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Timeless Appeal: George Town’s Pre-War 2-Storey Shophouses

Timeless Appeal: George Town’s Pre-War 2-Storey Shophouses

Written by Irhamy Ahmad, Founder and Managing Director of Irhamy Valuers InternationalGeorge Town, Penang, renowned as a UNESCO World Heritage Site, has long been a prime destination for investors, particularly for its pre-war 2-storey shophouses. These properties, which include both pre-war and post-war buildings, are located within the Core Zone and Buffer Zone of the UNESCO Heritage Zone, as well as other parts of George Town. Over the years, their market trends have been shaped by global economic conditions, local demand, and supply constraints.Between 2018 and 2019, the property market in George Town flourished, driven by strong tourism and growing investor interest. The Core Zone, known for its prime location and rich heritage value, consistently recorded higher property prices than the Buffer Zone, particularly in areas such as Beach Street, Kapitan Keling Mosque Street, Carnarvon Street, and Chulia Street.However, the arrival of the COVID-19 pandemic in 2020 disrupted the market’s upward trajectory. Economic uncertainty, lockdown measures, and a steep decline in tourism due to Malaysia’s border closures led to a significant drop in both local and international visitor arrivals. This downturn had a ripple effect on tourism-dependent businesses, including hotels, restaurants, and art galleries. Although transaction volumes fell sharply, property prices remained relatively stable. This stability was largely due to the limited supply of pre-war shophouses, as strict UNESCO conservation policies restricted new developments, preserving the market’s exclusivity.By 2022, as global economies began to recover and borders reopened, George Town’s property market showed signs of revival. Renewed tourism and the return of foreign investors played a key role in driving demand. By 2023 and 2024, transaction volumes and property prices rebounded, reflecting renewed confidence in the market. The demand for pre-war 2-storey shophouses in George Town remains strong, with recent listings highlighting their lasting appeal:• Queen Street (1,450 sq. ft.) – RM1.9 million• Hutton Street (1,694 sq. ft.) – RM1.9 million• Victoria Street (2,123 sq. ft., renovated) – RM3.8 million• Beach Street (1,992 sq. ft., prime unit) – RM3 millionThese listings demonstrate sustained investor interest, particularly for commercial ventures. The overall market trends from 2019 to 2024 underscore the resilience and investment potential of pre-war 2-storey shophouses in George Town’s UNESCO Heritage Zone. While the pandemic posed challenges, the unique appeal and limited availability of these properties have solidified their status as valuable assets in Penang’s real estate market.With heritage preservation and tourism continuing to be key market drivers, these properties are expected to maintain their prominence in the years ahead. click for more info!

12 March

Where To Invest Next in 2025? Top Property Investment Destinations in 2025.

Where To Invest Next in 2025? Top Property Investment Destinations in 2025.

Written by Taco Heidinga, IQI Global Strategic AdvisorInvesting in property in 2025 offers diverse opportunities across various global markets. Below are some regions and cities with promising prospects for property investment in 2025:ASIABali, IndonesiaBali remains a top property investment destination, with emerging locations like Bukit gaining recognition as growing hubs for luxury villas. The area’s strong appeal to tourists and expatriates enhances its investment potential.Key Facts for Investors:• Low corporate and personal income tax rates• Very high rental yields driven by tourism• Rapidly growing real estate market• Metro line & second airport under development• Booming tourism industryAUSTRALIAPerthPerth is projected to experience significant growth, with forecasts suggesting property prices could increase by up to 19%, depending on interest rate movements. The city's favorable market conditions position it as a strong investment candidate.UNITED STATESDallas, TexasDallas is leading U.S. population growth while offering substantial economic opportunities. With a median home price of $434,500, the city attracts investors due to its affordability and dynamic market.EUROPEMontenegroMontenegro is emerging as a prime real estate investment destination in 2025. As one of Europe’s fastest-growing tourist hotspots, the country’s stunning Adriatic coastline, picturesque mountains, and luxury resorts continue to attract high-end travelers, making short-term rental properties highly profitable.Key Facts for Investors:• One of Europe’s lowest property tax rates (0.1%–1% annually)• No restrictions on foreign property ownership• Low corporate and personal income tax rates (9%–15%)• High rental yields• Growing real estate market• EU candidate with strong economic growth• Citizenship & residency incentives.United KingdomBirminghamBirmingham remains a top choice for property investment due to extensive regeneration projects and high demand. The Future City Plan aims to transform urban spaces, contributing to a projected price increase of 19.9% by 2028.Click for more info!

