Asian investors are showing greater interest in real estate as global tensions unsettle market confidence, while enthusiasm for private credit has weakened, according to financial technology company iCapital. The findings point to a change in preferences within alternative investments, with property attracting more attention against an uncertain macroeconomic backdrop. Housing and real assets feature in that turn, although the numerical evidence concerns real estate as a category rather than separate measures for different kinds of property or other assets.

In its 2026 Asia Advisor Survey, released on October 7, 2026, iCapital reported that interest in private credit fell to 48 per cent from 71 per cent among alternative investments. Interest in real estate rose to 52 per cent from 39 per cent. Those movements put real estate above private credit on the reported measure of interest, reversing their earlier ordering. They are evidence of a shift in appetite, rather than a record of purchases, sales or portfolio allocations.

The change comes amid the macroeconomic uncertainty and global tensions identified alongside the survey findings. That backdrop provides context for the interpretation: the reported preferences suggest a reassessment of alternatives at a time when confidence in markets is under pressure. But the figures do not isolate which uncertainties matter most, or establish that a particular development caused either movement. The strongest conclusion is therefore about the direction of reported preferences, not a definitive explanation of why investors have become more interested in property and less interested in private credit.

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The real-estate reading suggests that property has gained prominence in investors’ consideration of alternatives. At 52 per cent, reported interest is higher than the earlier 39 per cent figure and higher than the current private-credit reading. The figures do not, however, show how strongly interested investors feel, how much money they might commit, or whether their stated preferences have already become investment decisions. Those distinctions limit what can be inferred about actual demand.

Private credit presents the opposite pattern. Its 48 per cent reading is below the earlier 71 per cent level, indicating a sharp retreat in interest without showing that investors have abandoned the category. The current figure still indicates reported interest in private credit. Describing the result as a withdrawal of capital would go beyond the evidence, as would treating the decline as proof of dissatisfaction with investment performance. What the reported figures establish is weaker interest relative to the earlier reading, not the reasons behind every respondent’s assessment.

Read together, the two sets of readings show the contrasting changes in preferences. Real estate’s reported interest rose while private credit’s fell, rather than both categories showing the same direction of change. Even so, the figures cannot establish a direct transfer of interest from one to the other. They do not demonstrate that the investors becoming more interested in property are the same investors becoming less interested in private credit, or that one preference excludes the other.

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There are consequently two ways to read the findings without contradicting the data. One emphasises the change in ordering: real estate now leads private credit on the reported measure, supporting the view that property is gaining attention amid uncertainty. The other emphasises the continuing interest in both categories. On that reading, the results suggest a reassessment within alternative investments rather than a wholesale rejection of private credit. The survey figures support the change in emphasis more clearly than any claim of an exclusive preference.

The distinction between real estate and the broader housing-and-real-assets theme also matters. The 52 per cent figure applies to real estate; it is not a separate reading for housing or a measure covering every type of real asset. Applying it more widely would overstate the evidence. For investors considering the findings, the useful signal is therefore specific: property has improved its position in the reported preferences, while private credit has lost ground. The figures offer less guidance about choices within those broad categories.

Further interpretation also depends on information beyond the headline readings. The figures alone do not establish whether the pattern is shared evenly across Asian markets, how it differs among investors, or how durable the change might be. Nor do they provide a basis for comparing the investment returns of real estate and private credit. A preference survey can identify where attention is moving without resolving whether the favoured category will deliver better results. Keeping those questions separate is essential to reading the findings conservatively.

The next question is whether stronger interest in real estate translates into investment commitments, and whether private credit’s lower reading persists. Neither outcome can be determined from the reported figures. For now, iCapital’s reported survey findings provide evidence of a shift in sentiment within alternatives during a period of uncertainty: real estate has gained appeal, while private credit has become less favoured than before. It is a change in the direction of investor attention, with its implications for actual capital allocation still unestablished.