The Asia Real Estate Investment Trust (REIT) market has experienced significant growth, with its market value increasing by 18% to US$279.4b as of 31 March 2026, according to Cushman & Wakefield’s latest report. This expansion is largely driven by the Chinese mainland and India, which have emerged as key players in the region.
The Chinese mainland accounted for 21 of the 27 new REIT listings in Asia, highlighting its pivotal role in the market’s growth. The introduction of a commercial real estate REIT pilot programme in late 2025 has broadened the market beyond infrastructure, allowing for a wider range of income-producing properties. Andrew Chan from Cushman & Wakefield noted, “The Chinese mainland REIT market is moving into a more sophisticated phase.”
India’s REIT market has also seen remarkable progress, with its market value rising by 62% to US$17.7b, surpassing Hong Kong to become Asia’s fourth-largest REIT market. New listings, such as Knowledge Realty Trust and Bagmane Prime Office REIT, have significantly increased the portfolio scale. Somy Thomas of Cushman & Wakefield commented on India’s growth, stating, “India’s REIT market has reached an important inflection point.”
Mature markets like Japan, Singapore, and Hong Kong have also shown steady growth, with market values increasing by 12%, 14%, and 8%, respectively. Looking forward, Catherine Chen from Cushman & Wakefield expects the Chinese mainland and India to remain key growth engines, whilst established markets focus on efficiency and selective expansion.
