Asia's real estate deals pick up in Q3 -association

HONG KONG: Real estate transactions in Asia grew a strong 44% to US$20.8 billion (RM64.3 billion) in the third quarter from the previous three months, with the rising trend set to continue through the rest of 2010, an industry association said.

However, Asia property assets will face some competition as investors turn to the United States to look for good value after the Federal Reserve's new round of so-called quantitative easing, Asia Pacific Real Estate Association CEO Peter Mitchell said.

"There will be some increasing competition coming from the US, in particular, as an investment destination location," Mitchell told a news conference.

"There's a feeling that Asia's dominant attractions as a region for investment is being challenged from the other parts of the world."

Asia's real estate transactions in the third quarter showed that the region made up 26% of the global figure, more than its contribution in the second quarter, APREA said, as Asian economies lead in the world's recovery.

The office sector led Asia's transaction volumes with US$9.9 billion recorded in the third quarter, followed by retail and apartment properties, according to the report jointly produced by APREA and Real Capital Analytics.

Transaction volumes increased sequentially all across Asia, with Hong Kong, China, Singapore, South Korea and Australia showing a pick-up from the previous quarter. Japan was the only exception that saw a fall, data in the report showed.
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