Asia Pacific investment volumes in third quarter 2024 reached US$38.8 billion — their highest level in 11 quarters — marking a robust 82 percent increase year-over-year, according to JLL’s Asia Pacific Capital Tracker Q3 2024 report. This gain also marks the fourth consecutive quarter of annualised growth, with year-to-date volume hitting US$96.3 billion, up 28 percent year-over-year. Most major property sectors recorded increases in transaction volume, signalling a broad-based recovery in the region’s real estate markets.

According to the report, cross-border activity returned with a vengeance as offshore capital favoured offices as the preferred asset class. Since the beginning of 2024, the cost of debt has eased in all major markets except Japan and China. While the Bank of Japan’s normalising policy pushes the risk-free rate higher, accommodative spreads remain across sectors. Meanwhile, stimulus measures in China have provided a glimmer of hope in revi