Asia-Pacific Capital Markets Insights Q4 2025

2025 DELIVERS STRONG FULL-YEAR GAINS DESPITE CAUTIOUS MARKET

Investment activity in Q4 2025 totalled US$56.0 billion, representing a contraction of 10.0% quarter-on-quarter (QoQ) and 7.4% year-on-year (YoY). Nevertheless, fullyear volumes reached US$201.0 billion, up 13.7% from 2024 and comfortably within our forecast growth range of 10-15%.

The retail sector emerged as one of the best-performing asset classes in 2025, underpinned by a sharp rebound in activity. Investment volume surged 109.5% QoQ in Q4 and nearly doubled on a YoY basis, reflecting renewed investor confidence in well-located, income-generating retail assets.