Momentum shifts for Japan
After putting a number of difficult months behind them in September, Asia Pacific listed real estate stocks continued the positive momentum in October (albeit at a slower pace) as the market continued to rebalance broader expectations of higher interest rates (not as dramatic as originally expected) and economic growth (lower as a result of still prevalent global headwinds). As a result, the region’s listed real estate companies returned 1.2 percent during the month, according to SNL Financial. However, this performance lagged the global listed real estate market, which returned 3.4 percent in October, with regional returns denominated back to US dollars and country returns in local currency. With the month’s return, Asia Pacific listed real estate companies have extended positive returns for the year, up 4.2 percent, though this still continues to lag global real estate returns, up 9.0 percent in the first 10 months of the year.