Asia Pacific listed real estate crawls up in March
Continuing a modest upward trajectory that began in February, the Asia Pacific region posted a positive total return of 1.6 percent during the month of March. The back-to-back positive returns have made up for some of the ground lost during the market sell-off in January: Asia Pacific real estate stocks are still down 2.9 percent for the year, according to SNL Financial, with regional returns denominated back to US dollars and country returns in local currency. In general for the region, and also consistent with global real estate performance patterns, REITs underperformed developers during March as REITs were more affected by concerns over rising interest rates. The month’s positive return was the first month since October 2013 that the Asia Pacific region outperformed global real estate stocks, but on a year-to-date basis, global real estate is up 2.1 percent, which is approximately 5 percentage points ahead of the region.