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The survey is conducted by Urban Land Institute and PricewaterhouseCoopers (PwC), found that the boom in outsourcing and information technology are two factors to pull high demand for new office space in Indian cities.
Last year, Bangalore and Mumbai only ranked 12th and 13th, and a year earlier, these two names are nearing the table.
Tokyo, Japan capital slipped from the number one spot in 2016 to 12th in the following year, reflecting discontent over the economic efficiency of Japanese Prime Minister Shinzo Abe, or Abenomics. Lower economic outlook hurts prospects for short-term office developments despite the low availability of real estate. Negative interest is also a reason because it makes many people not ready to sell.
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Singapore, the island nation was top in the 2011 and 2012 surveys, also dropped to No. 21 in the following year. This is a “perfect storm” with the real estate market here. Singapore has had 12 consecutive months of declines in the housing market and its economy slumped in the third quarter of 2016. The Singaporean government is consistent with a pledge to cool down the housing market by maintaining a real estate restriction mandate in 2009.
Top in the list is Bangalore (India), Mumbai (India), Manila (Philippines), Ho Chi Minh City (Vietnam), Shenzhen (China), Shanghai (China), Jakarta (Indonesia), Bangkok (Thailand), Sydney (Australia), Guangzhou (China).
Although there are two names on the top panel, this is not entirely good news for India. The survey emphasizes that Asian investors are looking for opportunities to diversify their real estate out of the region, especially to New York and London. Demand from Chinese investors promotes this trend.
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