Asia-Pacific all-property capital value declines eased further in Q4 to minus 0.8% y/y, reinforcing signs that the market is bottoming out. Looking ahead, however, elevated risk-free rates and muted rental growth will likely keep the recovery subdued.
Total returns through 2027 will be led by Australian retail and industrial and Korean offices. In contrast, a subdued economic outlook positions Hong Kong to underperform across the board.
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