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Knight Frank recently released a report on private credit in the real estate market, stating that the Asia Pacific region is poised for growth in this area. According to Simon Mathews, a Director in Knight Frank’s Capital Advisory business in the Asia Pacific region, markets that have long been considered safe and secure are now facing a lack of funding for refinancing or new developments. This creates an ideal opportunity for private credit to step in and provide the necessary financing.

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In comparison to other regions, the Asia Pacific region has lagged behind in private credit deals. As of June 2025, only 5% of the global total target fundraise amount came from the Asia Pacific region, with the majority of the deals taking place in North America. In the developed countries of the Asia Pacific region, such as Singapore, Australia and Japan, private debt only accounted for 3% of all real estate debt. However, Australia has emerged as the leading market for private credit in the Asia Pacific region.

One of the main reasons for this disparity is that most developed countries in the Asia Pacific region, as mentioned earlier, operate with ample deposits and low loan-to-deposit ratios. This means that their banks actively seek out lending opportunities rather than backing away from them. On the other hand, banks in the US and Europe often face deposit shortfalls and higher regulatory capital costs, leading them to shift their real estate and other capital-intensive exposures into the institutional market.

This also means that private credit in the Asia Pacific region does not compete with banks in the same way it does in the Western countries. Instead, private credit fills targeted gaps where banks are less active, such as funding higher-risk developments, refinancing stress, cross-border transactions, or cases that require additional leverage. It is important to note that banks still remain competitive providers of real estate loans in the Asia Pacific region.