11 March

Global Economic Outlook 2025: Tariff Becomes The Keyword

Global Economic Outlook 2025: Tariff Becomes The Keyword

Written by Shan Saeed, IQI Chief EconomistThe year has commenced with tariffs becoming a hot topic for many economies and how to navigate these economic challenges. It’s expected to have a significant impact on the global economy and potentially slow down growth in several countries.Click for more info!

11 March

HONG KONG MONTHLY MARKET DYNAMICS – JANUARY 2025

HONG KONG MONTHLY MARKET DYNAMICS – JANUARY 2025

Residential MarketIn December 2024, transaction volumes in the primary market fell to 887 units, while the secondary market declined to 3,216 units, resulting in an overall month-on-month (m-o-m) decrease of 15.5%. Mass residential capital values rebounded slightly by 0.2% m-o-m in December, following a 0.8% decline in NovemberThe RMB recently weakened beyond 7.3 against the USD and 0.94 against the HKD, reflecting growing concerns about the Chinese economy and the impact of US tariffs. Analysts expect further depreciation of the RMB, which could potentially accelerate asset allocation from mainland China to Hong Kong in the short term—benefiting the local residential market.Following subdued activity in December, developers are now accelerating new project launches in early 2025, offering significant discounts. For example, ORIA in Shau Kei Wan relaunched selected units at discounts ranging from 20.0% to 31.6%, successfully selling 41 out of 47 units on the first day.Among major luxury sales transactions, a unit at The Arch in West Kowloon was sold for HKD 305.0 million or HKD 69,350 per sq ft (SA).Retail MarketTotal retail sales declined by 7.3% year-on-year (y-o-y) in November 2024. Major retail categories showed mixed performance: Sales in "department stores" rebounded by 3.5%.Sales of "consumer durable goods" dropped by 21.7%.Online sales decreased by 7.0%, accounting for 9.3% of total retail sales value for the month.Total inbound visitations rose by 8.5% y-o-y in November 2024, reaching nearly 3.6 million. This figure represents 59.5% of the monthly total recorded in November 2018.Chinese fashion retailer Unibuy has committed to leasing B-3/F (14,153 sq ft in total) in the China Hong Kong Centre, Tsim Sha Tsui. The reported monthly rental is HKD 800,000, representing an 88% discount compared to the peak rent paid by Hugo Boss in 2012.Additionally, China Resources Longdation has reportedly purchased five shopping arcades totaling 118,511 sq ft from the Hong Kong Housing Society for HKD 1.0 billion. These retail arcades are part of residential projects in Cheung Sha Wan (Heya Aqua, Heya Star, Heya Crystal, and Heya Delight) and To Kwa Wan (Jubilant Place).For more info on global insight. click here!

11 March

India’s Retail Revolution: Transforming Real Estate and Shaping the Future of Urban Development

India’s Retail Revolution: Transforming Real Estate and Shaping the Future of Urban Development

