For 2024, Asia Pacific real estate securities were 2.83 percent lower year-over-year following a double-digit (–12.25 percent) loss in the fourth quarter, in US dollar terms, according to the GPR/APREA Composite Index. This represents underperformance of Asia Pacific listed real estate securities versus general equities for 2024 (10.01 percent) and the fourth quarter (–6.64 percent).

On a country basis, total return performance for 2024 was predominantly negative, with the worst losses recorded by New Zealand (–12.09 percent), Hong Kong (–10.62 percent) and Singapore (–6.10 percent). India (30.36 percent), Malaysia (29.79 percent) and Taiwan (14.89 percent) led with gains.

Asia Pacific property sectors exhibited negativity in 2024 as well as throughout the fo