Asia property markets in recovery

Asia property markets in recovery article image
The Asian property market is recording a faster than expected rebound, with declines in office rents moderating in the September quarter across much of Asia due to the strength of the Asian economy compared with the USA and UK, according to Jones Lang LaSalle’s Global Market Perspective report for October. The report states that the worst of the global property meltdown is over, and the case for recovery is gradually being bolstered by a strengthened global economy. The Asian economy is at the forefront of this global economic recovery, led by strong growth in China. Director of Global Capital Markets Research for Jones Lang LaSalle John Sears said Australia was one of the markets within Asia that was approaching a market bottom. "Sydney office capital values declined by approximately 23 percent from the peak, which is much lower than markets like London and New York where capital values fell closer to 60 percent," he said. 'With employment falling less than many overseas markets, a restricted supply pipeline and vacancy below historic averages, Sydney has the potential to be a leader in the global recovery."


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