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At the PERE Network Asia Summit, the sovereign fund’s global head of real estate said elevated rates had made the sector less competitive.

Indonesia’s first and only sovereign wealth fund expects to expand its real estate allocation to 15% over the next five years.

The outlook for 2024 stands in stark contrast to 2023 as institutional appetite for real estate picks up, says James Jacobs, head of real assets for Lazard’s private capital advisory group.

Following a trip to the Middle East, Berkadia’s Noam Franklin expects investors in the region to be interested but highly selective on US real estate opportunities this year.

The country’s investors have deployed $7.46bn into overseas real estate year to date, more than triple the outbound volume in 2021.

Bouwinvest’s Stephen Tross is expecting the market to turn in mid-2024 and wants to be ready to pounce on opportunities.