Australian property transaction volume decreases 37%
Real estate transaction volumes have fallen across the Asia Pacific region, according to Savills, which has released its Asia Pacific Investment quarterly.
In the 12 months to September 2020, Savills tracked A$24.17 billion ($17.1 billion) of sales in excess of A$5 million ($3.5 million) across office, retail and industrial asset classes. The figure was down 37 percent on the previous 12 months; however, with a large number of quality assets currently on the market or in due diligence, it is expected that there will be a strong finish to the end of the year.
Throughout the pandemic, there has been continued demand for quality assets (particularly industrial and office) with long weighted-average lease expiries and secure tenant covenants, with investors seeking both on- and off-market opportunities.
And in another market, Beijing witnessed less transaction volume in the citywide commercial real estate market year-on-year in 2020 due to significant declines in re