Asia Pacific property transactions fall in Q4 2011
A quarterly report released by the Asia Pacific Real Estate Association (APREA) and Real Capital Analytics showed a 32 percent decline in real estate transactions in the Asia Pacific to only US$85.3 billion (RM257.89 billion), year-on-year as of 31 December 2011.
"It moderated by as much as 18 percent since the end of the third quarter last year," added the report.
"Concerns over the eurozone debt crisis contributed to the moderation in the fourth quarter. A strong performance by Singapore helped mitigate the declines in other countries," said Peter Mitchell, Chief Executive Officer of APREA.
The decline was felt across all segments of the industry. Hotel transactions dropped 23 percent, commercial property slid 20 percent, land 17 percent and apartments eight percent. Japan led the region in terms of sales volume, with 22 percent in Q4 sales, excluding land transactions. Australia followed in with 17 percent and Singapore placed third with 16 percent.
"Relative to Q3, transaction volume saw gains in Singapore and South Korea, where volumes rose 112 percent and 44 percent respectively. The largest dives were in Hong Kong and China, which were down 56 percent and 41 percent," added the report.
Mitchell noted that transactions in the region continue to be dominated by domestic players.
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