Throughout 2020, the success of government efforts across the Asia Pacific to contain the spread of COVID-19 has helped limit its impact on local real estate markets. At the same time, however, there is a sense that asset values have been propped up by a combination of transient factor—government support programmes, bank forbearance policies, healthy corporate balance sheets—that are unlikely to last. As the tank runs dry, there is growing conviction among investors that a market correction is inevitable.

While the downside for regional markets is not expected to be as severe as in the West, investors are anticipating asset prices to fall as we move into 2021.

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