India
India
Conducted in October, the Emerging Trends in Real Estate® survey ranked Tokyo (1), Osaka (2), Sydney (3), and Singapore (4) as the four cities with the best investment prospects for the region. However, MSCI data and anecdotal reports reveal that market disparities are profoundly evident across both geographies and sectors in Asia Pacific.
Twenty years ago, India had only 50 airports with regularly scheduled service, according to statistics from the Airports Authority of India. By 2014, the number had grown to 74. By 2023, the number had doubled, to 148. Sometime in the 2030s, it is expected to double again. Even more extraordinary than the number of airports, however, is their architecture.
Divyabahen grew up in Ramapir No Tekro, an area of Ahmedabad in northwest India. Labeled a “slum,” it sits on land formally owned by the city. After getting married, Divyabahen lived with her husband’s family for a short time before they looked for a place of their own. Unable to afford to rent or buy a home, they built a small house on public land along a creek near Divayabahen’s childhood home. They enjoyed living under the large shade trees, with space around them and extended family nearby.
For many years, India’s real estate markets languished in the shadow of booming Mainland China, with investors flocking there to buy real estate and tap into emerging demand. More recently, as China has struggled to mediate structural oversupply in real assets, investment flows are moving increasingly in a southerly direction. A panel at the ULI’s 2024 Asia Pacific Summit in Tokyo addressed the dynamics of current investment landscapes in each market.
