While much of Asia’s property market is maturing, and in some cases, cooling - savvy investors are increasingly turning their attention to less popular cities offering strong rental yields and room for growth.
Major financial hubs like Tokyo, Singapore, and Hong Kong may offer better stability and liquidity, but their rental returns often fail to impress.
In contrast, secondary and emerging markets in Central, South, and Southeast Asia now present compelling opportunities for yield-driven investors. Countries like Kazakhstan, Mongolia, and Cambodia are leading the pack with high gross rental yields, while several Southeast Asian capitals still provide healthy returns for those willing to navigate their regulatory environments.
Below are the most promising countries in Asia for real estate investment right now, based on data from Global Property Guide.
1. Kazakhstan
Where to invest: Astana, Almaty and Pavlodar
Kazakhstan is emerging as a strong contender for yield-seeking investors, especially in its growing urban centers. Astana, the capital, offers modern infrastructure, government-driven development, and strong tenant demand.
Almaty, the country’s cultural and financial hub, has a more mature market, while Pavlodar provides affordability and stable returns. With high rental yields and relatively low entry prices, Kazakhstan stands out as one of Asia’s most attractive real estate markets right now.
GPG Data (Astana):
It’s worth noting that mortgage rates in Kazakhstan remain high - currently close to 10%, which limits affordability for many locals and increases demand in the rental market. In addition, despite strong nominal growth in recent years, real (inflation-adjusted) property prices have actually declined since 2022 due to elevated inflation levels.
2. Mongolia
Where to invest: Ulaanbaatar
Mongolia’s capital, Ulaanbaatar, is an emerging rental market with remarkably strong yields and low property prices. The city is growing rapidly, driven by mining-related economic activity and urban migration.
While the market is still developing, rental demand remains solid — especially for centrally located, modern apartments. Investors should be prepared for less mature legal and financial systems, but the returns can justify the extra due diligence.
GPG Data (Ulaanbaatar):
The average square meter price of resale apartments has been rising steadily since 2022. In 2024, inflation-adjusted price growth exceeded 10%.
There are currently no major restrictions on foreign property ownership in Mongolia, and the short-term rental market remains largely unregulated, offering flexibility for investors to get better yields from short-term rentals.
3. Georgia
Where to invest: Tbilisi and Batumi
Georgia experienced a significant influx of foreign residents from Russia - following the onset of the Russia-Ukraine war. This sudden demand surge drove up both property prices and rents rapidly. Two years on, the market has started to stabilize. While gross rental yields once exceeded 10%, they have now moderated to around 7–8%. Despite an increase in rental supply, yields remain relatively strong by regional standards.
GPG Data (Tbilisi):
As in many less developed Asian markets, mortgage rates in Georgia remain high, currently around 11%, which limits local buying power and supports rental demand. Nominal house price growth has exceeded 10% annually over the past three years, although inflation-adjusted gains have been more modest.
Short-term rentals are also viable in Georgia, particularly in key cities like Tbilisi and Batumi. However, long-term rental yields are comparable to those from short-term lets, making both strategies attractive for investors.
4. Thailand
Where to invest: Bangkok, Phuket and Samut Prakan
Thailand continues to be a strong performer for rental-focused investors, particularly in Bangkok and key tourist destinations like Phuket. Property prices remain relatively affordable compared to regional hubs, while rental demand is supported by a mix of local tenants, expats, and tourists.
GPG Data (Bangkok):
Both short- and long-term rental strategies can be profitable, especially in areas with high foot traffic (example) or near international schools and business centers.
While capital appreciation has been moderate, rental yields remain attractive.
5. Philippines
Where to invest: Manila and Cebu
The Philippines presents a mixed opportunity for property investors. While yields aren’t the highest in the region, the market offers long-term potential through economic growth, urban expansion, and a rising middle class.
Metro Manila and Cebu remain key investment hubs, with strong demand from both local renters and overseas Filipinos returning home or investing in local property. This market leans more toward diversification and potential capital appreciation rather than immediate high cash flow, but with the right location, long-term gains are achievable.
GPG Data (Metro Manila):
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Median studio and 1-bed price combined: $105,700
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Median studio and 1-bed rent combined: $555/month
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Gross rental yield: 6.28%/year
When examining property price trends in the Philippines over the past eight years, the overall picture is positive. Nationwide, prices have risen steadily in both nominal and inflation-adjusted terms—aside from slight dips in 2018 and 2020.
Short-term rental properties can also drive solid yields in both Cebu and Manila.
6. Cambodia
Where to invest: Phnom Penh
Mongolia offers a frontier market opportunity with high yields and relatively low entry costs. While it lacks the long-term stability of more developed markets, Ulaanbaatar’s rental demand is growing, driven by rapid urbanization and a young population.
This is a market suited to investors willing to take on more risk in exchange for higher potential returns. It’s not a “slow and steady” play, but for yield-focused buyers, the fundamentals can be compelling.
GPG Data (Phnom Penh):
It’s worth noting that nominal property prices in Phnom Penh have been declining, with inflation-adjusted prices falling even more sharply making real estate increasingly affordable for local buyers.
That said, Cambodia remains a high-risk market where outcomes can vary widely. Investors should conduct thorough due diligence and fully understand the legal and financial landscape before committing to long-term rental investments. Fortunately, Cambodia seems to favour landlords over tenants.
7. Indonesia
Where to invest: South Jakarta and Bali
Indonesia’s property market remains relatively affordable by regional standards. South Jakarta offers a concentration of mid- to high-end residential developments and is popular among professionals and expats.
Foreign ownership rules are restrictive and require careful structuring, especially for freehold property. While the legal environment can be complex, gross rental yields in some areas - such as South Jakarta, remain comparatively high based on our current data
GPG Data (South Jakarta):
It’s important to note that nationwide property prices in Indonesia have not increased in real (inflation-adjusted) terms over the past nine years. Nominal growth has been modest, averaging around 2–3% annually.
While Bali is not included in our core rental yield database due to limited long-term rental data, it remains a popular market for tourism-driven short-term rentals. In some cases, net yields from well-managed properties can reach 10–12% annually (see this example). However, performance varies significantly by location and property type, and investors should be mindful of evolving local regulations and market saturation.
Interested in researching more Asian countries?
Global Property Guide offers in-depth data to help you compare and analyze property opportunities across the continent. Whether you're looking for affordability, rental income, or capital growth, our resources can help you make smarter decisions.
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Square Meter Prices – Compare property prices across Asian countries/cities
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Long-Term Rental Yields – Find out where rental income is strongest
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Median Buy Prices – See what it costs to purchase property in key markets
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Median Rent Prices – Understand local rental dynamics at a glance
Explore the pages below for a clearer view of where value and opportunity exist across Asia’s real estate markets. If you’re considering purchasing property in the region and need guidance, feel free to get in touch.
