed signals. Major cities like Toronto and Vancouver experienced noticeable slowdowns, with home sales and prices falling year-over-year due to high borrowing costs and economic uncertainty. In contrast, Quebec maintained strong momentum, with rising sales, increasing prices, and steady buyer activity. National trends highlighted cautious consumer behavior in some regions, while others continued to experience robust demand and price growth.Toronto (GTA)Home sales in the Greater Toronto Area (GTA) rose from March as part of the usual seasonal trend but remained 23.3% lower than in April 2024, with 5,601 homes sold. Buyers continue to wait for lower interest rates and greater economic certainty.Following the recent federal election, many households are watching Canada’s trade relationship with the United States, as a positive shift could boost consumer confidence and stimulate market activity, noted TRREB President Elechia Barry Sproule.New listings climbed 8.1% year-over-year to 18,836, providing buyers with more options. However, the MLS® Home Price Index fell 5.4%, and the average selling price declined 4.1% to $1,107,463.According to TRREB CIO Jason Mercer, high inventory levels gave buyers more negotiating power, driving down prices across the board. When combined with slightly lower borrowing costs, this trend has helped improve monthly mortgage affordability.VancouverThe housing market slowdown that began earlier in the year persisted in April, with sales down 23.6% year-over-year. Greater Vancouver REALTORS® (GVR) reported 2,163 residential sales, a sharp drop from the 2,831 sales in April 2024, and 28.2% below the 10-year seasonal average (3,014).New listings totaled 6,850 properties, a 3.4% decrease year-over-year, but still 19.5% above the 10-year seasonal average (5,731). The total inventory reached 16,207 properties, marking a 29.7% increase from April 2024 and 47.6% above the 10-year average.The sales-to-active listings ratio stood at 13.8% overall, broken down as:• Detached homes: 9.9%• Attached homes: 17.5%• Apartments: 15.7%These figures suggest a balanced market, though slightly tilted in favor of buyers, especially in the detached segment.QuebecIn contrast to national trends, Quebec’s real estate market remained resilient in April 2025, with home sales up 10% compared to the same period last year. Prices rose across all property categories—single-family homes, condominiums, and plexes—while days on market decreased, reflecting strong demand.Although active listings held steady, new listings increased by 11%, contributing to a 19% growth in total sales volume, signaling a competitive and active spring market.Click here now for more info!Download

Written by Dustin Trung Nguyen, Head of IQI VietnamVIETNAM REAL ESTATE MARKET OVERVIEWResidential SectorHousing Supply in Ho Chi Minh City Remains LimitedThe residential property supply in Ho Chi Minh City (HCMC) remained constrained in the early months of 2025, with only 350 condominium units and 58 ready-built townhouses and villas launched, according to CBRE Vietnam.All new launches came from subsequent phases of existing projects, although there have been notable improvements in resolving legal bottlenecks. Duong Thuy Dung, Executive Director of CBRE Vietnam, noted that certain projects—such as a condominium development in District 7—may soon be able to sign sales contracts. Meanwhile, long-delayed housing developments in Thu Duc City, handed over between 2016 and 2019, are expected to finally issue ownership certificates, helping to restore buyer confidence.Data from the municipal People's Committee indicates that approximately 38,000 apartments are expected to receive title deeds in 2025. Since late 2024, new sales activity has resumed in Thu Duc after a two-year halt due to regulatory challenges.Integrated urban township models on HCMC’s outskirts have gained traction, supported by accelerated investment in key infrastructure projects. Experts note that the western region of the city—home to several major developers—is witnessing strong preparations for new launches and robust reservation demand. One urban project near Tan Son Nhat Airport in Tan Phu District recorded over 1,000 reservations within just ten days of its launch.In neighboring Long An Province, investor interest is growing. A green urban township in Ben Luc, near Binh Chanh District, is currently accepting reservations, while a nearly 200-hectare urban area in Duc Hoa has recently broken ground and is expected to launch later this year.The residential market in western HCMC is projected to become increasingly vibrant in the coming quarters. In total, more than 8,600 condominium units and fewer than 1,000 ready built townhouses and villas are expected to launch throughout 2025, predominantly in the suburban zones.In the office segment, Thanh Pham, Associate Director of Research & Consulting Services at CBRE Vietnam, reported strong absorption of newly completed Grade A buildings, with over 4,000 square meters leased in Q1 2025.Commercial SectorHCMC Retail Space Fully Leased Despite High PricesRetail occupancy in Ho Chi Minh City remains near 100%, even as rental rates reach record highs and supply remains stagnant. As of November, most malls in District 1—such as Saigon Centre, Parkson Le Thanh Ton, Vincom, and Diamond Plaza—are nearly fully leased, with only limited availability on basement and upper levels.A leading F&B brand seeking to expand on Dong Khoi Street, one of the city’s most expensive retail corridors, has faced delays due to space shortages. Similarly, a coffee chain has had to revise its business strategy after being unable to secure appropriate space in central locations.“It is extremely difficult to find spacious retail areas in prime malls,” the company stated. “Most are fully occupied.”Property consultancy Avison Young Vietnam confirmed there was no new retail supply in District 1 in Q3, with existing malls at full capacity. Notably, 75% of the city’s 1.5 million square meters of retail space is located in suburban areas.The shortage of prime retail space, combined with strong demand from luxury brands, has pushed rents upward. District 1 retail rents stood at US$275–300 per square meter per month in Q3, according to Avison Young.David Jackson, CEO of Avison Young Vietnam, noted that high-end brands prefer shopping malls in central locations, making competition intense. Luxury labels like Longchamp, Lush, and Popmart have chosen District 1 for flagship stores, despite attractive offers from suburban developments.Office and Industrial Market TrendsCBRE Vietnam’s 2024 Asia-Pacific Office Occupier Survey revealed that competitive rental rates and high-quality service are key factors influencing tenant relocations. In Q1 2025, relocations accounted for 50% of tracked major lease transactions, with the information technology sector leading both in volume (25%) and leased area (31%).Meanwhile, the industrial land market in southern Vietnam maintained a stable 89% occupancy rate. The ready-built warehouse and factory segments saw continued growth, with Q1 occupancy rates reaching 72% and 89%, up 14 and 3 percentage points year-on-year, respectively.Click here now for more info!Download

