The real estate sector is booming across much of Asia, where commercial property in urban hubs such as Tokyo and Singapore has lured foreign investors. Businesses are also rushing to cash in on the trend and are boosting their efforts to expand.
In Southeast Asia, high-profile luxury brands are investing heavily in residential projects as the number of wealthy Asians grows, especially in Thailand.
Meanwhile, some countries in the region are pushing ahead with ambitious projects to build affordable housing. In Vietnam, conglomerate Vingroup has vowed to build half of the government’s goal of 1 million affordable housing units. The Thai government has pledged to build up to 300,000 inexpensive houses, while Malaysia is eying a redevelopment bill to overhaul its aging urban landscape.
However, such initiatives are also leading to concerns about oversupply and overdevelopment.
Indonesia’s President Prabowo Subianto, who aims to build 3 million homes annually, is facing an uphill battle due to the program’s tainted legacy — including properties shunned for their remoteness or low quality.
In Hong Kong and China, a property downturn is hitting developers’ profits and continues to weigh on their economies.
Check out more of our coverage on Asia’s property sector here.