India has become Asia’s fourth-largest real estate investment trust (REIT) market by market value, overtaking Hong Kong as the region’s listed REIT market expanded during 2025 and early 2026, according to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026.
The report said Asia had 289 active REIT products with a combined market value of US$279.4 billion as of March 31, 2026, compared with 263 REITs worth US$235.8 billion at the end of 2024. The market therefore added 26 active REITs while its combined value increased by 18% over the period.
The Chinese mainland accounted for the majority of new listings, contributing 21 of the 27 new REIT listings in Asia between the end of 2024 and March 2026. India, meanwhile, recorded a 62% increase in REIT market value, rising from US$11 billion to US$17.7 billion and moving ahead of Hong Kong.
Asia’s REIT market reaches US$279.4 billion
Japan remained Asia’s largest REIT market by value, followed by Singapore and mainland China.
The major Asian REIT markets at March 31, 2026 were:
| Market | Active REITs | Market value | Share of Asia | Change in market value since end-2024 |
|---|---|---|---|---|
| Japan | 58 | US$101.4 bn | 36% | +12% |
| Singapore | 39 | US$76.7 bn | 27% | +14% |
| China mainland | 79 | US$32.1 bn | 11% | +50% |
| India | 7 | US$17.7 bn | 6% | +62% |
| Hong Kong | 11 | US$17.4 bn | 6% | +8% |
| Malaysia | 19 | US$10.6 bn | 4% | +38% |
| Thailand | 37 | US$8.6 bn | 3% | +4% |
| Philippines | 8 | US$6.6 bn | 2% | +14% |
| South Korea | 25 | US$6.5 bn | 2% | +23% |
| Taiwan | 6 | US$2.0 bn | 1% | -5% |
| Asia total | 289 | US$279.4 bn | 100% | +18% |
India’s seven REITs include two SM REITs. Percentage changes are based on Cushman & Wakefield’s end-2024 and March 2026 market values.
The figures show that India’s 62% increase was the largest percentage increase among the major markets listed in the report. Mainland China’s market value increased by about 50%, while Malaysia recorded growth of about 38%. Japan, Singapore and Hong Kong recorded more moderate increases of 12%, 14% and 8%, respectively.
India overtakes Hong Kong
India’s REIT market increased from US$11 billion at the end of 2024 to US$17.7 billion by March 31, 2026, a rise of about 62%.
That increase moved India ahead of Hong Kong, whose REIT market stood at US$17.4 billion at the end of March 2026. India therefore accounted for around 6% of the total Asian REIT market.
India had four REITs at the end of 2024 under Cushman & Wakefield’s methodology. The March 2026 market table counts seven, including two SM REITs.
The expansion in India’s listed REIT market has also been accompanied by a substantial increase in portfolio size. New listings including Knowledge Realty Trust and Bagmane Prime Office REIT added a combined 53.7 million sq ft and represented around three-quarters of the total new space added to the six Indian REITs between June 2025 and June 2026.
As of June 2026, six listed Indian REITs collectively held approximately 178 million sq ft, with another 36.7 million sq ft under construction or planned.
China accounts for 21 of Asia’s 27 new REIT listings
Mainland China was the biggest source of new REIT listings in Asia during the period.
Of the 27 new REIT listings added across Asia between the end of 2024 and March 2026, 21 came from mainland China. The remaining six were spread across other Asian markets.
China’s total number of active REITs consequently increased from 58 at the end of 2024 to 79 by March 31, 2026.
Its combined REIT market value also increased from US$21.4 billion to US$32.1 billion, representing growth of approximately 50%. China accounted for around 11% of the overall Asian REIT market by value at the end of March 2026.
As of March 31, 2026, the Chinese mainland had 79 public infrastructure REITs, with a cumulative issuance value of approximately US$31.3 billion (RMB 215.5 billion) and a combined market value of US$32.1 billion (RMB 221.3 billion).
China’s REIT market expands beyond infrastructure
A key development in China’s REIT market was the launch of a commercial real estate REIT pilot programme in late 2025.
The move expanded the scope of eligible assets beyond infrastructure to include offices, shopping malls, hotels, outlets and mixed-use commercial properties.
The expansion creates another route for owners of stabilised, income-producing commercial assets to recycle capital through the listed REIT market. Cushman & Wakefield said the development could become a second growth pillar for China’s REIT market alongside infrastructure REITs.
India sees strong demand for office REIT assets
India’s REIT market continues to be closely linked to the country’s institutional office market.
Cushman & Wakefield said office REIT occupancy remained high amid tightening Grade-A vacancy, while demand from multinational companies and the continued expansion of Global Capability Centres (GCCs) supported high-quality office assets.
The recent expansion of listed portfolios has increased the amount of commercial real estate available to investors through REIT structures.
The development also reflects the growing role of REITs in India’s commercial property market, where completed and income-producing assets can be brought into publicly traded investment vehicles.
Asia’s REIT market enters a larger phase
The expansion in China and India came as the broader Asian REIT market recovered from the decline recorded during 2024.
At the end of 2024, Asia’s active REIT market comprised 263 products worth US$235.8 billion. By March 31, 2026, the market had grown to 289 products worth US$279.4 billion.
The increase in market value was accompanied by developments across both established and emerging markets.
Japan’s REIT market rose to US$101.4 billion, while Singapore reached US$76.7 billion. Mainland China’s market reached US$32.1 billion, and India’s market reached US$17.7 billion.
Cushman & Wakefield said data centre and hospitality REITs are expected to remain important areas of activity, supported by demand for digital infrastructure and the recovery in tourism. The firm also expects mergers, acquisitions and asset purchases to remain active as REIT managers pursue greater scale, diversification and portfolio quality.
For investors and the real estate industry, the latest data points to continued development of REIT markets across Asia, with new product issuance, broader asset classes and institutional participation contributing to the expansion of listed real estate.
India’s move into fourth place by market value and China’s large number of new listings are two of the most notable developments in the region’s REIT market during the period.