Written by Manu Bhazin, Country of Head of IQI India According to a study by the Confederation of Indian Industry and Knight Frank:Retail consumption is expected to grow to 21% of total private consumption by 2034.Traditional shopping hubs are giving way to premium malls, mixed-use developments, and experience-drivenretail spacesDevelopers are rethinking their strategies, focusing on large-scale, high-end projects that cater to a growingaspirational population looking for immersive retail experiences. Delhi-NCR: India’s Retail Investment HotspotDelhi-NCR has emerged as India’s top retail investment destination in 2024, driven by: Record leasing volumes Lower vacancy rates Rising rental values Strong infrastructure expansionThis region’s growth reflects a shift from traditional marketplaces to organized retail hubs, shaping the future of India’s real estate landscape.The Transformation of High-Street Retail Luxury retail zones, lifestyle centers, and mixed-use developments are replacing traditional shopping areas. These developments combine residential, office, and entertainment spaces, creating integrated urbanecosystems where people can live, work, and socialize.Impact on Logistics, Hospitality, and Technology SectorsIndia’s retail expansion is fueling growth in: Logistics (rising demand for last-mile delivery solutions) Hospitality (luxury malls integrating high-end dining and entertainment) Technology (enhanced digital and omnichannel shopping experiences)Retail Real Estate: The Future of Urban DevelopmentWith India’s consumption economy on the rise, retail real estate is set to play a pivotal role in shaping the country’s urban development over the next decade.For investors, developers, and retailers, now is the time to capitalize on India’s retail revolution.For more info on global insight. click here

11 March

THE 2025 CONDOMINIUM OVERSUPPLY IN METRO MANILA

THE 2025 CONDOMINIUM OVERSUPPLY IN METRO MANILA

written by Emanuel Andrew Venturina, Head of IQI Philippines ANALYZING LOCATION-SPECIFIC SUPPLY AND EMERGING OPPORTUNITIESThe Philippine real estate market, particularly in Metro Manila, has experienced rapid growth over the last decade, marked by a significant rise in condominium developments. However, as we approach 2025, concerns about oversupply are emerging, especially in Ready-for-Occupancy (RFO) units. This article examines the condominium oversupply in Metro Manila, explores its implications, and highlights opportunities in the Philippine real estate market, driven by favorable economic conditions such as high GDP growth, low interest rates, and low inflation. Understanding Oversupply in Metro ManilaAs of 2025, Colliers predicts that the condominium market in Metro Manila is experiencing an oversupply, with more units being developed than the current demand can absorb. This situation could lead to increased competition among property developers and downward pressure on prices, impacting investors, developers, and potential homeowners alikeHowever, it is important to emphasize that not all property segments and condominium projects are affected by the oversupply. Each project and property offer unique value and benefits, making careful selection essential for buyers and investors.Emerging Opportunities in the Philippine RealEstate Market Despite the challenges posed by oversupply, opportunities still exist for investors and homebuyers in 2025, supported by several favorable economic conditions:Low Interest RatesWith interest rates projected at 5.7% by the end of 2024, financing options remain accessible. Prospective buyers can secure loans at manageable rates, making it an opportune time to enter the market or invest in existing inventory.Low Inflation RateA stable low inflation rate (3.2% average in 2024) allows consumers to maintain their purchasing power, boosting confidence in long-term real estate investments.Increased Demand for Luxury and High-End Properties While the lower to upper mid-segment may face oversupply, there is growing demand for luxury and leisure properties, as well as horizontal developments (e.g., townhouses and landed homes).Urban Revitalization InitiativesThe government’s commitment to urban renewal and infrastructure projects will enhance connectivity and accessibility, making less congested areas more attractive for residential developments.Investment in Sustainable DevelopmentsThere is a noticeable shift towards environmentally friendly and sustainable residential solutions. Developers focusing on eco-friendly designs and green amenities may gain a competitive advantage as consumers increasingly prioritize sustainabilityConclusionAs Metro Manila navigates the complexities of a potential oversupply in the condominium market by 2025, the concentration of available units in various locations presents both challenges and opportunities. While the oversupply may put pressure on some markets, economic factors such as low interest and inflation rates provide a favorable environment for strategic investments.Homebuyers and investors can explore opportunities in:Luxury and leisure propertiesUrban revitalization projectsSustainable developmentsTo capitalize on opportunities in the Metro Manila real estate market, thorough research, expert guidance, and active market monitoring are crucial. By adapting to the evolving landscape, investors can make informed decisions and maximize returns, even in times of oversupply.For more info on global insight. cick here!

