Investors are feeling more and more bullish about Asia Pacific’s nascent multifamily sector.

The Emerging Trends in Real Estate Asia Pacific 2023 report by PwC and the Urban Land Institute finds investors’ expected prospects for multifamily are second only to industrial/distribution and well ahead of hotels, office, retail and new for-sale housing. And 72 percent of surveyed investors are active or plan to be active in multifamily.

There are compelling reasons for this interest. “The structural tailwinds behind multifamily cashflows, coupled with its inflation-matching characteristics, will continue to make it a top target for institutional capital,” says Adam Hirst, managing director and CEO of Novus.

Asia Pacific’s major cities are experiencing persistent urbanisation, and as the region’s overall population continues to migrate to these cities, demand pressure continues to elevate the cost of homeownership. “This is exacerbating an exist