Mumbai and NewDelhi rank among the top 10 most preferred markets for cross border investment inthe APAC region, as per a recent finding of CBRE’s 2025 Asia-Pacific InvestorIntentions Survey. Mumbai ranked fifth after Tokyo, Sydney, Singapore, and HoChi Minh City, while New Delhi was tied for the eighth spot along Seoul, Osaka,and Hanoi.
The surveyhighlights the improvement in net buying intention across markets in AsiaPacific, with over half of respondents indicating their preference to buy morereal estate in 2025. In India, the total net buying intentions reached 3.0 percent, with developer/owner/operator, real estate fund, and institutionalinvestors displaying the strongest buying intentions. The survey further pointsout that investor sentiment in India is driven by asset classes, including office,residential, industrial and data centres.
India recorded robustforeign equity investment inflows in 2024 full year, with countries likeSingapore, the United States, and Canada dominating the foreign equityinvestments. These three countries cumulatively contributed more than 25 percent of the total equity investments in the country’s real estate in 2024.
Singapore accountedfor nearly 36 per cent share of the total foreign equity investments, followedby the United States (29 per cent), and Canada (22 per cent). Investments fromthe UAE also witnessed a significant uptick throughout 2024 compared to 2023. Totalequity investment in Indian real estate recorded an all-time high of US$ 11.4-bnin 2024, an increase by 54 per cent year-on-year.
Anshuman Magazine,Chairman and CEO – India, South-East Asia, Middle East, and Africa, CBRE, said,“Investment in India's real estate market reached a record high in CY2024. Whilethe landscape was primarily dominated by domestic investors, foreign equityinvestments and a significant resurgence of capital deployment across assetclasses by overseas investors stand as a testament to India’s growingprominence as a global real estate destination. This trend is anticipated tocontinue with consistent capital flowing into both established and new sectorsof the real estate market. Institutional investors, investment funds, anddevelopers are expected to be the key players driving this investment activitywith continued strong investment in real estate, especially in existing office buildingsand land for residential construction. The rising demand for e-commerce andrapid delivery services will significantly boost the logistics and warehousingindustry, presenting attractive prospects for both developers and investors.”
Investors who areinvesting in Delhi and Mumbai are more inclined to look at value-added andopportunistic strategies which involve a higher risk/return profile than coreand core-plus strategies. Those chasing value-add strategies in India willpotentially explore core office products in tier-1 cities, such as Mumbai andDelhi, while those looking at more development plays across these markets, withsome examples including the acquisition of land sites for either residential(build-to-sell) development or data centre development.
The survey also showsthat Environmental, Social, and Governance (ESG) initiatives remain the keyfocus for investors looking at new investments in India, with 56 per cent keenon acquiring or developing green buildings and 46 per cent of them looking atretrofit existing assets. Besides, assets with on-site renewable energy (44 percent) or those that are installed with on-site EV chargers (34 per cent) werealso preferred by the investors.
In the APAC region,Tokyo is the top target for cross-border real estate investment in Asia Pacificfor the sixth consecutive year, with Osaka gaining popularity due to low debtcosts, stable pricing, and diverse opportunities in Japan. Sydney and Singaporeare top investment destinations, closely following Tokyo.
Investors areattracted to Sydney because of the higher returns they can get there, whileSingapore offers a stable and reliable market. Overall, investment sentiment inAsia Pacific has improved, with net buying intentionrising from 5.0 per cent in 2024 to 13 per cent in 2025.
Key drivers of thisincrease include falling debt costs and asset repricing. For example,Singaporean and Hong Kong SAR investors with cross-regional mandates haveexpressed net buying intentions across the board. Large Australian and Koreanlandlords have also demonstrated the most significant increase in their netbuying intentions, driven by attractive pricing opportunities in their domesticmarkets.
“Even thoughexpectations for significant rate cuts have tempered due to persistentinflation, we still expect investment activity to accelerate in 2025 as theystart to take effect across the region,” said Greg Hyland, Head of Capital Markets, Asia Pacific, CBRE. “REITs,institutional investors, and funds are driving this momentum, with manyfocusing on core-plus and value-add opportunities to achieve higher returns. Insome cases, this could be acquiring core assets that have undergone repricing.”
Industrial propertiesremain the most sought-after asset class for investors in Asia Pacific,particularly among core investors. Meanwhile, office and data centre assets areseeing increased interest in 2025, with investors targeting core-plus andvalue-add properties in the office sector and opportunistic pricing for datacentres, particularly in Southeast Asia.
CBRE’s surveypolled more than 460 Asia Pacific-based investors in November and December 2024across a range of investor types – from institutions such as real estate fund,developer/owner/operator, REIT, insurance company, private equity fund, andpension fund to high net worth individual/private investor.
“While thelandscape was primarily dominated by domestic investors, foreign equityinvestments and a significant resurgence of capital deployment across assetclasses by overseas investors stand as a testament to India’s growingprominence as a global real estate destination.”

Anshuman Magazine,
Chairman and CEO – India, South-East Asia, Middle East, and Africa,
CBRE.
The survey,conducted in November and December 2024, revealed the following insights:
- Over 40 per cent ofinvestors identify geopolitical concerns as the biggest challenge for realestate investment, citing uncertainties related to potential tariffs and U.S.fiscal policies.
- Healthcare-relatedproperties, such as life sciences and medical offices, are most preferredalternative asset type for investment, followed by data centres, studentaccommodation, and retirement living.
- Approximately 56per cent of investors plan to prioritise acquiring or developing greenbuildings as their top sustainability initiative, surpassing retrofittingexisting buildings.
- 35 per cent ofinvestors aim to increase renewable energy generation, particularly in theindustrial and living sectors.