- The Asia-Pacific (APAC) property sector has continued to grow in 2023, with international buyers seeing Singapore, Mumbai and Hong Kong as desirable locations for working and living.
- Currently, APAC office and residential sectors are outperforming North American and European markets.
- According to recent data, the office sector has greatly influenced the amenities that are provided in luxury apartment complexes, with many high net-worth individuals (HNWIs) demanding workspaces and gyms.
The APAC property market has demonstrated strength throughout 2023, and has grown in global popularity as a desirable location for luxury real estate and high-end living.
According to Henry Chia, Director of APAC Enterprise Clients at Colliers Singapore, the office and residential sectors have played key roles in the performance of the retail market, with occupancy levels outperforming North American and European markets, averaging between 65% and 80%.
International skilled workers migrating to Singapore are willing to purchase high-end real estate as a secondary home to reside in while working in the APAC region.
According to Chia, key markets such as Melbourne, Hong Kong and Mumbai are anticipated to show an increase in the luxury real estate market by the end of this year.
Similarly, South Korea is now experiencing a favourable high-end rental market due to limited supply in the last year, which resulted in low vacancy rates of 2.3%. Chia suggested that this is set to rise, with Korea being a large player in the APAC luxury rental market for international HNWIs.
Chia also noted that the rise of flexible workspaces has created improved opportunities for the luxury real estate industry to take a foothold in both Australia and India.
International HNWIs wishing to secure an apartment on South Korea or India’s upcoming property market should use a safe money transfer service when making international payments.
Since the Covid-19 pandemic, luxury apartment complexes have started to include workspaces, gyms and spas to cater to international skilled workers and HNWIs.
According to Chia's findings, the luxury rental occupancy levels in the APAC region have recovered from the pandemic far stronger than predicted, despite the tumultuous global real estate market.
His research also revealed that by 2024, the majority of landlords will be building apartment complexes with amenities such as workspaces and gyms to ensure that their properties are attractive to wealthy individuals.
The data suggests that international buyers have become increasingly more demanding of their luxury living complexes, which has resulted in a shift to more premium offerings, not only in terms of location but also in terms of facilities, amenities, service quality, design and landscaping.
Wealthy individuals looking to purchase a home on the APAC property market should use safe international money transfer options.
International HNWIs looking to migrate to an overseas destination should use our money transfer comparison tool to get the best exchange rates.