11 March

IQI KARACHI – REAL ESTATE MARKET UPDATE

IQI KARACHI – REAL ESTATE MARKET UPDATE

written by Junaid Hamid, Head of IQI Pakistan Pakistan’s real estate market is at a pivotal moment, shaped by ambitious economic reforms, transformative fiscal policies, and emerging technological innovations. As investors seek opportunities amid global uncertainty, the market presents a dynamic landscape of challenges, opportunities, and future potential. This article explores these key factors, with a special focus on Karachi, Pakistan’s financial and commercial hub.Opportunities Shaping the MarketDespite economic challenges, several transformative opportunities are emerging that promise to reshape Pakistan’s real estate sector:International Support and Fiscal IncentivesA key driver of optimism is the World Bank’s commitment to providing up to $20 billion in financial support over the next decade, contingent on Pakistan’s progress with critical economic reforms. This substantial backing is expected to boost investor confidence and drive long-term economic stability. Tax Reforms and Investor-Friendly Policies- Recent tax reform proposals aim to enhance transparency and attract more investors:- Reduction in property transaction taxes for properties valued over Rs100 million.- Lower advance tax rates for filers, from 4% to just 0.5%.- A landmark policy update from the Federal Board of Revenue (FBR) now allows non-filers to purchase property up to PKR 1 crore, increasing market transparency and broadening the investor base.Karachi’s Dynamic Market and Infrastructure Upgrades- Karachi remains Pakistan’s top investment destination, thanks to:- Strategic coastal location and a booming urban population.- Major infrastructure projects, such as the Malir Expressway, improving connectivity.- Growing demand for residential and commercial properties, driven by modern amenities and economicexpansion.PropTech & Asset Tokenization: The Future of Real EstateTechnological innovations such as asset tokenization are revolutionizing the property market. Platforms like DAO PropTech are making real estate investments more accessible by allowing properties to be traded as smaller, digital units, increasing transparency and affordability.Challenges in the Current MarketDespite positive growth indicators, the real estate sector faces several challenges that investors must navigate:Economic Uncertainty & Reform ChallengesWhile Pakistan has the potential to become a $1 trillion economy by 2035, achieving this requires sustaineddomestic economic reforms.World Bank Vice President for South Asia, Martin Raiser, emphasized that maintaining a 7% annual growth ratewill be crucial for unlocking real estate potential.Regulatory & Fiscal HurdlesThe real estate market has long struggled with opaque transactions and a reliance on undeclared funds.Government efforts to increase transparency and tax compliance are positive steps, but the transition period may create short-term market fluctuations.External Market PressuresGlobal economic volatility and geopolitical uncertainties can influence investor sentiment in cities like Karachi, known for its dynamic but fluctuating market conditions.Looking Ahead: Growth & ResilienceThe future outlook for Pakistan’s real estate sector is optimistic, supported by:Economic Transformation & StabilityWith international backing and progressive government policies, Pakistan is laying the groundwork for long-term economic stability and real estate growth.Expansion of Investment OpportunitiesEased tax restrictions and FBR’s new non-filer policy create a more inclusive investment landscape, welcoming a new wave of investors.Karachi’s Role as a Catalyst for ChangeWith massive infrastructure developments, Karachi remains the heart of Pakistan’s economic activity and is set to lead the country’s real estate boom..4. Technological Disruption in Real EstateDigital transactions and property tokenization platforms are making investments more secure, efficient, and accessible to both traditional and tech-savvy investors.ConclusionIn 2025, Pakistan’s real estate market, particularly in Karachi, presents a compelling blend of challenges and opportunities. Major reforms, regulatory changes, and technological advancements are reshaping the sector, creating unprecedented opportunities for local and international investors.For investors looking for long-term gains, the current landscape offers a unique opportunity to be part of atransformative era in Pakistan’s real estate sector. By embracing these changes, investors can position themselves for success in a more resilient, transparent, and lucrative market.

11 March

IS THE REAL ESTATE MARKET IN HANOI OR HO CHI MINH CITY MORE ATTRACTIVE TO INVESTORS?

IS THE REAL ESTATE MARKET IN HANOI OR HO CHI MINH CITY MORE ATTRACTIVE TO INVESTORS?

