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India overtakes Hong Kong to become Asia’s fourth-largest REIT market
India overtakes Hong Kong as Asia’s fourth-largest REIT market by value, driven by new listings and deeper institutional participation, a report has said
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India has overtaken Hong Kong to become Asia’s fourth-largest real estate investment trust (REIT) market by value, driven by new product issuance, expanded asset classes and deeper institutional participation, according to Cushman & Wakefield’s Asia REIT Market Insights 2025–2026 report.
China's mainland remained Asia’s largest most significant REIT market, with 79 REITs and a combined market value of $32.1 billion, accounting for an 11% market share. It was also one of the region’s most significant REIT growth stories, contributing 21 of the 27 new listings in Asia between the end of 2024 and March 2026. Other new listings came from Thailand, Japan, Malaysia and South Korea.
As of March 31, 2026, as many as 79 public infrastructure REITs were listed in mainland China, with a cumulative issuance value of approximately $31.3 billion (RMB 215.5 billion) and a combined market value of $32.1 billion (RMB 221.3 billion), the report noted.
India’s REIT market has evolved from an emerging platform into an institutional-scale market. Its market value rose 62% between the end of 2024 and March 2026, enabling India to surpass Hong Kong for the first time and become Asia’s fourth-largest REIT market by market value, it said.
India had seven REITs, including small and medium REITs (SM REITs), with a combined market value of $17.7 billion and a 6% share of the Asian market.
Hong Kong, meanwhile, had 11 listed REITs with a combined market value of $17.4 billion, also accounting for a 6% market share.
New listings expand India's REIT footprint
New listings, including Knowledge Realty Trust and Bagmane Prime Office REIT, substantially expanded India's REIT portfolio. Together, they added 53.7 million sq ft and accounted for approximately three-quarters of the total new space added to the six Indian REITs between June 2025 and June 2026.
Office REIT occupancy remained high amid tightening Grade A vacancy, supported by sustained demand from multinational occupiers and continued expansion by global capability centres (GCCs), the report said
As of June 2026, six listed REITs collectively held approximately 178 million sq ft, with another 36.7 million sq ft under construction or planned.
“India’s REIT market has reached an important inflection point, with larger listed portfolios, strong occupancies and a healthy development pipeline reinforcing its institutional depth. Demand from multinational companies and GCCs continues to favour high-quality, professionally managed office assets, while recent regulatory measures are widening the investor base and improving access to financing. Together, these developments create a stronger foundation for continuous REIT portfolio growth and market liquidity,” said Somy Thomas, executive managing director, Capital Markets, India, Cushman & Wakefield.
Asia's REIT market expands
The annual report showed that Asia had 289 active REIT products with a combined market value of $279.4 billion as of March 31, 2026, up 18% from the end of 2024.
Mature markets such as Japan, Singapore and Hong Kong stabilised and recovered moderately, while emerging markets such as mainland China and India gained momentum through new product issuance, expanded asset classes and deeper institutional participation, the report noted.
ESG disclosures, operational efficiency and asset quality are also becoming increasingly important differentiators for investors across Asia’s REIT markets, it said.
Among mature markets, Japan, Singapore and Hong Kong recorded market-value growth of 12%, 14% and 8%, respectively, between the end of 2024 and March 2026.
Japan benefited from recovering office fundamentals and strong hotel performance, while Singapore entered an active acquisition phase. Hong Kong recorded valuation recovery alongside policy initiatives aimed at strengthening liquidity.
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Data centre and hospitality REITs are expected to remain prominent, supported by AI-led digital infrastructure demand and tourism recovery. Mergers and acquisitions and asset purchases are also likely to remain active as managers pursue scale, diversification and portfolio quality, the report noted.
“Looking ahead, we expect the Chinese mainland and India REIT markets to remain the region’s key growth engines, while established markets focus on operating efficiency, capital structure and selective portfolio expansion. The opportunity set is becoming broader, while investors will be increasingly discerning about income resilience, operational efficiency, ESG performance and the ability of managers to create value through active asset management,” said Catherine Chen, research director, Asia Pacific, Cushman & Wakefield.
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