India Overtakes Hong Kong to Become Asia’s 4th-Largest REIT Market
What Happened
India’s Real Estate Investment Trust (REIT) market value surged 62% between end-2024 and March 2026, allowing it to surpass Hong Kong and become Asia’s fourth-largest REIT market by value. India’s REIT market is now valued at US$17.7 billion, compared with Hong Kong’s US$17.4 billion, according to Cushman & Wakefield's Asia REIT Market Insight 2025–2026. The growth was driven by major new listings, including Knowledge Realty Trust and Bagmane Prime Office REIT, which significantly expanded the size of India’s listed REIT universe. Six listed Indian REITs now collectively own about 178 million sq ft of assets.
Key Takeaways
India has emerged as one of Asia’s fastest-growing REIT markets, supported by strong demand for Grade-A office space from multinational corporations and Global Capability Centres (GCCs). With a sizable development pipeline and increasing institutional participation, experts expect India to remain a key growth engine for Asia’s REIT sector.