Asia-Pacific's Top Markets: Your Next Destination for Quality Life-ing
The Asia-Pacific region is a vibrant tapestry of cultures, economies, and lifestyles, making it a prime destination for individuals considering relocation.
4 minutes to read
According to the latest edition of our Horizon series reports, Quality Life-ing: Mapping Prime Residential Hotspots, we evaluate 15 prominent markets based on five critical indicators: Economy, Human Capital, Quality of Life, Environment, and Infrastructure and mobility. This comprehensive analysis aims to assist prospective movers in identifying the ideal location that aligns with their specific needs and preferences.
Leading the Pack: Top Destinations to Consider in Asia-Pacific
- Singapore: Achieving a top-five ranking in each indicator, Singapore stands out as a beacon of stability and development. The city-state's robust economy, characterised by political stability, advanced financial services, and a skilled workforce, creates a conducive environment for individuals and businesses. Its strategic location as a gateway to Asia enhances its appeal, making it a prime destination for those seeking a strong regional base. Notably, Singapore's Family Office sector has seen explosive growth, increasing from 400 in 2020 to 1,650 by August 2024, further solidifying its status as a global hub for wealth management.
- Australia: Australia's diverse landscapes and vibrant cities cater to a variety of lifestyles. Cities like Perth are experiencing significant population growth (3.6% in FY2023), attracting skilled workers. Brisbane boasts low office vacancy rates due to solid employment growth, while the Gold Coast offers an enviable lifestyle with its sunny climate and vibrant recreational activities. Sydney remains Australia's financial capital, drawing more than a third of the country's ultra-high-net-worth (UHNW) population. Melbourne consistently ranks high for its quality of life, excelling in healthcare, education, and cultural offerings, retaining the top spot in Australia as the EIU's most liveable city in 2024. The country's enviable lifestyle, bolstered by outdoor activities and natural beauty, continues attracting expatriates and international students worldwide.
- Japan: Japan excels in Quality of Life and Infrastructure & Mobility, boasting a high life expectancy and a sophisticated transportation network. The nation's efficient transportation system facilitates seamless connectivity, making it an attractive choice for both residents and visitors. Despite a modest economic growth forecast of 0.9% for 2024, Japan's positive wage growth trends are expected to bolster consumer spending and overall economic resilience.
- Malaysia: Malaysia is emerging as a burgeoning hub for technological innovation, attracting major tech companies like Oracle and Microsoft due to its favourable business climate and competitive wages. The introduction of a zero-tax rate for family offices in Forest City aims to position Malaysia as an alternative wealth management destination to Singapore and Hong Kong.
Emerging markets to watch out for in Asia-Pacific
- India: With a projected growth rate of 7.0% in 2024, India is set to become the world's fastest-growing economy, according to the World Bank. Its thriving tech sector is expected to generate a significant revenue of US$350 billion, contributing 10% to the nation’s GDP by 2026, as noted by Encora, further enhancing its attractiveness for investment across various sectors.
- Vietnam: Vietnam's GDP is projected to grow by 6.1% in 2024, positioning it as the region's second-fastest growing economy after India. This growth is largely fuelled by a favourable manufacturing landscape, significantly influenced by the 'China+1' strategy, which entices manufacturing firms with lower labour costs and a supportive business environment. Additionally, the country has become a preferred destination for an increasing number of expatriates and digital nomads due to improvements in living conditions, infrastructure upgrades, a lower cost of living, and rich cultural and natural experiences.
- Thailand: As Southeast Asia's automotive hub, Thailand aims to lead in electric vehicle (EV) manufacturing with significant investments planned. Over the next five years, the Thai Board of Investment anticipates US$5.5 billion in EV and EV-related infrastructure investments. The country's attractive business incentives have drawn many multinational corporations (MNCs), contributing to a growing expatriate community that enjoys a high quality of life.
The Asia-Pacific region offers diverse opportunities for individuals seeking new beginnings in vibrant environments that cater to various lifestyles and professional aspirations. Despite facing increased global economic uncertainties, financial market volatilities from geopolitical tensions, and higher interest rates over the past couple of years, sustained economic growth, rising affluence, and robust housing demand across the region are expected to maintain stable price growth and returns. Safe-haven markets such as Singapore, Australia, and Japan are leading the way, bolstered by enhancements in urban infrastructure and government visa incentives designed to attract foreign talent for living, working, and studying purposes. With anticipation of 19 megacities emerging in the Asia-Pacific by 2030, the demand for housing, especially in prime residential segments, is expected to remain robust, underpinning the region's attractiveness to discerning individuals looking for their next home.
For more insights, please download the latest edition of Knight Frank’s Asia-Pacific Horizon series, Quality Life-ing: Mapping Prime Residential Hotspots, report below.