ShareIn this issue, we’re focusing in on the Asia Pacific region! This is a complex and nuanced region, so we’ll hit some of the highlights. There’s no one-size-fits-all approach in the Asia Pacific region!
The complexity across the region is due to:
- Varying levels of interest rates
- Return-to-office cultures
- Government policies
According to Knight Frank, cross- border transactions in the region came in at U.S.$6.2 billion in the second quarter of 2024. This is a 17.4% increase when compared to the first quarter of 2024.
According to the NAR International Transactions in U.S. Residential Real Estate Report, Asian buyers represented 36% of buyers.
Transparency in the Asia Pacific Region
Top improvers in the Asia Pacific region:
- Singapore
- India
- Japan
- Australia
- Mainland China
- South Korea
What’s Helping These Countries Improve Their Transparency Rating?
- Proactive financial regulator
- New climate risk disclosure guidelines
- Streamlined building regulations
- Digitized land records
Top Destinations Predicted for Cross-Border Real Estate Transactions
- Australia
- Japan
- Singapore
The Global Real Estate Transparency Index (GRETI) looks at a wide range of topics and real estate markets, looks for international benchmarks for transparency, and determines how transparent a market is.
Region Spotlight Interview: Asia Pacific
The spotlight is on Central Oregon-based Helen Marston. Read on to find out some industry news and how Helen manages her career.
What Is Your Job Title?
I am a primary residential real estate broker. I also volunteer in different committees at local, state and national associations. I’ve been NAR Global Ambassador to China, Korea and Taiwan since 2022.
In terms of those purchasing real estate in the Asia Pacific region from outside the country, where are most of these purchasers or investors from?
According to Colliers’ latest Global Capital Flow Report, three of the top ten capital destinations, in terms of standing assets, are in Asia Pacific. Seven of the top ten markets for land and development sites are in Asia Pacific. Canada, United Kingdom, France and Germany are the top investors in the Asia Pacific region other than Hong Kong and Singapore.
And what about those purchasing in the U.S. from this region?
The latest statistic showed 11% of foreign buyers were from China representing $7.5 billion in purchases, and 10% of foreign buyers were from India with $4.1 billion in sales.
What does a typical workday look like for you?
Normally I spend one hour in the gym in the early morning if I don’t have meetings. Then half of my day is for business including anything related to transactions, follow-ups, communications and education. Half of my day is for community volunteer work. I’m involved in many nonprofit organizations and schools. I block my evening time to cook for my family or for community special events. My communications with international clients/contacts are usually in the late nights.
What's your favorite piece of technology that you use to efficiently and effectively do your job?
DocuSign is definitely my favorite tool to use for efficiency and convenience for both domestic clients and international clients. Additionally, WeChat is the best for international clients.
Can you tell us what is unique or special to the Asia Pacific market?
In 2023, most of the investment transactions in the Asia Pacific market were office, retail, industrial, residential, hotel and senior housing and care property.
Can you give CIPS designees some tips for creating a more transparent business?
a. Reach out to chambers of commerce, business associations, college admissions, immigration attorneys and CPAs to meet people who have information or connection with potential international buyers.
b. Be purposeful when attending different events. Introduce yourself as an international property specialist. Participate in conversations, especially related to international affairs, to show your international knowledge.
c. The first international deal is very important. Utilize your success to have more business by referrals.
d. Utilize the tools at the NAR Global Marketing Center to brand yourself.
e. Participate in outbound trade missions if possible.
f. Utilize NAR Global Ambassadors for connections to the regions they cover.
Thank you so much, Helen!