Written by Lily Chong, Head of IQI AustraliaAUSTRALIA’S HOUSING MARKET REMAINS RESILIENT AMID SOFTENING GROWTHAustralia’s housing market continued its upward trajectory in April, with CoreLogic’s Home Value Index marking a third consecutive month of growth. National dwelling values rose by 0.3%, pushing the median home price to a new record high—adding approximately $2,720 in value over the month.Every capital city posted value gains, with Darwin leading at +1.1%. Sydney and Melbourne saw more modest increases of 0.2%. However, April’s growth eased slightly from March’s 0.4%, reflecting subdued buyer sentiment and a dip in auction clearance rates.Tim Lawless, CoreLogic’s research director, noted that the February rate cut initially stimulated housing momentum, but its effects are beginning to fade. Broader economic uncertainty—partly driven by international trade tensions and the upcoming federal election—has weighed on consumer confidence, prompting some buyers and sellers to delay their plans.This cooling trend was evident in reduced market activity. Auction volumes dropped to just 644 for the week ending April 20—the quietest Easter auction week since 2019. New listings also declined to 19,650 across the capital cities in the four weeks to April 27, marking a five-year low for this time of year.Looking ahead, market momentum could resume with a potential interest rate cut expected around May 20 and post-election clarity. CoreLogic forecasts modest price growth for the remainder of 2025.Despite the overall gains, not all cities have reached new price peaks. Only mid-sized capitals like Brisbane, Adelaide, and Perth have hit record highs. Sydney remains 1.1% below its September 2024 peak, while Melbourne lags 5.4% behind its 2022 high. Hobart, Darwin, and the ACT are still down 11.1%, 2.7%, and 6.4%, respectively.Annual price growth slowed to 3.2% in April—its lowest level since August 2023—underscoring the market's cooling from mid-2024 to early 2025, despite a rebound beginning in February.House values continue to outperform units. Over the past three months, house prices rose by 1.1% across the combined capitals, compared to 0.5% for units. Sydney showed the widest disparity, with house values rising 1.4% while unit values slipped 0.3%. Hobart followed a similar trend. Meanwhile, Melbourne and Adelaide recorded balanced growth, and Perth and Brisbane saw stronger unit price gains.Click here now for more info!Download

The global real estate market saw mixed results in June, with some areas improving and others struggling.What else have you missed in June 2025Click here now for more info!Download

Written by Dave Platter, Global PR DirectorRenters, pay attention. You’re still getting a discount, but the window may be closing.That’s one of the insights from Juwai IQI Co-Founder and Group CEO Kashif Ansari, who was quoted on the topic in the New Straits Times. His comments bring some hard numbers to the rent vs. buy debate in Malaysia. According to Ansari, rent is still cheaper than it was before COVID, by about RM442 a month.Meanwhile, home prices are steady, up just 0.8 points on the Malaysian House Price Index in 2024. Prices have been kept down in part by a 30% jump in new home launches.The government is helping to keep housing affordable with real support: RM10 billion in housing credit guarantees and tax breaks.Right now, renting still edges out on cost. But that edge is shrinking fast. What’s more, over the long-term, ownership builds wealth.“Renters are still getting a discount nearly half a decade after the pandemic started,” Ansari told the New Straits Times. “But with rent trending upward and home prices stabilising, we expect the rent vs. buy equation to increasingly favour ownership in the coming years.”What First-Time Buyers Should KnowAffordability is quietly improving. Financing is easier thanks to government-backed schemes and stable interest rates.Meanwhile, 75,784 new homes were launched in 2024, a big jump up from just 56,526 the year before.Construction costs are helping keep sales prices down. Building a mid-range high-rise in Kuala Lumpur is 63% cheaper than in Bangkok, and 260% cheaper than in Singapore.That opens the door for more people to own instead of rent.What’s Hot? JohorOne region stands out: Johor. It’s drawing more demand thanks to better transport and the Johor–Singapore Special Economic Zone. If you’re looking for future value, Ansari says this is a key location to watch. But be careful about overpaying and select your investment carefully.The Market OutlookOverall, Ansari calls Malaysia’s current property market “healthy” and “stable.” No boom, no bust. He forecasts prices will grow 2%–3% in 2025, thanks to support from the strong economy.“By far, more people own their homes than rent,” he said. “More than three quarters of Malaysians are homeowners.”In 2024, 260,516 people bought homes—up 4% from the year before.CLICK FOR MORE INFO!