Higher interest rates have cooled the sizzling housing price gains posted across much of the world during the pandemic, including in Asia. On an inflation-adjusted basis, global home prices gained 1.6% in the first six months of 2022, down from 6.2% a year earlier. Besides, the Asian commercial real estate market is set to experience moderating demand, rising fit-out and construction costs, and lower investment activity for the rest of the year due to rapid inflation, interest rate hikes, prolonged zero-Covid policies in China, and the Russia - Ukraine war. In this context, investors are becoming more cautious when it comes to new acquisitions, but there is still capital sitting on the sidelines looking for the right opportunities.