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07/09/2010 - Asia Pacific real estate recovery underway  07/09/2010 - Asia Pacific real estate recovery underway

Real Estate within the Asia-Pacific region continues to show strong signs of recovery amid positive reports from several companies in the property sector.

The Global Market Perspective report by Jones Lang LaSalle shows that the Asia pacific region has been the quickest to recover and gives a positive outlook for the future.

Abhishek Kiran Gupta, Head of Research for Jones Lang Lasalle, said, "Even though Europe is reeling under the fallout of the economic crisis and US is showing signs of convincing recovery now, funds are once again being routed towards the Asia-Pacific region, where India and China top the investment destinations.  The real estate implications are obvious and compelling. Both countries are heavily populated with growing economies that are spawning growth in the manufacturing, telecom, pharmaceutical, agriculture and logistics sectors. Each of these sectors will require to be housed in properties besides housing itself."

The real estate market in India is expected to recover sooner than the U.S. and Europe as it has proved to be consistently resilient during the recent financial crisis.

Sachin Sandhir, Managing Director and Country Head of the Royal Institutions of Chartered Surveyors shares his view, "The country is looking at a shortfall of close to 26 million residential units coupled with huge amount of urbanisation. Close to 500 million people would live in cities over the next decade, coupled with an increasingly affluent middle class with more disposable income and aspirations.  Of late there has also been an uptake in domestic real estate fund activity. With faster returns and better yields on investment in the range of twenty five to thirty percent, most Private Equity funds are looking to place their money in residential projects."

India is expecting GDP to be at 8.5 percent by next year with the Rupee growing stronger bringing large growth opportunities in retail and the residential real estate markets.

"There is an overall boost in the residential real estate market with sustained GDP growth, rising affordability, rising mortgage penetration and increasing foreign and domestic investments", Brotin Banerjee , CEO and MD for Tata Housing, commented.

Property developers are expected to help drive the recovery for Indian real estate as they focus on increasing productivity through cost cutting and the use of technology.

A key factor for recovery is expected to be demand for affordable and high end residential projects, especially in Mumbai, Delhi and Bengaluru.

Analysts expect the capital Mumbai to continue to see new growth and predict that wealth will become more evenly distributed across the country.

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