Four APAC cities amongst the top 10 sources of global real estate capital

In 2024, APAC investment volumes reached 72% of the five-year average.

Asia Pacific remains a pivotal source of global capital and is home to four out the top 10 capital sources worldwide, Singapore, Hong Kong, Japan and China, according to Colliers.

Colliers’ Global Capital Flows March 2025 report found Asia Pacific has seen strong investment over the past 24 months in a reflection of the region’s diverse investment appeal and significant capital flowing into key real estate sectors.

For the full year 2024, Asia Pacific investment volumes reached 72% of the five-year average. Six sectors, led by office and industrial, saw US $183billion in investment over the past 24 months. The office sector led the way with US $57billion, followed by industrial (US $55billion), retail (US $37billion), multifamily (US $17billion) and hospitality (US $15billion).

“As a global capital hub, Asia Pacific’s diverse investment appeal is undeniable,” Chris Pilgrim, Managing Director, Global Capital Markets, Asia Pacific, said. “With significant capital flowing into key real estate sectors such as office, industrial, and retail, the region continues to lead in cross-border investment. Its strategic positioning and growing influence underscore its pivotal role in shaping the global investment landscape.”

The region continues to lead global cross-border capital flows in land and development, with seven of the top 10 destinations for land and development sites globally located within Asia Pacific – China, Singapore, Australia, India, Malaysia, Vietnam and Japan.

“This highlights Asia Pacific’s strong appeal as a growth hub for investors seeking land development and infrastructure opportunities,” Mr Pilgrim said. “In terms of capital destination for standing assets globally, Asia Pacific remains a key player with Japan, Australia and China ranking among the top 10 destinations. Singapore, Hong Kong, Japan and China also featured in the top 10 sources of cross-border capital globally.”

Industrial and logistics assets emerged as the most active sector over the past 24 months across all regions. In Asia Pacific, the sector I&L was only just outperformed by the office sector. Retail also maintained a robust share across regions.

“During the course of 2025, we could see yield spreads across all regions globally align to similar levels, enabling the border deployment of domestic and cross-border capital,” Mr Pilgrim said. “EMEA and APAC are expected to be the primary beneficiaries of an expansion in global cross border activity, particularly given the strength of the US dollar.”

Top 10 Global Cross-Border Capital Sources: 12 Month Rolling, US$ mn