Asia’s real estate landscape is undergoing a revitalization, marked by a bold spirit of resilience and growing opportunities. From the booming metropolitan areas of the Philippines to the alpine attractions of Niseko in Japan, remarkable growth and evolution signals a future shimmering with potential.
Pillars of resilience
In the face of global upheavals, economic challenges, and unforeseen crises, the Asian real estate market stands undeterred, and in many cases, triumphant.
The Philippines is notable for its stability in the real estate market. The increasing influence of sectors such as outsourcing is driving demand for office spaces. Moreover, the swift expansion of the e-commerce and logistics sectors is further boosting the industrial real estate market.
Cyndy Tan Jarabata, chairperson of the independent panel of judges of the PropertyGuru Philippines Property Awards and President of Tajara Leisure & Hospitality Group Inc., expressed her confidence, “There is a positive outlook for the Philippine property market this year, with new developments outside Mega Manila, Cebu, and Davao.”
While the Philippines showcases urban and industrial strength, Australia’s property sector continues to attract investors seeking luxury and exclusivity. Despite global economic challenges, Australia’s stable political environment, high living standards, and low dollar value continue to attract foreign investors to its thriving property market. Major cities like Sydney and Melbourne have seen a surge in million-dollar luxury residences, where foreign investors are particularly drawn to luxury apartments that offer exclusivity, high-end amenities, and scenic views.
On the other hand, local demand is the impetus for Cambodia’s resilience. “The market is now heavily dependent on local demand so matching the development of new projects to the needs of local buyers is a wise decision,” shared Sorn Seap, chairperson of the independent panel of judges of the PropertyGuru Cambodia Property Awards and president of the Cambodian Valuers and Estate Agents Association.
Moving further north, Japan’s Greater Niseko continues to shine bright as an alpine star. Renowned globally for its snowy retreats, the area is now also becoming a hotspot for real estate investment. Significant infrastructure developments, like a proposed bullet train route from Tokyo, have further heightened Niseko’s appeal.
Sustainability and holistic living
Homes and offices are significant segments of the property sector, but delving deeper, the themes of sustainability and wellness emerge as dominant forces. There is a more pronounced demand for green, energy-efficient properties and alongside this drive for sustainability is a heightened emphasis on wellness in recent years.
Developers in Cambodia are focusing on wellness real estate, creating spaces that prioritize holistic well-being. The growing wellness real estate sector provides an opportunity for individuals to reside in environments that promote overall well-being, encompassing aspects such as leisure, senior living, and health.
Seap points out a preference among local buyers for homes in boreys (gated housing communities) as they value landed properties with gardens, ample parking, and enhanced privacy. This mirrors a broader global trend: a pivot towards environments that underscore residents’ comprehensive well-being, thereby elevating the livability and sustainability of spaces.
Meanwhile, Japan’s Niseko region merges its inherent natural beauty with modern development. With upcoming infrastructure projects, including a proposed bullet train route from Tokyo and a potential bid for the 2030 Winter Olympics, Niseko’s property market is poised for growth. Notably, it’s not just foreign investors keen on Niseko. Japanese individual and corporate buyers are also showing increased interest in the region.
Eddie Guillemette, chairperson of the independent panel of judges of PropertyGuru Asia Property Awards (Greater Niseko) and CEO of Midori no Ki, shares this sentiment, “Niseko continues to be an attractive location for investors because it is unique — a world-class ski resort in Hokkaido with an English-speaking infrastructure, with amazing snow quality — and on a currency-adjusted basis, there is value here relative to other real estate markets.”
PropertyGuru Asia Property Awards shines the spotlight:
Established in 2005, the PropertyGuru Asia Property Awards have set the benchmark for excellence within the real estate sector. Initially covering Southeast Asia, the series has expanded over the years to encompass the region’s dynamic property markets, including Australia, China, Greater Niseko in Japan, and India.
Organised by PropertyGuru Group, Southeast Asia’s pioneering property technology company, these awards are more than just accolades; they stand as a testament to the region’s relentless drive for innovation in property development, architecture, and sustainable building practices.
Lui Violanti, Chairperson of the PropertyGuru Asia Property Awards (Australia) and Regional Manager for Western Australia at Inhabit Group, encapsulates the competitive spirit: “We challenge Australia’s finest to showcase their best to the Asia Pacific. From homes to commercial spaces and mixed-use sites, we aim to elevate the industry by highlighting its very best.”
Main country winners will compete for regional honours at the 18th PropertyGuru Asia Property Awards Grand Final 2023 this December in Bangkok. It promises more than an event; it’s the pinnacle of Asia’s real estate aspirations and achievements.
Every entry undergoes rigorous scrutiny from an independent panel of judges, comprising experts in diverse fields such as real estate consultancy, architecture, interior design, and sustainable development. HLB, the global network of independent advisory and accounting firms, ensures a professionally run and fully transparent judging system, renowned for its fairness, credibility, and integrity.
As asserted by Jules Kay, the General Manager of PropertyGuru Asia Property Awards and Events, “The PropertyGuru Asia Property Awards are a testament to the remarkable progress of the Asian real estate industry. The program highlights the transformative power of visionary developers who are shaping the future of the industry.“