Written by Dustin Trung Nguyen, Head of IQI VietnamSegment 5-10 billion VND: Demand in Ho Chi Minh City is almost twice as high as in Hanoi.Segment 1-3 billion VND: Ho Chi Minh City leads, reflecting the strong appeal of affordable housing in theSouthern market.Segment 2-3 billion VND: Hanoi dominates, thanks to apartment developments that align with the financialcapabilities of most buyers.Types of Real Estate in DemandHo Chi Minh City: Private houses are the most sought-after, particularly in areas such as An Phu (District 2), Phu Huu (District 9), Thao Dien (District 2), and District 7.Hanoi: Apartments lead in search demand, notably in Nam Tu Liem (Tay Mo), Cau Giay (Trung Hoa), and satellite areas such as Gia Lam, Hoang Mai, and Ha Dong.Neighboring Provinces: Land for sale dominates, catering to investment needs and suburban infrastructure development.Rental Market: A Consistent TrendThe rental real estate market remains stable across regions. The most in-demand rental properties include apartments, boarding houses, rented rooms, and private houses, reflecting steady demand among residents and workers.Project Supply & Market RecoverySlight Recovery from Late 2024After a prolonged stagnation, real estate supply has begun to recover:Hanoi: Nearly 10 new projects were launched, including Lumi Hanoi, Imperia Sola Park, The Ninety Complex, Vinhomes Co Loa, and Grand Sunlake.Ho Chi Minh City: The market gained momentum towards the end of the year, with new developments such as Eaton Park, The Opus One, Fiato Uptown, Lavida Plus, Khai Hoan Prime, and King Crown InfinityMarket Overview and ForecastIn 2023, total market supply hit its lowest level in the past decade. However, from Q3 2024 onwards, new projects have re-entered the market, particularly in HCMC, which is experiencing a stronger recovery than Hanoi. With stable demand in the mid-range and high-end price segments, along with a resurgence in supply, the Vietnamese real estate market is expected to grow significantly in 2025, particularly in Ho Chi Minh City.The real estate revival in 2024 was fueled by growing homeownership demand and notable infrastructure improvements. These factors have accelerated transactions and investment activities, further strengthening the market.Commercial MarketChallenges in Hanoi’s Shophouse MarketMany shophouses in downtown Hanoi are being left vacant as shop owners struggle to stay afloat amid an e-commerce boom.Case Study:Thu Phuong, a store owner in Hanoi, recently vacated her 70-square-meter fashion store in Cau Giay District, after closing two other outlets earlier in the year.While revenue from her three stores once covered rent costs, declining sales forced her to terminate lease agreements.She is now shifting her business focus to online sales and looking for a smaller, lower-rent location in sidealleys.Declining Retail Demand & Rising VacanciesThe capital’s once-bustling fashion and restaurant streets are now lined with vacant storefronts, as landlords struggle to find tenants.Kim Ma Street: Over 40 stores have closed.Nguyen Thai Hoc Street: Faces a similar downturn, with an increasing number of empty commercial spacesMarket Insights:Duc Huy, a property broker with five years of experience, estimates that shophouse vacancies have risen by15-20% compared to last year.A five-story property on Kim Ma Street has remained vacant since August, even after landlords lowered rents by 10% from two years ago to VND 50 million (US$1,960) per month."A few years ago, landlords demanded high rents, and tenants were willing to pay. That is no longer the case." –Duc Huy, Property BrokerChanging Consumer Behavior & Investment ChallengesNguyen Chi Thanh, Vice Chairman of the Vietnam Association of Realtors, highlights that the shophouse segment is facing major challenges, as customers increasingly prefer shopping malls or online- Instead of investing in high-rent retail locations, businesses are shifting budgets toward online marketing,which attracts more customers.Key Drawbacks of Hanoi’s Shophouse Market:Limited Parking Spaces: Compared to shopping malls, most shophouses lack sufficient parking, making themless convenient for consumers.Declining Rental Profitability: According to Dinh Minh Tuan, Business Director at Batdongsan, shophouse rental yields remain at around 3% annually—unchanged since 2021.For more info on global insight. click here

11 March

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