The pandemic has been a litmus test of economic resilience for all countries. The global economy in 2020 experienced the deepest peace-time recession since the Great Depression of the 1930s. It is clear, though, much of Asia has managed through the pandemic relatively well.

For real estate investors, Asia’s attractive economic growth performance over the past two decades has resulted in rising asset allocations. The relatively strong economic performance during the pandemic reinforces the argument that a balanced global portfolio should be making sizeable allocations to the region. What are the factors behind Asia’s performance in recent years, and what might this mean from a real estate–allocation perspective?

Asia, the least-disrupted region

COVID-19 hit every corner of the globe and resulted in huge economic upheaval — but for Asia, the degree of disruption was significantly contained. By 2021, in developed Asia — Japan, Australia,