Cross-Border Investment in Global Real Estate: Emerging Markets

Where is smart capital moving?

Global uncertainty has a way of clarifying investment thinking. When established corridors feel exposed, sophisticated investors do not retreat, but redirect instead. For India's HNIs, that redirection is happening at pace, and it is pointing toward a new set of markets defined not by familiarity, but by resilience: structurally sound economies, diversified demand drivers, transparent legal frameworks, and yields that perform across cycles.
The ULI/PwC Emerging Trends survey identifies a strong shift in investor preference toward emerging-market destinations, with Thailand and Philippines climbing investment rankings alongside established Asian cities, reflecting a broader "quest for yield" as returns in traditional markets compress.

Japan: Institutional-Grade Stability with Yield Upside

Tokyo has long been the gold standard of Asian real estate, and the data confirms it is becoming more attractive, not less. Despite an interest rate hike earlier in the year, investor interest in Japan remains robust, with yield compression still expected for prime office assets. Tokyo will experience the largest upward rental revision in its office market, with growth projected to exceed 10% by year-end, the highest annual gain in a decade.
On the residential side, foreign investment in Japanese residential assets rose 18% year-on-year to JPY 740 billion ($5 billion USD) in 2024, fuelled by strong demand for multifamily rental properties, with foreign entities now comprising 27% of all real estate transactions up from 21% five years ago. For HNIs seeking a safe-haven asset with real yield, Japan is a compelling proposition.

Vietnam: Southeast Asia's High-Growth Opportunity

For investors with a higher growth appetite, Vietnam is the region's standout story. Hanoi's apartment prices rose 22.3% year-on-year in Q3 2024, reaching $2,547 per square metre, while total apartment sales surged 226% year-on-year in the same quarter.
The macroeconomic engine is equally compelling. Vietnam is forecast to grow at approximately 5% or more in 2025, underpinned by its role as a leading manufacturing hub benefitting from the China+1 supply chain strategy. Implemented FDI reached $25.4 billion in 2024, a 9.4% year-on-year increase, with real estate among the leading sectors, and industrial parks and logistics facilities emerging as key growth areas.

Malaysia: Value, Yield

Malaysia offers an underappreciated combination of affordability, yield, and accessibility for Indian HNIs. Malaysia's real estate fundamentals remain strong, supported by consistent institutional demand and ongoing interest in industrial, hospitality, and development land assets within key growth corridors. Rental yields in emerging Asian markets can exceed 7–10% annually, significantly higher than typical yields in major Western cities, and Kuala Lumpur sits comfortably in the attractive band of this range. Malaysia's My Second Home (MM2H) programme additionally provides a long-term residency pathway, a meaningful bonus for Indian HNIs seeking lifestyle optionality without committing to a single geography.

Europe: Portugal and Greece for the Residency-Conscious Investor

For HNIs with a long-term mobility agenda, southern Europe continues to offer the most cost-efficient EU residency pathways in the world. Europe's real estate fundamentals remained resilient in 2025, supported by acute supply constraints, healthy labour markets, and expanding infrastructure investment.
Portugal and Greece have both climbed investor rankings, appealing to those who seek long-term secular growth opportunities alongside residency benefits. Portugal's Golden Visa (citizenship pathway after 5 years) and Greece's programme (after 7 years) each provide eventual access to EU passports, offering Indian families visa-free access to 190+ countries, a generational asset no financial yield alone can replicate.

The MCRE Perspective

The world's most resilient real estate markets share common traits: diversified demand drivers, transparent legal frameworks, strong rental fundamentals, and the structural ability to absorb global uncertainty without significant capital erosion. Countries experiencing GDP growth well above the global average — Vietnam, Malaysia, the Philippines — while mature markets like Australia and Japan offer stability and regulatory transparency that international investors value.
The case for geographic diversification in real estate has never been more compelling. The question is no longer whether to look beyond familiar horizons. It is which markets to enter, at what price point, and how to structure the position for maximum resilience.
That is precisely what we are here to help you determine.
Disclaimer: For informational purposes only. Not financial, legal, or tax advice. Consult qualified advisors before making investment decisions.

“Ninety percent of all millionaires become so through owning real estate.”

Andrew Carnegie