Asia Pacific real estate securities closed the first quarter of 2024 0.45 percent higher, predominantly attributable to a 4.91 percent gain in March 2024, which brought the total return performance for the past 12 months to 2.45 percent in US-dollar terms, according to the GPR/APREA Composite Index. From January through March 2024, Asia Pacific real estate securities (0.45 percent) underperformed general equities (5.13 percent).

From a country perspective, total return performance was a mixed bag, with double-digit losses for China (–16.89 percent), Hong Kong (–14.00 percent) and Thailand (–10.25 percent). Malaysia (10.45 percent), India (9.59 percent) and Australia (7.63 percent) were the best performers, followed by Taiwan (7.33 percent) and Japan (6.45 percent).

The office (2.20 percent) and diversified (1.86 percent) sectors were the best performers, while the healthcare (–6.42 percent) and retail (–5.37 percent) sectors were the worst performers.