Central Asia Poised to Become Next ASEAN on Global Investment Map, Rusmin Lawin Says at CREW ASIA 2026

ALMATY, Investortrust.id — The international commercial real estate landscape has crossed into an era of structural realignment, with cross-border capital underwriting emerging regional corridors that mirror Southeast Asia's rapid development model.

Speaking during the CREW ASIA 2026 international property forum held at the Swissôtel Almaty in Kazakhstan on Oct. 22–23, 2026, FIABCI Asia-Pacific President (2022–2026) Rusmin Lawin characterized current capital flows as "The Great Reset," marked by institutional investors enforcing far stricter underwriting benchmarks.

The high-level gathering convened regional stakeholders following formal opening remarks delivered virtually by FIABCI World President Lily Chang, alongside welcoming addresses from host Aliya Serikpayeva, Founder of Kazakhstan Networking Partners and President of FIABCI Central Asia.

Following pandemic-era volatility and the sharp interest rate adjustments seen between 2022 and 2024, international property transactions are stabilizing across more resilient macroeconomic fundamentals. Projections compiled by property consultancies Savills and JLL indicate worldwide real estate investment volumes will surpass $1 trillion in 2026, representing a 15% increase compared to 2025.

Three Structural Drivers Reshaping Property Underwriting

Lawin outlined three core investment dynamics set to govern commercial real estate allocation over the coming three to five years.

First, institutional allocators have fundamentally overhauled asset pricing models. Valuations no longer hinge primarily on speculative capitalization rate compression, but rather on durable Net Operating Income (NOI). Long-term commercial lease agreements, defensive tenant retention ratios, and stringent operational overhead management now dictate asset liquidity and valuation premiums.

Second, institutional capital is concentrating heavily on assets certified under Environmental, Social, and Governance (ESG) frameworks. Modern corporate offices, high-throughput logistics terminals, and premium residential spaces engineered with green building certifications command rental premiums between 12% and 20% over legacy stock. Conversely, non-compliant, carbon-intensive inventory faces widening obsolescence risks and secondary market liquidity discounts.

Third, PropTech adoption and artificial intelligence infrastructure have become direct drivers of underlying real estate valuations. This transformation spans the development of hyperscale artificial intelligence data centers and dedicated power infrastructure to advanced automated building management platforms that cut facility overhead.

Asia-Pacific Leads Market Normalization

Throughout the current cycle, the Asia-Pacific region has recorded the sharpest commercial momentum. Transaction volume across the region climbed 16% year-on-year across the first nine months of 2025, with that upward momentum expanding through 2026.

This expansion remains anchored by long-term demographic tailwinds, led by youthful workforces and an expanding middle class across major regional growth engines, including India, Indonesia, Vietnam, and the Philippines. Long-term institutional commitments will remain concentrated in living sectors, spanning multifamily rental portfolios, purpose-built student accommodations, and master-planned affordable housing.

Concurrently, multinational manufacturers executing "China+1" supply-chain realignments have channeled direct investment into Southeast Asia. Vietnam, Indonesia, and Malaysia have emerged as principal beneficiaries for specialized industrial corridors and bonded logistics hubs.

Within Indonesia, Lawin highlighted that robust internal consumer demographics and the execution of the new administrative capital, Nusantara (IKN), represent primary conduits for international infrastructure and property development capital. Designed as a high-density, 10-minute transit city that prioritizes human well-being, ecological protection, and smart utility grids, Nusantara demonstrates how emerging economies can structure master-planned, people-centric urban environments.

Central Asia's Emerging Cross-Border Corridor

Parallel to Southeast Asia's industrial ascent, Central Asia—spanning Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan—is increasingly securing a place on the institutional map. Strategically positioned between China, Europe, the Middle East, and South Asia, the land-linked region commands substantial greenfield potential that remains in the foundational stages of commercial deployment.

To convert strategic geography into realized cross-border transactions, Lawin stressed that Central Asian jurisdictions must implement key structural reforms. These include accelerating commercial transaction transparency, standardizing property appraisals according to recognized international benchmarks, structuring public-private partnership (PPP) legal protections, and raising visibility across international property forums.

By establishing regulatory certainty, standardized valuation mechanisms, and investor-friendly concession terms, Central Asia can replicate Southeast Asia's transformation from an emerging trade corridor into an indispensable pillar of global institutional real estate portfolios.